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 Partner Announces Additional Drill Results From Igor Property Intersecting 0.99% U3O8 and 2.7% Copper Over 4.5 Metres


October 24, 2007
  • Vic Property Yields Surface Assay of 6.86 % U3O8 
  • Company Provides Update on 2007 Drill Exploration Program in the Wernecke Uranium District, Yukon

Toronto, Canada, October 24, 2007 – Mega Uranium Ltd. (MGA-TSX) ("Mega") and joint-venture partner Cash Minerals Ltd. (TSX-V: CHX) are pleased to announce additional drill results from Igor, an iron-oxide copper-gold-uranium (IOCG-U) property located in the Wernecke Uranium District, Yukon. New results include 0.99% U3O8, 2.70% copper, 0.07 g/t gold and 5.7 g/t silver over 4.5 metres (Table 1)(i)(ii). Field work completed in the 2007 season on properties staked in 2006 has identified anomalous uranium and polymetallic mineralization (see grab sample results in Table 2).

Highlights from 2007 initial drill results at Igor and Lumina also include 22.25 metres grading 0.055 % U3O8, 2.82 % Cu, 5.2 g/t silver (Ag) and 0.03 g/t gold (Au); and 1.5 metres grading 0.14 % U3O8, 0.035 % molybdenum (Mo) and 0.08 g/t Au, respectively. These intervals are augmented by the newly presented results (Table 1(i)).

The 2007 drill program strategy was to employ an integrated and systematic approach to reaching Cash Minerals’ objective of defining a resource at one or more Wernecke properties. This strategy aims to expand recently discovered mineralized zones by determining continuity and orientation of IOCG-U and polymetallic mineralization, as well as exploring the remaining, untested mineralized and altered zones within the Igor and Lumina properties. Recent drill results released (refer to press release dated September 19, 2007) demonstrate the success of this approach.

Igor and Lumina

Three drill rigs were allocated to the Igor property during the 2007 exploration program. Approximately 8,000 metres of diamond drilling has been completed at Igor to date. Initial results from Igor show appreciable uranium and copper mineralization close to surface and extend the area of known mineralization. The last phase of the program at Igor will test the buried gravimetric anomaly identified in 2006, as well as attempt to determine the extent of known mineralization to the north; mineralization is open to the north and south, as well as to depth. This data will provide a greater insight into the distribution and continuity of uranium-copper mineralization at Igor, which will enable more productive exploration on the property and elsewhere in the Werneckes.

Drilling on the Lumina property has concluded for 2007, with more than 4,000 metres drilled this year. Drill results, released earlier this year from the 2007 exploration program, prove the continuity of uranium mineralization and extend the known subsurface distribution of uranium, confirming that mineralization continues to the south of the Jack Flash showing. Additionally, on-ground fieldwork shows that uranium mineralization also crops out along the same structure to the north of the Jack Flash showing (see http://www.cashminerals.com/main/?LuminaMaps, Figure 6). Moreover, the geological understanding of the Lumina property has evolved due to drilling and on-ground exploration conducted this year, which indicates that uranium is manifest as polymetallic U-Mo-Au mineralization.

Hole
Name
From
(m)
To
(m)
Interval
(m)
U3O8
(%)
Cu
(%)
Au
g/t
Ag
g/t
IGOR              
IG-06
96.30
101.80
4.50
0.993
2.70
0.07
5.7
IG-10
137.30
138.30
1.00
0.053
 
0.01
0.7
 
192.20
199.70
7.50
0.027
0.17
0.31
1.0
includes
192.20
194.20
2.00
0.050
0.61
0.33
2.7
IG-11
80.90
84.90
4.00
 
0.46
0.05
3.0
 
117.60
125.00
7.40
 
0.85
0.04
2.2
 
130.00
133.00
3.00
 
3.00
0.07
2.6

Table 1. Summary drill hole results from preliminary analysis from the Igor property. (i) Previously released data (Press release dated September 19, 2007) from IG-06 includes 22.25 m at 0.055 % U3O8, 2.82 % Cu, 5.2 g/t Ag and 0.03 g/t Au from 138.75 m. (ii) Note that true width intervals are not yet determined.

Wernecke Exploration

Significant new areas of uranium and IOCG-U mineralization have been delineated on the Lumina, Vic and NAD properties, with grab samples containing uranium values ranging from 0 to 6.86 % U3O8 in 30 samples (Table 2). On the Lumina property, additional showings of outcropping uranium mineralization were discovered in many locations (cf. Figure 1), which include the Flash Gordon (Table 2) and Eagle Eye localities (Figure 1). The Vic property, an IOCG-U target, contains numerous outcropping localities with highly anomalous mineralization where samples contain up to 6.86 % U3O8, 6.13 % copper, 0.398 % molybdenum, and 4.46 g/t gold (Table 2).

The drilling campaign was carried out alongside a field program, aimed at defining new regions with IOCG-U and polymetallic mineralization potential in the Werneckes.

