(15-20 min delay)
Mega Uranium Ltd.
211 Yonge Street, Suite 502
Toronto, Ontario, Canada
2006 News Releases
Mega Uranium's Results for Year Ended September 30, 2005
January 12, 2006
For the year ended September 30, 2005 (compared with September 30, 2004):
Working capital increased to $12,081,574 as at September 30, 2005 as compared to $2,234,990 as at September 30, 2004;
Exploration expenditures for the year ended September 30, 2005 totaled $3,715,925 as compared to $841,867 for the year ended September 30, 2004;
Total mineral properties and related expenditures increased to $4,725,662 as at September 30, 2005 as compared to $1,052,564 as at September 30, 2004;
Revenue (primarily comprised of interest income) increased to $118,993 as compared to $29,231 for fiscal year 2004;
Operating, general, and administrative expenses increased to $1,076,409 as compared to $228,798 in 2004;
Stock-based compensation increased to $864,651 as compared to $159,882 for fiscal year 2004;
Write-off of mineral properties and related expenditures was $42,827 as compared to $1,190 in 2004;
Net loss was $1,864,894 ($0.09 per share) for the year ended September 30, 2005 as compared to $360,639 ($0.03 per share) for the year ended September 30, 2004.
Mega is a Toronto-based resource company with a focus on uranium properties in Australia, Argentina and Mongolia. Mega also has other non-uranium property interests in Africa, Canada, and Dominican Republic. For more information about Mega, please visit the company’s website at www.megauranium.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 Mega’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. Mega disclaims any intent or obligation to update these forward-looking statements and cautions investors from placing undue reliance on forward-looking statements. Mega does have an ongoing obligation to disclose material information as it becomes available.
The TSX Venture Exchange does not take responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Mega Uranium Ltd.
Sheldon Inwentash, CEO
Telephone: (416) 643-7630