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. to Raise $17,000,000

Toronto, Ontario, Canada, April 6, 2006 – Mega Uranium Ltd. (“Mega”) (“MGA”: TSXV) announced today that it is proposing to complete a non-brokered financing for an expected minimum of 2,000,000 units (the “Units”) at a price of $8.50 per Unit for expected aggregate gross proceeds of a minimum of $17,000,000. Each Unit will consist of one common share in the capital of the Mega and one-half of one share purchase warrant (each full share purchase warrant, a “Warrant”). Each Warrant will entitle the holder to purchase one additional common share of Mega at any time within 18 months after the closing date of the financing (the “Warrant Term”) at an exercise price of $12.00 per share. If, following the date that is four months and one day after the closing date of the financing, the closing price of Mega’s common shares exceeds $16.00 for 20 consecutive business days, then the Warrant Term shall be automatically reduced and the share purchase warrants will expire on the date that is 30 days following the issuance of a press release announcing the reduced Warrant Term.

Proceeds of the sale of the units will be used for exploration of Mega’s properties and for general corporate purposes.

Although the financing is non-brokered, Mega may pay a commission to agents that arrange for the sale of units including cash and compensation warrants.

Insiders of Mega may purchase up to 25% of the financing.

Closing of the private placement is subject to receipt of all necessary regulatory approvals. The securities issued will have a hold period expiring four months and one day from the date of closing.

Mega Uranium Ltd. is a Toronto – based mineral resources company with a focus on uranium properties in Australia, Argentina, Mongolia and Canada. Further information on Mega can be found on the company’s website at

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.


For further information, please contact:

Mega Uranium Ltd.
Sheldon Inwentash, CEO
Telephone: (416) 643-7630