2008 News Releases
Cash Minerals Elects to Earn 75% Interest in Igor Uranium Property
February 12, 2008
Toronto, Canada, February 12, 2008 – Mega Uranium Ltd. (TSX:MGA) (“Mega”) wishes to announce that Cash Minerals Ltd. (TSX-V:CHX) (“Cash”) has elected to earn a 75% interest in the Igor uranium-copper-gold property which is located in the Wernecke Uranium District, Yukon. The Igor property is being explored under the terms of the Yukon Uranium Project ("YUP") agreement between Cash and Mega. As part of its election, Cash has paid Mega $1,000,000 and can maintain a 75% working interest in the Igor property provided it completes a bankable feasibility study on the Igor property by December 31, 2012.
All of the other properties in YUP will be transferred to the Yukon Uranium Joint Venture where Cash and Mega will fund exploration according to their interest in each of the selected properties which is currently 50:50.
Recent results released from the Igor property show copper-gold-uranium mineralization at surface, and open to the north and at depth. The 2007 program, which produced the most significant intersections to date, yielded 140 metres of 0.042% uranium oxide (U3O8), 0.76% copper (Cu) and 0.05 g/t gold (Au), including 7 metres of 0.417% U3O8, 7.37% Cu and 0.33 g/t Au in hole 22. (Refer to press release issued on January 23, 2008).
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:
Mega Uranium Ltd.
VP Corporate and Legal Affairs
T: (416) 643-7630
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Mega Uranium are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Mega Uranium‘s expectations are exploration risks detailed herein and from time to time in the filings made by Mega Uranium with securities regulators.