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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2008 News Releases

Mega Uranium Provides Results of Drilling at Mustang Lake and Bruce River Properties and Announces Plans For 3,500 Metre Winter Drill Program at Mustang Lake, Central Mineral Belt, Labrador


February 25, 2008

Toronto, Canada, February 25, 2008 – Mega Uranium Ltd. (TSX:MGA) (“Mega”) is pleased to provide results of its Phase 3 drilling program on the Mustang Lake property and the first phase of drilling on the Bruce River property, both in the Central Mineral Belt of Labrador. A 3,500 metre drill program on Mustang Lake is scheduled to commence in March, 2008 and will continue work on the property, which is part of a 50:50 joint venture with Santoy Resources Ltd (SAN:TSX-V) (“Santoy”), where Mega is the operator. Santoy has elected not to participate in this next phase of the program and its interest in the joint venture will be diluted on a pro rata basis.

MUSTANG LAKE PROPERTY

A total of 2,516 metres was drilled in 9 holes on the Mustang Lake property, with 7 holes on the South Prospect target and 2 holes on the Mustang East target. Best results include 1 metre of 0.197% U3O8, 0.6 metres of 0.167% U3O8, and 0.98 metres of 0.110% U3O8 in three of the South Prospect target zone holes. Mineralization is hosted in southeast dipping shear zones with secondary hematite and magnetite alteration. The grades of mineralization, alteration and structural style are similar to the mineralization in Aurora Energy’s Michelin deposit, which is located 8 kilometres to the southwest and indicate that the property has potential to host significant mineralization. Mineralized intersections from Phase 3 drilling at Mustang Lake are shown in Table 1.

Hole
From (m)
To
(m)
Interval
(m)
U3O8%
SP-07-14
139.50
146.00
6.50
0.047
includes
141.00
142.00
1.00
0.197
SP-07-15
28.00
31.00
3.00
0.018
SP-07-16
215.00
215.60
0.60
0.167
SP-07-17
127.92
128.76
0.84
0.057
SP-07-18a
49.87
50.87
1.00
0.054
SP-07-19
54.20
55.18
0.98
0.110
SP-07-20a
177.00
179.00
2.00
0.013
ME-07-02
no significant mineralization
ME-07-03
195.60
196.50
0.90
0.013

Table 1. Summary drill hole results from the Mustang Lake property. True width intervals are not yet determined.

A magnetometer survey was completed over Mustang Lake during the summer. Interpretation of this data has led to the identification of a series of northeast trending lineaments interpreted to be a major fault zone on-strike with the Michelin deposit. The orientation and magnetic signature of the lineaments are consistent with mineralized shear zones intercepted in drill core and are located up-ice from a glacially dispersed, mineralized boulder train.

A 3,500 metre drill program to test the inferred structure beneath Mustang Lake is scheduled to commence in March, 2008.

“We continue to be encouraged by the presence of uranium mineralized zones at Mustang Lake and feel confident of the prospectivity both in terms of regional shears similar to Michelin and the presence of mineralized boulders. We look forward to commencing the winter drill program” states Michael Downes, Vice-President North America, Mega Uranium Ltd.

BRUCE RIVER PROPERTY

Drilling

A total of 402 metres in 3 holes was drilled on the Sylvia Lake prospect, which is characterised by spatially coincident radiometric and gravity anomalies, as well as an east trending topographic lineament. The best intersection was 0.3 metres of 0.237% U3O8. Mineralized intersections are shown in Table 2.

Hole
From (m)
To (m)
Interval
(m)
U3O8%
SL-07-01
26.80
27.34
0.54
0.043
SL-07-02
28.50
28.84
0.34
0.027
SL-07-03
35.00
35.30
0.30
0.237

Table 2 Summary drill hole results from the Bruce River property. True width intervals are not yet determined.

Water Geochemistry and Prospecting

A program of surface water geochemistry sampling from small streams, ponds, bogs, and seepage zones was completed on the Bruce River property in September 2007. Water surveys of this type have been found to be successful in locating subsurface uranium mineralization especially in overburden covered areas. A total of 1036 samples was collected with an average sample density of five per square kilometre. A final consultant’s report is pending, however initial results indicate that 69 samples returned anomalous residual uranium values (a calculated quantity interpreted to reflect the amount of hydrothermal uranium). One set of anomalies consists of a cluster of elevated uranium and molybdenum values along a northeast linear trend and will be the focus of ground follow-up in the summer of 2008 with the intent of developing drill targets for fall 2008.

Further detailed prospecting was carried out on the western portion of the property along strike and in the same geologic setting as Crosshair Exploration & Mining Corp’s “C Zone” resource. This program led to the discovery of 25 previously undiscovered radioactive boulders. Four grab samples from the radioactive boulders returned uranium values ranging from 0.076% U3O8 to 0.23% U3O8. Geologic and geochemical follow-up is planned for early summer 2008 with the intent of developing drill targets for fall 2008.

Drilling and sampling were supervised by Tom Setterfield Ph.D., P.Geo. and conducted in accordance with NI 43-101 as well as the Mineral Exploration Standards implemented by the Nunatsiavut Government of Labrador. Mega includes regular standards, duplicates and locally obtained blanks in its sample submissions, and implements stringent chain of custody procedures. All samples were analyzed for uranium using the Delayed Neutron Count (DNC) method by Actlabs of Ancaster, Ontario. Actlabs is an ISO/IEC17025 and CAN-P-1579 accredited laboratory.

Comprehensive procedures are in place to ensure that no contamination of the environment occurs, and strict protocols have been established to maintain the health and safety of all program participants.

The Qualified Person, as defined by NI 43-101, responsible for review of technical information in this news release is Michael Downes, Ph.D., P.Geo., Vice-President North America, Mega Uranium Ltd.

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
Mega Uranium Ltd.
Richard Patricio
 
VP Corporate and Legal Affairs
 
T: (416) 643-7630
 
 
 

The TSX 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.