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

$44 Million Uranium Exploration Budget on Mega's Properties in 2008


March 25, 2008
  • Mega proposes to spend $44 million in 2008 on its uranium exploration properties in Australia, Canada, Argentina, Bolivia, Colombia, Cameroon and Mongolia.
  • Exploration programs include a total of 82,000 metres of drilling in 20 projects in Australia, Canada, Argentina, Cameroon and Mongolia

Toronto, Canada, March 25, 2008 – Mega Uranium Ltd. (MGA-TSX) ("Mega") wishes to announce that it has approved a total 2008 budget of $44 million for its worldwide uranium exploration properties in Australia, Canada, Argentina, Bolivia, Colombia, Cameroon and Mongolia. The $44 million total does not include funding of ongoing prefeasibilty studies of Mega's Ben Lomond (10.7 million pounds U3O8) and Lake Maitland (23.7 million pounds U3O8) uranium resources in Australia, for which a separate budget is being drawn up.

Around 87% of the $44 million exploration budget is allocated to three countries, Canada ($20.5 million, 47% of the total), Australia ($11.7 million, 26%) and Cameroon ($6 million, 14%). Included in the Canadian portion of the budget is an allocation of $9.1 million for the Central Mineral Belt in Labrador which may be revised depending on the outcome of a bill before the Nunatsiavut Government of Labrador, which proposes a 3-year moratorium on uranium mining.

Mega's proposed exploration programs in 2008 will include a total of 82,000 metres of drilling in 20 projects in five countries, Australia, Canada, Cameroon, Argentina and Mongolia, as summarized below:

AUSTRALIA

Georgetown (Queensland):

  • 1,000 metres of Reverse Circulation ("RC") drilling to evaluate known uranium occurrences in the vicinity of Mega's Maureen uranium resource. 
  • Evaluation of historical resources some 20 kilometres south and southeast of Maureen by means of 2,000 metres of diamond drilling and 3,000 metres of RC drilling. 
  • 2,000 metres of RC drilling to investigate airborne radiometric anomalies identified in 2007. 

Oasis (Queensland): 2,000 metres of RC drilling to test radiometric anomalies delineated in an airborne magnetic-radiometric survey in 2007.

Kintyre Rocks (Western Australia): 4,000 metres of RC drilling to test targets within five kilometers of Rio Tinto Ltd's 79 million pounds U3O8 Kintyre resource.

Aura Energy Joint Venture (Western Australia): 8,860 metres of widely spaced reconnaissance drilling to investigate uraniferous palaeochannels in the Gunbarrel Basin. In this project, Mega can earn up to a 70% interest from the operator, Aura Energy Ltd (AEE:ASX).

Cronje Dam (South Australia): 7,000 metres of rotary mud reconnaissance drilling to test palaeochannels in which previous drilling has returned encouraging results, including 3 metres @ 507 ppm U3O8 from 105 metres depth and 2 metres @ 400 ppm U3O8 from 104 metres depth.

Corunna North (South Australia): 2,000 metres of RC drilling to assess the potential for unconformity-related uranium mineralisation. In this property Mega is earning an 80% interest in the uranium content from Intermet Resources Ltd (ITT:ASX). Mega is the operator.

CANADA

Central Mineral Belt (Labrador):

  • A 3,500 metres drilling program is underway on the Mustang Lake project to test NE-trending lineaments thought to represent a major structure on strike with Aurora Energy's Michelin uranium resource. This project is a Joint Venture with Santoy Resources (SAN:TSX-V) in which Santoy is diluting its 50% interest. Mega is the operator. 
  • 4,000 metres in the Aillik East property to test radiometric anomalies with associated mineralized zones on surface. Grab samples in 2007 returned assays in the range 0.06-13.8% U3O8 in a geological setting similar to that of the Michelin uranium resource.

Cypress Hills (Saskatchewan): Provision for approximately 6,000 metres in the South Fork property in which Uranium Power Corp. (UPC:TSX-V) ("UPC") has an option to earn 65% from JNR Resources (JNN:TSX-V), and Mega has an option with UPC to acquire a 35% interest in the property. UPC is the operator.

Athabasca Basin (Saskatchewan) A 3,600 metres drilling program is already underway to test three targets in the Maurice Point property in which Mega is earning a 55% interest from the operator, Forum Uranium Corp. (FDC:TSX-V) – refer to Mega's news release of February 21 2008.

Wernecke Uranium District (Yukon): 7,000 metres drilling in the Igor Iron Oxide Copper-Gold-Uranium prospect, in which Cash Minerals (CHX-TSX-V) ("Cash") can acquire a 75% interest by completing a bankable feasibility study by December 31, 2012. The drilling will further evaluate the 600 metre long mineralized zone, which is open to the north. In 2007, drilling results included 140 metres @ 0.76% Cu, 0.05 g/t Au, 0.042% U3O8 which includes 7 metres @ 7.37% Cu, 0.33 g/t Au and 0.417% U3O8. Cash is the operator.

Thelon Basin (Nunavut): Provision for 2,000 metres of drilling to test radiometric anomalies delineated in a 2007 airborne magnetic–radiometric survey. In this project Mega is earning a 51% interest from the operator, Titan Uranium Inc. (TUE:TSX-V).

CAMEROON

A total of 12,000 metres of diamond drilling in the Kitongo (5,000 metres), Lolodorf (5,000 metres) and Teubang (2,000 metres) properties. In all three projects the drilling will investigate known occurrences of uranium intersected by historical drilling, and will also test substantial radiometric anomalies delineated in Mega's detailed airborne magnetic-radiometric surveys in 2007.

ARGENTINA

A total of 4,800 metres of shallow RC drilling in the Patagonia Project in Chubut Province to further evaluate significant near surface mineralisation delineated in trenches and pits in the Laguna Salada, Sierra Cuadrada and Mirasol prospects, and to follow up on Mega's previous drill intersections of 2 metres @ 0.11% U3O8 and 1 metre @ 0.21 U3O8 some 5 kilometres east of the 10 million pounds U3O8 Cerro Solo uranium deposit (held by the Argentina Atomic Energy Commission).

MONGOLIA

A total of 3,750 metres of drilling in the Khashaat (1,500 metres RC), Baganurat (1,000 metres DDH) and Jargalan (1,250 metres DDH) properties.

Stewart Taylor, Mega's President and Qualified Person under NI 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, 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:

Investor Relations
Mega Uranium Ltd.
Richard Patricio
VP Corporate and Legal Affairs
T: (416) 643-7630
info@megauranium.com
www.megauranium.com

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.