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. Releases Results as at and for the Three and Nine Months Ended June 30, 2006


August 15, 2006
  • Financial results continue to show strong working capital position

Toronto, Ontario, Canada, August 15, 2006 – Mega Uranium Ltd. (“Mega”) (MGA-TSX-V) today announces its results for the three and nine months ended June 30, 2006:
As at June 30, 2006:

  • Working capital increased to $48,153,550 as at June 30, 2006 as compared to $11,749,074 as at September 30, 2005;
     
  • Asset value of total mineral properties and related expenditures increased to $43,071,908 as compared to $4,725,662 as at September 30, 2005;

For the three months ended June 30, 2006 (compared with June 30, 2005):

  • Revenue (primarily comprised of interest income) increased to $383,073 as compared to $30,774 for the three months ended June 30, 2005.
     
  • Operating, general, and administrative expenses increased to $1,198,143 as compared to $339,065 for the three months ended June 30, 2005;
     
  • Stock-based compensation increased to $2,080,614 as compared to $140,169 for the three months ended June 30, 2005;
     
  • Net loss was $2,902,115 ($0.059 per share) for the three months ended June 30, 2006 as compared to $448,460 ($0.017 per share) for the three months ended June 30, 2005.

For the nine months ended June 30, 2006 (compared with June 30, 2005):

  • Revenue (primarily comprised of interest income) increased to $631,765 as compared to $71,756 for the nine months ended June 30, 2005;
     
  • Operating, general, and administrative expenses increased to $2,560,380 as compared to $729,672 for the nine months ended June 30, 2005;
     
  • Stock-based compensation increased to $5,725,986 as compared to $650,688 for the nine months ended June 30, 2005;
     
  • Write-off of mineral properties and related expenditures was nil as compared to $42,827 for the nine months ended June 30, 2005;
     
  • Net loss was $7,661,032 ($0.181 per share) for the nine months ended June 30, 2006 as compared to $1,351,431 ($0.072 per share) for the nine months ended June 30, 2005.

Other highlighted activities subsequent to June 30, 2006:

  • Acquisition of 15.6% of Redport Limited (ASX: “RPT”) In July 2006, the Company acquired 15.6% of Redport Limited (“Redport”), a public company listed on the Australian Stock Exchange (“ASX”). The total cost to Mega for this transaction was approximately AUD$12.73 million ($10.5 million). The company has entered into an Agreement with Redport whereby Mega will offer to acquire all of the other issued securities of Redport, in a conditional off-market takeover offer for a consideration of 9.36 million Mega shares. Redport is an Australian based resource company specializing in the strategic acquisition and development of uranium properties in Australia and overseas. (See press release dated July 7, 2006.)
     
  • Investment in Khan Resources Inc. (TSX: “KRI”):

    On August 2, 2006, the Company acquired 1,667,000 Units of Khan Resources Inc. (“Khan) for $2,500,500 pursuant to a private placement with Khan. The private placement was concurrent with Khan’s initial public offering on the Toronto Stock Exchange. Each Unit consists of one common share and one-half of one Class E share purchase warrant exercisable at a price of $1.90 per share at any time before August 2, 2008. Khan is engaged in the acquisition, exploration, and development of uranium properties in Mongolia, where Mega is presently active in uranium exploration. (See press releases dated August 2, 2006.)

Mega Uranium Ltd. is a Toronto–based mineral resources company with a focus on uranium properties in Australia, Argentina, Mongolia, and Bolivia. 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
info@megauranium.com
www.megauranium.com