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

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Mega Uranium Ltd.
217 Queen Street West, Suite 401
Toronto, Ontario, Canada
M5V 0R2

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2007 News Releases

Mega Uranium Options Forum Uranium's Maurice Point Project, Athabasca Basin, Saskatchewan

September 26, 2007

TORONTO, Canada (September 26, 2007) – Mega Uranium Ltd. (“Mega”) (TSX: “MGA”) is pleased to announce that it has entered into an agreement with Forum Uranium Corp. (TSX-V: “FDC”) on Forum’s 100% owned Maurice Point property, which is located close to Cameco Corporation’s Maurice Bay uranium deposit in the Athabasca Basin of northern Saskatchewan.

Mega can earn a 55% interest in the Maurice Point project by spending $8 million over three years and by issuing 100,000 Mega shares to Forum. Mega has a $2 million expenditure commitment in the first year of the option and Forum will initially operate the project. Mega can earn a further 15% interest (total 70% interest) by delivering a positive feasibility study and arranging project financing. Forum has the option to convert its remaining 30% interest to a 2% NSR at its election.

The 37,714 hectare Maurice Point property is located on the western margin of the Athabasca Basin in northern Saskatchewan. Forum’s disciplined exploration approach of geological mapping, prospecting, structural studies and airborne/ground geophysics has led to the definition of a number of drill-ready targets that are considered prospective for unconformity-style and structurally related uranium deposits.

Cameco’s 1.3 million lb. Maurice Bay deposit is located 3 km to the west of the western boundary of the Maurice Point property (Source: Saskatchewan Industry and Resources Miscellaneous Report 2003-7). The Maurice Bay deposit, discovered in 1977, hosts significant uranium mineralization made up of perched sandstone above the unconformity and also basement-hosted mineralization in which historical drilling has intersected up to 13 metres of 3% U3O8. This deposit, along with numerous uranium occurrences (Spring Point, Uranium Ridge, Beach, West Beach), are spatially associated with a 25 kilometre long northeast regional structural trend, which has been traced along the full length of the Maurice Point property and is similar to structural trends associated with other known uranium deposits in the eastern Athabasca Basin.

On the Maurice Point property, three mineralized zones are situated over a six kilometre section of the regional structure along the margin of the unconformity with the Athabasca sandstone. The initial 7 grab samples collected over a 100 metre strike length at the Beach zone returned grades ranging from 0.4% to 7.3% U3O8. Further grab samples up to 6.3% U3O8 have expanded the zone of anomalous radioactivity in the Beach zone to an area of 400m by 200m.. Elevated boron values together with widespread hydrothermal bleaching and hematization are characteristic of these showings and considered indicative of a major mineralizing event. The West Beach zone, a graphitic shear structure, is located 300 m northwest of the Beach Zone. Grab samples from a 50 m by 40 m area of this zone grade from 0.1% to 0.6% U3O8 and average 0.4% U3O8. The zone is open along strike under overburden cover.

Preparations for further airborne and ground geophysical surveys followed by an initial drill program on the Beach and West Beach showings are scheduled to commence after Mega has completed a 15 day due diligence period. On completion of the due diligence, the agreement will be binding and the parties will proceed to a formal agreement.

Mega also wishes to announce that it has concluded an option agreement with Geomode Mineral Exploration Ltd concerning three newly staked claims covering a total of 12,832 hectares located in the Eastern Athabasca Basin and situated about 25 kilometres southeast of Cameco’s McArthur Mine (the world's largest, high-grade uranium deposit with proven and probable reserves of 367 million pounds U3O8, according to Cameco’s web site,, and adjacent to and interpreted to be structurally along strike with Cameco’s Harrigan Zone.

A helicopter-borne magnetic and high powered transient electromagnetic survey is planned for the optioned property. The survey will consist of approximately 750 line kilometres of coverage at 200 metres line spacing as a first stage in exploring the property. Terms of the agreement are that Mega can earn a 100% interest in the property by paying a total of $1,000,000 in cash and issuing 105,000 common shares of Mega to Geomode over a three year period. Additional consideration to the vendor is a 1% NSR which can be bought out by Mega for $1,000,000.

Mega is pleased to now have exposure to exploration potential in the Athabasca Basin both on Forum’s Maurice Point Property and the strategically located Geomode claims. With these transactions Mega now has interests in exploration properties in Canada’s most prospective uranium provinces – the Athabasca Basin, the Central Mineral Belt of Labrador, the Thelon Basin, and the Wernecke Mountains of the Yukon.

Michael Downes, Ph.D., P.Geo., V.P. North America and Qualified Person reviewed this release for its content.


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 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