Mega Uranium Mining & Exploration in  Canada, Cameroon, Australia, Argentina, Bolivia, Columbia and Mongolia.

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TSX: MGA
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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 Confirms Cash Holdings


August 20, 2007

Mega Uranium Ltd. (“Mega”) (TSX: “MGA”) confirmed today that its cash resources of over $120 million are invested in corporate bonds, bankers acceptance notes and guaranteed investment certificates (GIC’s) and are not exposed to repayment risks associated with the asset-backed commercial paper market.

“Given the recent uncertainties in the credit markets, we felt it appropriate to communicate to Mega shareholders that the company’s cash holdings are liquid,” commented Sheldon Inwentash, Chairman and CEO of Mega Uranium. “Mega has no debt and is well financed to develop its existing uranium properties while pursing new acquisition opportunities worldwide.”

ABOUT MEGA URANIUM

Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia, Argentina, Bolivia, Canada, Colombia and Mongolia. 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, Maureen and Lake Maitland properties, are subject to state policies which presently prohibit the mining of uranium in Queensland and Western Australia.

For further information, please contact:

Investor Relations
Mega Uranium Ltd.
Richard Patricio
VP Corporate and Legal Affairs
T: (416) 643-7630

Media Relations
Mega Uranium Ltd.
Wanda Cutler
Director of Corporate Communications
T: (416) 860-1717