2007 News Releases
Mega Uranium Provides Update on Wernecke Uranium District Project, Yukon
May 24, 2007
Toronto, Canada, May 24, 2007 – Mega Uranium Ltd. (MGA-TSX) (“Mega”) announces that its has been advised by Cash Minerals Ltd. (“Cash Minerals”) that Cash Minerals has commenced construction of the Lumina and Bear River camps in the Wernecke Uranium District, Yukon and that the Lumina camp is expected to be ready for drilling (with two rigs) in early June. In the 2006 drill program, 19 of the 22 holes drilled at the Lumina property intersected uranium mineralization, which included 55.01 m of 0.103% U3O8, 11.87 m of 0.116% U3O8 and 16.44 m of 0.140% U3O8. In addition to producing appreciable uranium mineralization, these intersections were close to surface (less than 90 metres). Following an airborne radiometric survey over Lumina last year, a further 90 uranium anomalies were identified on the property. A number of these anomalies will be tested this drill season. The second camp, Bear River, will be used as a staging area for drill programs being conducted at the Vic, Bonnie, Win and Angel properties.
Cash Mineral further advises that construction of the Igor camp is set to commence in mid-June, with two rigs scheduled to begin drilling shortly thereafter. The Igor property is an IOCG-U (iron-oxide copper-gold uranium) target, which has produced mineralized intersections (74.44 metres 0.07% U3O8 and 1.88% copper) comparable to those of the world-class Olympic Dam deposit in Australia. Earlier this year, Cash Minerals announced the results of extensive ground geophysical work conducted on the Igor property in 2006, which delineated an appreciable, positive gravity anomaly projecting south and to depth from known U3O8 and copper mineralization. Mega has been advised that this anomaly, together with an existing area of known copper-uranium mineralization, will be tested this year.
Drilling on the Odie property continues with more than 1,900 metres of the planned 2,400 metres completed in phase one of the exploration campaign. Further drilling is expected to be undertaken to follow-up on the previously released intersections of native copper in hole 2007-OD-01R.
ABOUT MEGA URANIUM
Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia, Argentina, Mongolia, Columbia, 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.
For further information, please contact:
Mega Uranium Ltd.
Richard Patricio, VP Corporate and Legal Affairs
T: (416) 643-7630