2006 News Releases
Hamlin Copper zone North Contact and Footwall Give 120 M Width, Thunder Bay, Ontario
April 19, 2006
20.4 m of 0.64 % Copper Equivalent (0.30% Copper) in North Zone
120 m of copper mineralization in combined North and Footwall Zones
Toronto, Ontario, Canada, April 19, 2006 – Mega Uranium Ltd. (“Mega”) (MGA-TSX-V) (through its Maple Minerals division) and East West Resource Corporation (TSX-V: EWR) announce that a cross section of the Hamlin breccia with three holes HAM06-53, 54, and 57 on section 5+50 E was completed, where a footwall phase was located that had previously had not been tested (see news release April 5, 2006). The upper portion of the North Contact Zone was also intersected in hole HAM06-57, where as hole 53 and 54 cut the gabbro brecciated foot wall. Hole 57 cut 20.4 m of 0.64% copper equivalent or 0.30% copper, and when combined with the footwall zone in holes 53 and 54, a total width of 120 m of copper mineralization is now indicated. A table of assays showing individual values for this interval and a location plan of the drill holes will be published on the company web site www.megauranium.com.
A number of holes that had been previously announced are undergoing further splitting and assays will be announced when they are available in the near future.
Increases in the price of copper from $0.75 per lb. in 2003 when the Hamlin project was first acquired to the current spot price of $2.90 per lb., has made this style of copper ineralization more interesting as a exploration target. The Hamlin breccia contains copper, gold, silver, and molybdenum values similar to other large low grade open pit mines in Quebec and British Columbia.
Copper equivalent is calculated using assumed metal prices of US $1.80/lb Cu, US $460/oz Au, US $30.00/lb Mo, and US $7.00/oz Ag, and is not adjusted for metallurgical recoveries, as these remain unknown. The formula used is as follows: Cu Eqv. (%) = [(Cu$+Ag$+Au$+Mo$)/1.8]/22. (500 ppm = 0.05 % = 1.0 lbs/ton)
Mega Uranium Ltd (TSX-V: MGA) and East West Resource Corporation each hold a 50% interest in both the Hamlin and Deaty Creek-Shebandowan properties. The project set out above is being supervised by R. Middleton, P.Eng. who is the Qualified Person and the person responsible for quality control of the assaying and reporting. More details are available on SEDAR at www.sedar.com.
Mega Uranium Ltd. is a Toronto–based mineral resources company with a focus on uranium properties in Australia, Argentina, Mongolia, Bolivia and Canada. Further information on Mega can be found on 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 Uranium 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 HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information, please contact:
Mega Uranium Ltd.
Sheldon Inwentash, CEO
Telephone: (416) 643-7630