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 Provides Update on Exploration Activity in the Wernecke Uranium District, Yukon


June 26, 2007

Toronto, Canada, June 26, 2007 – Mega Uranium Ltd. (MGA-TSX) (“Mega”) provides the following update on exploration activity in the Wernecke Uranium District, Yukon, as provided by its joint venture partner, Cash Minerals Ltd. (CHX-TSXV) (“Cash Minerals”).

Odie Property

Cash Minerals has advised that, as of June 26, 2007, Cash Minerals has drilled more than 4,000 metres, of which 2,700 metres were drilled at the Odie property. Native copper has been intersected in Hole Two (2007-OD-06), which is approximately 135 metres southwest of Hole One (2007-OD-01R) where intersections of native copper were initially encountered and reported on May 15, 2007. When completed, a total of six holes will have been drilled at the Odie property.

Cash Minerals advised that the native copper mineralization encountered in 2007-OD-1R appears to occur in association with significant veining and chlorite alteration. Hole 2007-OD-1R tested the A1 target, which is manifested as a coupled magnetic and gravimetric anomaly. Further drilling on the target is continuing to test the nature of the anomaly with two drill holes. Geochemical analyses from 2007-OD-1R have confirmed visual observations in the drill core. These data show the presence of two anomalously copper (Cu)-rich intervals between 483.7 and 537.0 metres, and 545 and 560 metres. The upper zone also includes a 16.55 metre section at 0.14 % Cu (518.90-535.45 metres) within which occurs a higher grade interval of 0.27 % Cu over 3.7 metres between 522.0 and 525.7 metres. Gold, up to 0.33 ppm, also occurs in anomalous concentrations within zones of elevated copper.

Table 1: Selected geochemical data from 2007-OD-01R provided by Cash Minerals

Depth From (m)
To (m)
Cu ppm
AU ppm
Co ppm
Received Wt (kg)
483.70
484.60
198
no data
15.3
2.15
484.60
486.20
247
0.002
33.3
3.45
486.20
488.30
438
no data
31.7
3.77
488.50
489.73
335
no data
18.6
2.47
489.75
491.70
875
0.014
38
3.97
491.70
493.28
849
no data
31.1
3.44
493.28
495.35
557
0.010
30.7
4.42
495.35
496.75
376
0.002
14.2
2.58
496.75
498.70
891
0.013
31
3.91
498.70
500.65
986
0.330
73.2
4.34
500.65
502.70
1280
0.007
42.9
4.06
502.70
504.95
988
0.004
52.6
4.09
504.95
507.00
542
0.007
64.9
4.04
507.00
509.24
442
0.008
69.5
4.3
509.24
510.45
471
0.004
49.1
2.38
510.45
512.00
335
no data
28.7
2.01
512.00
513.38
450
no data
38.7
2.42
513.38
515.36
134
0.004
28.4
3.37
515.36
517.40
334
no data
27
3.27
517.40
518.90
230
no data
26.9
2.98
16.55 metres at 0.14% copper (518.90 to 535.45 m)
518.90
520.51
1780
0.004
30.9
3.53
520.51
522.00
308
no data
16.7
3.05
522.00
523.75
2110
no data
26.4
2.69
523.75
525.70
3230
0.016
50.6
4.06
525.70
527.77
211
0.010
42.3
3.96
527.77
529.69
1480
0.035
23.1
4.49
529.69
531.50
418
0.007
22.2
4.05
531.50
533.40
1670
0.001
18.3
3.98
533.40
535.45
1100
0.005
14.2
4.02
535.45
537.00
519
no data
8.2
6.3

Igor Property

Cash Minerals advised that upon completion of drilling at Odie, the two drill rigs will be moved to the Igor property where drilling is scheduled to commence by late June. In the interim, a third drill rig will be moved to the Igor property and will commence drilling within a week. The three drill rigs will deliver a suite of holes at Igor to test a significant copper-rich U308 intersection discovered in 2005, which resulted in 0.07% U3O8 and 1.88% copper over 74.44 metres, as well as a gravimetric anomaly identified during the 2006 exploration season.

Lumina Property

Cash Minerals further advises that at Lumina, one of two properties identified for resource definition, drilling is on schedule and is fully operational. Two drill rigs are currently operating, and are targeting regions that yielded excellent results during the 2006 drill program. A key objective in phase one of drilling at Lumina is to drill a series of follow-up holes, at depth, and to the south of the Jack Flash showing to test the continuity and extent of uranium mineralization encountered in 2006. Phase two of drilling is planned to test a series of targets north of Jack Flash. In this northern area, the hydrothermal system appears to be associated with a north-trending structure, which is more than 6 kilometres in length. Initial steps would include assessing the Jack Flash boulder train, which was found to contain an average of 1.44% (32 pounds) U3O8 per tonne over 1.4 km (see press release dated October 12, 2005).

Bear River Camp

Finally, Cash Minerals informs that the Bear River camp is the primary staging area for exploration being conducted at the Vic, Angel, Bond, Bonnie, Nad, Doh and Win properties, the majority of which were discovered during the 2006 exploration season. One drill will test a series of targets identified from geophysics, soil sampling and mapping. A 16 person geological team is conducting this field work. The Bear River camp will be utilized by airborne and ground geophysical crews. In addition, specialist crews have been retained to conduct additional staking, which includes infill staking between the Igor and Win properties.

ABOUT MEGA URANIUM

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.

For further information, please contact:
Mega Uranium Ltd.
Richard Patricio, VP Corporate and Legal Affairs
T: (416) 643-7630
info@megauranium.com
www.megauranium.com

THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Cautionary Note Regarding Forward-Looking Information
This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the future financial or operating performance of the Company, its subsidiaries and its projects, statements regarding exploration prospects, statements regarding synergies and financial impact of the proposed transaction, the terms and conditions of the offer and the offer itself being made, the benefits of the proposed transaction, the identification of mineral reserves and resources, costs of and capital for exploration projects, exploration expenditures, timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company (and the company resulting from the successful completion of the proposed transaction) to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; delay or failure to receive board or regulatory approvals; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.