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

Update on Mega's Uranium Exploration Programmes


October 2, 2007
  • Completion of Maureen resource drilling programme in the Georgetown project (Queensland); drilling underway in the Oasis (Queensland) and Cronje Dam (South Australia) projects. 
  • Airborne magnetic-radiometric surveys flown over the Oasis and Georgetown projects, Queensland. 
  • Exploration tenements acquired in San Luis Province, Argentina. 
  • Airborne magnetic-radiometric surveys flown over the Kitongo and Lolodorf projects in Cameroon.

Toronto, Canada, October 2, 2007 – Mega Uranium Ltd. (MGA-TSX) (“Mega”) is pleased to announce progress in its various uranium exploration projects worldwide.

AUSTRALIA

Georgetown (Queensland)

In the Georgetown project, 35 RC holes (total 4194 metres) were drilled in and around the 6.5 million pounds U3O8 Maureen historical resource to seek extensions of the known mineralisation and to test for other mineralised zones in the immediate vicinity. Samples from radiometrically anomalous portions of these holes have been submitted for geochemical analysis. Results are awaited. The Maureen uranium-molybdenum resource estimate referred to in this release was reported in 1979 by Getty Mining Pty. Ltd. As this resource estimate was competently conducted according to the standards of the day, it is regarded by Mega as a reasonable reflection of the magnitude and grade of the mineralisation. However, as the resource estimate was conducted prior to the introduction of the JORC regulations in Australia, it must therefore be reported as unreliable at this time according to the NI43-101 guidelines. As reported in this news release, Mega has engaged an Independent Qualified Person to establish resources that are NI43-101 compliant, based on the historical data and the new assay results from the Maureen drilling programmes in 2006 and 2007.

Mining Associates Pty Ltd of Brisbane has commenced work to establish a NI43-101 ore resource estimate for the Maureen deposit, based on historical data and the results obtained from the late 2006 drilling programme. The results from the current drilling will be incorporated in that estimate.

Reconnaissance geological mapping and ground radiometric surveys have been undertaken to investigate 38 of 50 radiometric anomalies and other areas of interest, which were detected in Mega’s airborne magnetic-radiometric survey of a 3528 km2 portion of the Georgetown Project in late 2006. The work has identified 5 prospects for more detailed investigation and, possibly, drill testing.

A detailed 23300 line kilometre airborne magnetic-radiometric survey has commenced over selected portions of the Georgetown project. The survey is being conducted by Universal Tracking Systems Pty. Ltd. at a line spacing of 100 metres and sensor height of 50 metres.

Oasis (Queensland)

In the Oasis Project, located adjacent to, and southeast of, the Georgetown Project, a detailed 20500 line kilometre airborne magnetic-radiometric survey was flown over the project area. The bulk of the survey was conducted by Universal Tracking Systems Pty. Ltd. at a line spacing of 100 metres and sensor height of 50 metres, but over the Oasis prospect and its immediate surrounding area the line spacing was reduced to 50 metres. The results of the survey are being processed.

Ground work focused on the Oasis Prospect, a steeply dipping, multiply deformed, north-south trending, uraniferous biotite schist unit located at the top of a Proterozoic granite. Previous drilling of this unit, by Esso Exploration and Production Australia Inc. in 1977-1979 and Glengarry Resources in 2005/2006, delineated a 330 metres long, coherent zone of uraninite mineralisation to a depth of 175 metres. The zone is up to 15 metres thick, has an average grade of the order of 0.10-0.15% U3O8, and is open at depth and along strike.

A programme of geological mapping, magnetic/radiometric surveys and shallow auger drilling (24 holes of 3-7 metres depth) was undertaken to trace the strike extensions of the mineralized zone, but in much of the surveyed ground the results were inconclusive due to the extensive soil/alluvium/colluvium cover, which is up to 2.5 metres thick.

A 9 hole RC drilling programme (total 1620 metres) is underway to test for depth and strike extensions of the Oasis mineralized zone. If favourable results are obtained, additional holes will be drilled. By the end of September a total of 552 metres had been drilled in three holes.

Kintyre Rocks (Western Australia)

In the Kintyre Rocks Project, the planned drilling of targets located some 6 kilometres west-southwest of Rio Tinto Ltd’s Kintyre uranium resource (79 million pounds U3O8) has been delayed, pending the approval of a vegetation survey and a track clearing permit application by the Western Australia Department of Industry and Resources. Geological mapping programmes have been undertaken in the southwestern and southeastern portions of the project area over areas thought to contain stratigraphy equivalent to that hosting the Kintyre resource. The southeastern area was also investigated by a reconnaissance gravity survey and by soil sampling at 200x100 metre spacing. Results are awaited

Cronje Dam (South Australia)

A 50 hole, 5000 metre drilling programme is underway to test sediment-hosted uranium targets in several prospect areas. The programme is designed to follow up encouraging results from previous widely-spaced reconnaissance drilling, including 3 metres @ 507ppm U3O8 at 105 metres depth in the Kinlock Tank area, 4 metres @ 236ppm U3O8 at 98 metres depth in the Olary Creek area, and 2 metres @ 400ppm U3O8 at 104 metres depth in the Gairloch Dam area.

ARGENTINA

Mega has increased its property holdings in Argentina with applications for three exploration permits (cateos) in San Luis Province. Two exploration permits in the Libertador San Martin area (total 190km2) contain radiometric anomalies within Palaeozoic granitic intrusives, which are thought to have potential for uranium mineralisation similar to the deposits (Razes, la Crouzille etc.) of the Central Massif in France. The other exploration permit application (100km2), located in the Corcaran area in the valley of the Conlara River, cover an extensive Quaternary terrace containing prominent autunite and carnotite mineralisation within sandstone and pebble conglomerates. In 1970, three trenches excavated by the Argentina Atomic Energy Commission (CNEA) exposed a mineralized layer 1.0-1.5 metres thick, with grades of the order of 0.03-0.10% U3O8, at a depth of 2-3 metres.

BOLIVIA

In Bolivia, where Mega is earning 75% of the uranium-molybdenum content of exploration tenements held by Intrepid Mines Ltd (TSX:IAU), work continued in the field checking of radiometric anaomalies and other areas of interest in the Altiplano and in the Eastern Precambrian Belt. In the former area, the target is ignimbrite-hosted uranium similar to the Macusani Belt in Southern Peru. In the latter region, the Mega/Intrepid Joint Venture is investigating the potential for unconformity-related uranium deposits and other uranium deposit styles.

COLOMBIA

In Colombia, reconnaissance geological mapping and ground radiometric surveys continued in the Betulia concession in the Zapatoca district of Santander Province. The work delineated radiometrically anomalous sandstone horizons within the Jurassic Giron Formation over a 3 km2 area in the Campo Alegre prospect. In one creek, where the Giron Formation is exposed over tens of metres, chip samples from a 2.5-3 metre thickness of sandstone contained values up to 960 ppm U3O8.

CAMEROON

Mega’s subsidiary, Nu Energy Corporation, has conducted detailed airborne magnetic-radiometric surveys over its Lolodorf and Kitongo concessions, which total 2000 km2. The surveys, flown by New Resolution Geophysics (NRG) of South Africa, were conducted at a line spacing of 150 metres and sensor height of 30 metres. Data processing and initial ground follow up of radiometric anomalies are underway.

Diamond drill rigs have been purchased and transported to Cameroon. It is anticipated that drilling of the Kitongo prospect will commence in October.

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, Argentina, Bolivia, Colombia, Mongolia and Cameroon. 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