Sample
Number
U3O8
(%)
Cu
(%)
Mo
g/t
Au
g/t
Ag
g/t
Wt
kg
Vic Property
 
         
2571
6.716
0.13
0.002
 0.01
 4.2
 0.56
2573
6.856
0.01
0.002
 0.00
 0.9
 2.40
2574
2.878
0.05
0.002
 0.03
 12.4
 1.40
2575
1.392
0.06
0.003
 0.02
 4.8
 1.16
2576
0.125
0.03
0.002
 0.02
 0.5
 1.43
2227
0.001
0.85
0.002
 0.03
 6.6
 2.04
2228
0.113
0.44
0.151
 1.43
 8.9
 0.84
2280
0.071
0.02
0.007
 0.50
 1.4
 1.28
2311
0.303
0.02
0.398
 4.46
 9.6
 1.44
2352
0.025
0.51
0.011
 0.49
 1.3
 1.24
2353
0.117
0.21
0.018
 0.03
 3.0
 1.48
2354
0.036
0.04
0.060
 0.04
 2.4
 1.08
2276
0.002
6.13
0.001
 0.72
 4.6
 1.10
2277
0.002
3.81
0.007
 0.05
 4.3
 1.34
2355
0.026
0.10
0.007
 0.01
 1.5
 2.54
2263
0.002
0.43
0.002
 0.12
 1.3
 1.12
2270
0.004
0.98
0.001
 0.01
 1.3
 0.82
2271
0.000
0.35
0.000
 0.03
 8.8
 0.90
2278
0.000
0.67
0.006
 0.26
 2.0
 0.94
2279
0.002
0.32
0.002
 0.01
 0.8
 1.70
           
 
Lumina Property
Flash Gordon
           
1127
0.228
 0.27
 0.001
 0.045
 1.3
 2.08
1128
0.107
 0.37
 0.000
0.026
 0.5
 1.42
1129
0.220
 0.42
 0.000
 0.010
 0.8
 0.80
1130
0.010
 0.04
 0.000
 0.003
 0.1
 1.90
1131
0.094
 0.44
 0.000
 0.009
 0.5
 1.37
1132
0.046
 0.02
 0.000
 0.006
 0.1
 1.50
1133
0.028
 0.00
 0.000
 0.001
 0.0
 2.89
             
Nad Property            
2324
 0.150
0.00
0.001
0.036
0.8
1.10
2325
 0.200
0.00
0.000
0.021
0.0
1.88
2327
 0.064
0.00
0.001
0.038
0.4
2.75

Table 2. The geochemical composition of selected surface rock samples from the Vic, Lumina and NAD properties in the Wernecke Uranium District.

Additional drill assays from the 2007 program are expected to be released by the end of the year and once obtained, will be reviewed in order to assist in identifying new targets for the 2008 exploration program.

Figure 6. Location of Flash Gordon and Eagle Eye showings, and scintillometer counts from outcrop localities overlain on pseudocolour uranium channel radiometric data on Lumina. Blue points represent waypoints in traverses where geological and/or structural data were collected. Counts per second readings represent point maxima and were measured using a RS120 scintillometers utilizing BGO crystals.

Mega has also been advised that Cash Minerals is continuing to test drill targets on the Igor and Odie properties in the Wernecke Uranium District, Yukon and that drilling is expected to continue until late November. To date, Cash Minerals has completed over 18,000 metres of diamond drilling, making the 2007 exploration program one of the largest and most comprehensive projects testing iron-oxide copper-gold-uranium (IOCG-U) and hydrothermal uranium targets in Canada.

Suitable quality control and quality assurance protocols are used on the Wernecke exploration program, where in-house reference materials are inserted in each batch of assays. Drill core is logged in the field, and selected samples are prepared for geochemical and petrographic analysis. 2007 drill core is stored and logged at individual camp sites. Drill core and surface samples are prepared and analyzed by ALS Chemex, Vancouver. Samples are crushed, pulverized and digested in a four-acid solution and all elements, but gold were analyzed by ICP methods. Gold was analyzed by fire assay and an ICP-AES. Exploration in the Wernecke Uranium district is being conducted under the supervision of Mr. Christopher K. Hutchings, P.Geo., who is the qualified person as specified in National Instrument 43-101 for technical disclosure. Mr. Hutchings is President of Kiex Consulting Limited, a professional geoscience consulting company.

Stewart Taylor, Mega’s President and Qualified Person under National Instrument 43-101, 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
 
www.megauranium.com
 

CAUTIONARY NOTE – FORWARD-LOOKING INFORMATION

This press release contains disclosure that constitutes "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements in the press release, other than statements of historical fact, may be "forward-looking". Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "possible", "targeting", "could", "might", "should", "believe", and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements in this press release include, but are not limited to, those with respect to our exploration and drilling activities, including planned surveys, mapping and sampling, our expectations regarding the potential mineralization of our properties and anticipated exploration costs. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Mega to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and factors include, but are not limited to, risks related to our joint venture operations, uncertainties associated with the outcome of our current exploration activities, changes in project parameters as our plans continue to be refined, changes in environmental and other regulations in the jurisdictions in which we operate, delays in obtaining governmental approvals or financing, economic and market factors which would limit the availability of capital, competition for acquisitions, the availability of technical expertise and equipment, and fluctuations in commodity prices, as well as those other risks and factors discussed in the section entitled "Description of the Business – Risks" in our annual information form for our fiscal year ended September 30, 2006 and in our other filings with certain of the Canadian securities regulatory authorities, which are available to the public at www.sedar.com. Although we have attempted to identify for the reader important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. We believe that the expectations reflected in the forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements. Forward-looking statements speak only as at the date on which they are made and we do not undertake to update any forward-looking information that is in this press release or otherwise contained in our public disclosure documents as a result of new information or the occurrence of future events or circumstances, except as required by law.

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