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 Announces Wide Intersections of >0.1% U3O8 in its Validation Drilling of the Maureen Uranium Resource, Queensland, Australia


February 22, 2007

Toronto, Ontario, Canada, February 22, 2007 – Mega Uranium Ltd. (MGA-TSX) (“Mega”) is pleased to announce encouraging results in the first batch of assay results received from 11 holes in the 50 hole, 3895 metre RC/diamond core validation drilling programme undertaken on its Maureen uranium resource in the last quarter of 2006 (see table 1 below). Maureen, located in the Georgetown region of Queensland, Australia, contains a pre NI43-101 historical Indicated Resource of 2.38 million tonnes @ 0.12% U3O8 (6.5 million lbs. contained U3O8) and 0.07% molybdenum. The resource occurs from surface to 120 metres depth and is amenable to low cost open cut mining.

Seven holes (RC 9242-9247 and DDH 9201) drilled into the South Zone of the deposit, which contains the bulk of the resource, intersected 12-35 metre wide zones of >0.1% U3O8, the best intervals being 35 metres @ 0.16% U3O8 in RC hole 9246 and 32 metres @ 0.17% U3O8 in RC hole 9247. The average molybdenum grades of the uranium zones were higher than expected, the best intersections being 14 metres @ 0.15% Mo in DDH 9201 and 19 metres @ 0.13% Mo in RC hole 9245. True widths of the mineralized zone transected by those holes are estimated to be 70-80% of the intersection width. In addition, the holes intersected other thinner zones of lower grade uranium mineralisation, which were not included in the previous ore resource estimate.

DDH 9205, investigating a possible western extension of the South Zone outside the delineated resource, successfully intersected 12 metres @ 0.19% U3O8 and 0.45% Mo, plus other thinner, lower grade mineralized zones. At present, there is insufficient information available to determine the true width of the mineralized zone at this location.

DDHs 9203 and 9204, testing a possible western extension of the North Zone, intersected only thin zones of weak mineralisation, but the latter hole deviated from the planned target. 

Mega’s President, Stewart Taylor, commented “These initial results are very encouraging, as they validate the results of the previous drilling undertaken by Getty in the late 1970s and augur well for an increase in the Maureen resource in both uranium and molybdenum”.

Drill hole intersections at a 200 ppm U cut off are listed in the table below. Assays for uranium and molybdenum were undertaken on one metre intervals of split core and material recovered from RC holes at the laboratory of ALS Chemex in Brisbane, using the pressed pellet XRF method (Lab. code XRF-05). The results were reported in ppm U by ALS Chemex then converted to %U3O8 by Mega.

The Maureen resource estimate reported in this release was competently conducted in 1979 by Getty Mining Ltd. according to the standards of the day, and as such is regarded by Mega as a reasonable reflection of the overall magnitude and grade of the contained mineralisation. However, as it preceded the introduction of the JORC guidelines in Australia, it must therefore be reported as unreliable at this time in accordance with the NI43-101 requirements. When all the results are obtained from the recent drilling programme, an independent Qualified Person will be engaged to establish a resource estimate that is NI43-101 compliant.    

Stewart Taylor, Mega’s President and Qualified Person under NI43-101, is responsible for this release and has verified the contents disclosed.

Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia, Argentina, Mongolia, Colombia, Bolivia and Canada. Mega Uranium’s Australian uranium properties, including without limitation the Ben Lomond, Maureen and Lake Maitland properties, are subject to State policies which presently prohibit the mining of uranium.

Table 1

Hole Type Angle From(m) To(m) Width(m) %U3O8 %Mo
9242 RC -70  11  18  7 0.08 0.03
 25  37  12 0.10 0.06
 49  56  7 0.23 0.14
 79  84  5 0.03 0.02
9243 RC -60  12  28  16 0.12 0.08
9244 RC -70  18  22  4 0.06 0.01
 29  33  4 0.05 0.01
 39  68  29 0.11 0.05
9245 RC -65  0  19  19 0.12 0.13
9246 RC -60  3  38  35 0.16 0.07
9247 RC -60  25  57  32 0.17 0.06
9201 DDH -70  0  14  14 0.17 0.15
9202 DDH -60  11  15  4 0.04 0.02
 18  21  3 0.03 0.05
 25  27  2 0.09 0.03
 32  38  6 0.04 0.06
 40  44  4 0.07 0.10
 52  55  3 0.09 0.07
 75  80  5 0.03 0.09
9203 DDH -80 113 114  1 0.04 0.02
9204 DDH -70 131 133  2 0.07 0.01
9205 DDH -65 151 156  5 0.04 0.01
162 174  12 0.19 0.45
182 187  5 0.04 0.04

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.

For further information, please contact:

Mega Uranium Ltd.
Richard Patricio, VP Corporate and Legal Affairs
Telephone:     (416) 643-7630
info@megauranium.com
www.megauranium.com