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. Increases Private Placement Financing

Toronto, Ontario, September 12, 2006 – Mega Uranium Ltd. (“Mega”) (MGA:TSX) announced today that it has agreed with the syndicate of agents, led by Canaccord Adams (which syndicate also includes Westwind Partners Inc. and Max Capital Markets Ltd.) to increase the size of the financing described in its press release of September 11, 2006 to up to 2,000,000 Units with an Overallotment Option of 500,000 Units (for total gross proceeds of up to $11,875,000). Previously the maximum gross proceeds from the financing (including the exercise of the Overallotment Option) was $9,500,000. All of the other terms of the financing described in the September 11, 2006 release remain the same. Completion of the financing remains subject to regulatory approval.

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. Mega Uranium’s Australian uranium properties, including without limitation the Ben Lomond and Maureen properties, are subject to state policies which presently prohibit the mining of uranium in Australia.

THE TORONTO STOCK 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