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 Reports Further Encouraging Results in Argentina


September 4, 2007
  • Two shallow continuous mineralized horizons delineated over an 8.5 km2 area in the Guanaco prospect, Patagonia Project, Chubut Province.
  • Initial assay results up to 0.14% U3O8. Additional results awaited from trenches.
  • Three other prospects to be drilled in the Patagonia Project.

TORONTO, Ontario (September 4, 2007) – Mega Uranium Ltd. (“Mega”) (TSX: “MGA”) is pleased to announce encouraging results from the Laguna Salada area of its Patagonia Project in Chubut Province, Argentina (please see figure available at www.megauranium.com). In its initial investigation of an airborne radiometric anomaly detected in 1978 by the Argentina Atomic Energy Commission (CNEA), a programme of geological mapping and reconnaissance rock chip sampling of the Guanaco prospect area has delineated two horizontal levels of uranium mineralisation at the top and base of an extensive, 3-5 metres thick, Quaternary terrace.

The upper level, at a depth of 5-10 centimetres from surface, comprises a 0.4 metre thickness of fine pebble conglomerate containing disseminated uranium oxides within a calcareous sandstone matrix. Channel sampling of this layer returned values of the order of 100-200 parts per million (ppm) U3O8*.

The lower mineralised level, at a depth of 3-5 metres, consists of a 0.8-1.4 metre thick horizon, which is composed mainly of Quaternary-aged fine pebble conglomerate, but also includes a 0.3 metre thickness of unconformably underlying sandstone of the Tertiary-aged Salamanca Formation. Within this level, the most prominent uranium mineralisation occurs within a 0.3-0.6 metre thick, calcareous-rich horizon. Channel sampling results received to date for this horizon are in the 300–1417 ppm U3O8 range and average ~500 ppm U3O8.

In the second phase of work in the prospect, 25 trenches excavated in the central and peripheral areas of the terrace demonstrated that the two mineralized layers maintain their continuity, thickness and radioactivity over a 5km x 1.7km area. Assay results are awaited for 72 channel samples collected from these trenches. Additional trenches are now being excavated to expose the lower mineralized layer.

To the northeast of the Guanaco prospect is a 40 km2 area of Quaternary terrace, which is thought to have potential for similar mineralisation. A series of widely spaced test pits is being excavated in this area.

Guanaco is one of four prospects in the Patagonia Project with encouraging results, which Mega intends to investigate with drilling and trenching over the coming months. There has been no previous drilling in these areas. The other prospects to be investigated are:

  • Sierra Cuadrada, where two flat to shallow dipping, 0.5-1.5 metre thick, mineralized horizons occur within a 20-30 metre thickness in the lower part of the Cretaceous Chubut Group. Chip sample results from exposures of this horizon include 1 metre @ 0.6% U3O8, 1 metre @ 1.89% U3O8 and 1 metre @ 0.5% U3O8. Based on the results obtained to date, there is potential for an extensive area of these mineralized horizons under less than 25 metres of cover.
  • Mirasol, which contains significant uranium mineralisation within three 0.5-2 metre thick, shallow-dipping (40) horizons in the lower part of the Chubut Group, under less than 30 metres cover of younger sediments. Chip sample results include 0.9 metres @ 0.41% U3O8 and 1 metre @ 0.12% U3O8.
  • Cerro Solo East, located immediately east of CNEA’s Cerro Solo uranium resource (10.3 million pounds U3O8). In this area, two holes drilled by Mega in 2006 intersected 2 metres @ 0.11% U3O8 and 1 metre @ 0.21% U3O8 in two separate prospect areas sited respectively 4 km northeast and southeast of the resource. A proposed follow-up drilling programme has been delayed until now due to landowner access problems.

*Samples were assayed at the Mendoza laboratory of Alec Stewart Assayers, Argentina using inductively coupled plasma spectrometry (method ICP-MA-42).

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

ABOUT MEGA URANIUM

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

For further information, please contact:

Investor Relations
Media Relations
Mega Uranium Ltd.
Mega Uranium Ltd.
Richard Patricio
Wanda Cutler
VP Corporate and Legal Affairs
Director of Corporate Communications
T: (416) 643-7630
T: (416) 860-1717