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 Completes Due Diligence on UGL Mongolian Alliance Agreement; Mongolian Uranium Exploration to Commence Immediately


July 12, 2005
  • MAPLE COMPLETES DUE DILIGENCE ON UGL MONGOLIAN ALLIANCE AGREEMENT
     
  • MONGOLIAN URANIUM EXPLORATION TO COMMENCE IMMEDIATELY

TORONTO, ONTARIO, July 12, 2005 – Maple Minerals Corp. ("Maple") (TSXV:MPM) is pleased to announce that it has completed its due diligence on the previously announced Alliance Agreement dated June 14, 2005 (see June 15, 2005 press release) between Maple and UGL Enterprises Ltd. (“UGL”) (TSXV: UGS) in respect to UGL’s licensed holdings of Mongolian uranium properties. Field crews have been mobilized and will begin immediate exploration on several of the key uranium properties.

Maple has been advised by UGL that according to Mongolian and Russian government issued documents, prospective uranium targets are located on several of these uranium properties. The historical exploration programs were reported to have been conducted jointly by Russia n/Mongolian exploration crews. UGL and Maple are not relying on the accuracy of these reports and intend to verify and, if applicable, expand the reported targets. During the negotiation and the due diligence period of the  Alliance Agreement, all work programs on UGL’s uranium properties were temporarily suspended. Both companies are now looking forward to the continued exploration of the properties.

The work programs will include systematic prospecting of the various licenses to locate and further define the uranium targets. Under the terms of the Alliance Agreement, UGL will remain operator during all exploration programs. The work will be completed under the direction of Glenn Griesbach, P.Geo., UGL’s Uranium Project Manager for Mongolia, who is acting as the Qualified Person for this project.

Under the Alliance Agreement, Maple can earn a 50% interest in UGL's current portfolio of uranium exploration properties in Mongolia 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 additional option, the 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 Alliance 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 (which forms part of the portfolio of properties subject to the Alliance Agreement) from a local vendor, Maple will issue to UGL common shares in its capital to a value of CDN$75,000.

The Alliance Agreement with UGL is subject to 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