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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2006 News Releases

Mega Uranium Ltd.'s Results for Three Months ended December 31, 2005


February 23, 2006

For the three months ended December 31, 2005 (compared with December 31, 2004):

  • Working capital increased to $16,899,105 as at December 31, 2005 as compared to $12,081,574 as at September 30, 2005;
     
  • Net acquisition and property exploration expenditures totaled $7,627,082 as compared to $63,547 for the three months ended December 31, 2004;
     
  • Asset value of total mineral properties and related expenditures increased to $12,352,744 as compared to $4,725,662 as at September 30, 2005;
     
  • Revenue (primarily comprised of interest income) increased to $288,506 as compared to $10,383 for the three months ended December 31, 2004;
     
  • Operating, general, and administrative expenses increased to $729,496 as compared to $71,563 for the three months ended December 31, 2004;
     
  • Stock-based compensation increased to $789,955 as compared to $39,372 for the three months ended December 31, 2004;
     
  • Write-off of mineral properties and related expenditures was nil as compared to $42,827 for the three months ended December 31, 2004;
     
  • Net loss was $1,230,945 ($0.03 per share) for the three months ended December 31, 2005 as compared to $143,379 ($0.01 per share) for the three months ended December 31, 2004.

Mega Uranium Ltd. (“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