Mega Uranium Mining & Exploration in  Canada, Cameroon, Australia, Argentina, Bolivia, Columbia and Mongolia.

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Mega Uranium Ltd.
211 Yonge Street, Suite 502
Toronto, Ontario, Canada
M5B 1M4

Phone 416.643.7630
Fax 416.941.1090
 

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2005 News Releases

Maple Enters Into Alliance Agreement with UGL Enterprises for Uranium Exploration in Mongolia


June 15, 2005
  • MAPLE ENTERS INTO AN ALLIANCE AGREEMENT WITH UGL ENTERPRISES FOR URANIUM EXPLORATION IN MONGOLIA
     
  • MAPLE CAN EARN A 50% INTEREST IN UGL’S URANIUM EXPLORATION PROPERTIES TOTALING 3700 SQ. KM.
     
  • MAPLE AND UGL WILL COOPERATE IN ACQUIRING OTHER URANIUM PROSPECTS IN MONGOLIA

TORONTO, ONTARIO, June 15, 2005 – Maple Minerals Corp. ("Maple") (TSXV:MPM) is pleased to announce that it has entered into an alliance agreement with UGL Enterprises ("UGL") ("UGS":TSXV) for uranium exploration and target generation in Mongolia. The agreement covers UGL's current ground holdings for uranium in Mongolia, totaling approximately 3700 sq. km, which are comprised of 13 granted Exploration Licences, six Exploration Licence Applications and an option to earn 100% of two Exploration Licences in the Nergui project. The properties, which are at the early to medium exploration stage, cover various uranium occurrences, radiometric anomalies and favourable geological settings for uranium, which were detected during Russian/Mongolian uranium exploration programmes in the 1966-1990 period. In addition, Maple and UGL will cooperate during the term of the agreement in the generation and acquisition of other uranium exploration targets in Mongolia.

Under the agreement, Maple can earn a 50% interest in UGL's current portfolio of uranium exploration properties through the expenditure of US$1.5 million over a three year period, including a commitment to expend a minimum of US$350,000 within the first year. Once Maple has acquired a 50% interest, it will have the option of increasing its interest to 60% through additional expenditures of US$2 million over a further three year period. Should Maple choose not to exercise this option, a joint venture will proceed on a 50/50 funding and equity basis.

The agreement also calls for Maple to issue shares to UGL on two occasions. Within 3 days of the date that the agreement is accepted and approved by the TSX Venture Exchange, Maple will issue 50,000 common shares to UGL. In addition, should UGL exercise its option to acquire 100% of the Nergui property from a local vendor, Maple will issue to UGL common shares in its capital to the value of CDN$75,000.

"Mongolia is a priority target for Maple as part of its strategy to become a major force in the uranium business" stated Maple's President Gino Falzone. "Over its past 4 years in Mongolia, UGL has established a firm foundation for success in its detailed knowledge of the country's geology and mineralization, its operating skills, its local contacts and its alliance with the Mongolian geological consulting group MineInfo. Through this association with UGL, Maple will fast-track its entry into promising uranium exploration projects in Mongolia. Also, we look forward to combining resources with UGL in the identification and acquisition of other quality uranium projects.”

Stewart Taylor, Maple’s Vice President, International Operations, is acting as the Qualified Person for the UGL Uranium Project.

The agreement with UGL is subject to due diligence being completed by Maple on or before July 6, 2005 and regulatory approval.

Maple is an international uranium resource company with property interests in Australia, Argentina, Mongolia, Africa and Canada. For more information about Maple, please visit the company’s website at www.mapleminerals.com.

This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Maple’s results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof. Maple disclaims any intent or obligation to update these forward-looking statements and cautions investors from placing undue reliance on forward-looking statements. Maple does have an ongoing obligation to disclose material information as
it becomes available.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact:

L.M. (Gino) Falzone
President
(416) 643-7630