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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2007 News Releases

Mega Uranium Ltd. Releases Unaudited Results for the First Quarter Ended December 31, 2006


February 14, 2007

Mega Continues To Acquire Strategic Uranium Properties; Well Financed For Further Acquisitions And Exploration Activities

TORONTO, Ontario (February 14, 2007) – Mega Uranium Ltd. (“Mega”) (TSX: “MGA”) today announced its unaudited results for the three months ended December 31, 2006. As at December 31, 2006, Mega had cash, cash equivalents and marketable securities totaling $49.8 million as compared to $41.2 million at the end of September 30, 2006, an increase of 20.7%. The increase in the Company’s cash position was due primarily to net proceeds from a brokered private placement financing totaling $11.1 million and the exercise of stock options and warrants totaling $4.1 million.

During the quarter, Mega had revenue of $6,809,093, consisting primarily of $6,194,823 in unrealized gains on investments in public companies and $547,951 of interest income. This compares to $288,506 of total revenue in the same quarter in the prior year. Net income for the quarter ended December 31, 2006 was $4,444,531 ($0.04 per basic common share) as compared to a net loss of $1,230,945 ($0.02 per basic common share) for the quarter ended December 31, 2005. The net income for the current quarter was primarily from unrealized gains on investments in public companies and the recovery of income taxes.

Acquisition Activity

Mega completed several strategic acquisitions during the quarter, including the previously announced acquisition of Redport Limited, a public uranium mining company located in Australia. Redport’s principal asset is the Lake Maitland uranium project in Western Australia which contains a National Instrument 43-101 (“NI 43-101”) compliant inferred mineral resource of 23.7 million pounds U3O8.

During the quarter, Mega announced its intention to acquire all the outstanding securities of Twenty-Seven Capital Corp. (“Twenty-Seven”), a then publicly listed uranium exploration company with extensive land holdings in the Yukon Territory, by way of a three-cornered amalgamation involving Mega, Twenty-Seven and a wholly-owned subsidiary of Mega. The acquisition was completed effective February 12, 2007 and Twenty-Seven is now a wholly-owned subsidiary of Mega. A press release dated February 13, 2007 describing the acquisition can be found at www.sedar.com.

In November 2006, Mega announced that it was granted three mining concessions covering 48.7 km2 of ground with uranium potential in Colombia. Mega also has applications for four other concessions in the area with a total area of 74 km2 that are being processed by the State mining authority, INGEOMINAS.

In December 2006, Mega announced that it had entered into a binding Heads of Agreement with respect of a farm-in agreement with Aura Energy Ltd. (“Aura”), a publicly traded Australian company. Under the agreement, Mega earns an initial 50% interest, with potential to earn up to 70%, in Aura’s tenements in the Gunbarrel Basin of Western Australia. As a result of this acquisition activity, Mega’s Mineral Properties And Related Expenditures rose from $44,385,858 at September 30, 2006 to $139,198,313 at December 31, 2006.

Mr. Sheldon Inwentash, Chairman and CEO of Mega, stated, “We are delighted with our progress in the first quarter, both on the execution of our uranium resource acquisition strategy and with the balance in our treasury, which will enable us to continue to expand through further acquisitions and through exploration of our existing properties.”

Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia, Argentina, Mongolia, Colombia, 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.

This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. 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, including those set forth in Mega’s annual information form and other public disclosure documents filed with certain Canadian securities regulatory authorities and available at www.sedar.com. These forward-looking statements speak only as of the date hereof. Mega Uranium disclaims any intent or obligation to update these forward-looking statements except as otherwise required by law 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 HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

For further information:
Richard Patricio Vice President, Legal and Corporate Affairs

The Exchange Tower,
130 King Street West,
Suite 2500 Toronto,
Canada M5X 1A9
(416) 643-7630
www.megauranium.com