(15-20 min delay)
Mega Uranium Ltd.
211 Yonge Street, Suite 502
Toronto, Ontario, Canada
2008 News Releases
Mega Commences Drilling of its Kitongo Project in Cameroon
February 26, 2008
Toronto, Canada, February 26, 2008 – Mega Uranium Ltd. (MGA-TSX) ("Mega") announces that its 92%-owned subsidiary, Nu Energy Corporation Cameroon SA ("Nu Energy"), has commenced a first phase diamond drilling programme in its 2700 km2 Kitongo Project in Cameroon. The proposed initial 2850 metre programme comprises a total of ten holes from five sites along a 300 metre length of the Kitongo Fault Scarp, which marks the contact between the Kitongo Granite and metasediments of Middle Proterozoic age. At each of the five sites, the planned programme consists of one horizontal hole of 300/350 metres length, and one inclined hole at an angle of –45O to a depth of 250/300 metres.
The drill holes are located in, and in the vicinity of, uranium mineralisation intersected in the Kitongo Granite in two adits and 14 drill holes by the Bundesanstalt fur Geowissenschaften und Rohstoffe ("BGR"), the German Federal Institute for Geoscience and Natural Resources, in 1983/84. The uranium mineralisation occurs as uraninite in the form of disseminations in wide zones of albitised granite and in high grade veins.
Drilling is being undertaken by Nu Energy’s drilling crews under the supervision of the company’s Drilling Manager, Mr. Andrew Liebenberg. The Ingetrol Explorer Plus MD3 drilling rig used in the programme was purchased by Nu Energy in 2007. Nu Energy’s exploration activities in Cameroon are under the overall supervision of its Chief Executive, Dr Brian Hambleton-Jones.
The target currently being tested is the first of several that will be drilled in the Kitongo, Lolodorf and Teubang project areas throughout 2008. Currently a programme of ground radiometrics and geochemical sampling is ongoing to prioritise drilling targets among a number of areas of interest identified in detailed airborne magnetic-radiometric surveys of all three projects in mid 2007 – refer to Mega’s news release of November 26 2007.
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 that presently prohibit the mining of uranium.
For further information, please contact:
Cautionary Statement Regarding Forward-Looking Information
Certain information contained in this press release constitutes "forward-looking information", which is information regarding possible events, conditions or results of operations that is based upon assumptions about future economic conditions and courses of action. All information other than matters of historical fact may be forward-looking information. In some cases, forward-looking information can be identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release includes, but is not limited to, statements about the proposed acquisition of Energentia by Mega, the continuation of its business following completion of the acquisition and our expectations regarding Energentia’s properties and the Columbian region generally.
By its nature, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to differ materially from those expressed or implied by such forward-looking information. Some of the risks and other factors that could cause actual results to differ materially from those expressed in the forward-looking information contained in this release include, but are not limited to: the possibility that the necessary shareholder and regulatory approvals will not be obtained in a timely manner or at all, and that other conditions to completion of the acquisition will not be satisfied; and risks related to the inherent uncertainty of mineral exploration and development activities generally, including political and regulatory risks.
Although we have attempted to identify important factors that could cause actual results or events to differ materially from those described in the forward-looking information, readers are cautioned that this list is not exhaustive and there may be other factors that we have not identified. Readers are cautioned not to place undue reliance on forward-looking information contained in this release. Forward-looking information is based upon our beliefs, estimates and opinions as at the date of this release, which we believe are reasonable, but no assurance can be given that these will prove to be correct. Furthermore, we undertake no obligation to update or revise forward-looking information if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
All forward-looking information contained in this release is expressly qualified by this cautionary note.