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 Update On Canadian Exploration


December 24, 2008

Toronto, Canada, December 24, 2008 – Mega Uranium Ltd. (TSX:MGA) (“Mega”) is pleased to provide an update on its exploration programs in Canada.

CENTRAL MINERAL BELT - LABRADOR

Aillik East

On the Aillik East property prospecting, channel sampling, geological mapping and detailed ground radiometric surveys were conducted to follow-up radiometric anomalies identified in airborne surveys flown in 2007 and 2008. Prospecting crews ground checked 331 airborne and ground radiometric anomalies, which led to the discovery of six new showings and many minor occurrences. A total of 95 grab samples were collected, of which 15 returned values greater than 0.1% U308. The most significant results came from a new discovery called the NB showing.

The NB showing is zone of anomalous radioactivity parallel to a topographic lineament. The true width and strike extension of the lineament are obscured by cover but a target zone with discontinuous radioactivity and characteristic alteration is exposed over a zone 80 by 25 metres. Uranium mineralization is hosted within brittle fractures within Aillik Group felsic volcanic rocks and is associated with magnetite and hematite alteration. Best results from the NB showing include grab samples containing 1.75%, 0.390%, 0.322% and 0.218% U3O8.

Geological mapping and ground radiometric surveys were conducted on existing and new showings. Based on this work, four showing were selected for future drill testing. These are the Powe, NB, Harbinger and Priority One showings.

Bruce River

Geologic mapping focussed on five showings within the Bruce River property (joint venture with Santoy Resources Ltd; Mega Uranium is the operator). The showings are Moran ‘A’, Moran East Zone 3 (MEZ-3), McInnes, Fergusson-Brown, and Noseman showings.

The Moran A, and MEZ 3 showings are hosted by Heggart Lake formation conglomerate and contain uranium mineralization in association with a pyrite-bearing conglomerate. Moran A zone is exposed over 200m by 75 wide and is steeply dipping. The MEZ 3 zone is exposed over 110 by 85 metres and is also steeply dipping. Assay results of grab samples from Moran A range from 0.007% to 0.218% U3O8 (6 samples) and from MEZ-3 range from 0.07% to 0.67% U3O8 (8 samples).

At the Noseman showing uranium mineralization has been mapped over an exposed strike length of approximately 200 by 50 metres. The showing is hosted within a cataclastic, altered granite fault zone with chlorite and hematite alteration similar to mineralization on the Mustang Lake property. Assay results of 12 samples of altered granite yielded results ranging from 0.013% to 0.29% U3O8.

In addition to the mapping, prospecting was conducted over water and lake sediment anomalies identified in a 2007 survey. This led to the discovery of 14 radioactive boulders in a dispersed boulder train named the Anderneill boulder field. Boulders are composed of hematized sandstone and altered basalt with assay results ranging from 0.001% U3O8 to 2.47% U3O8 (in 14 boulder samples). Further work is warranted in detecting the up-ice source of these mineralized boulders.

Mustang Lake


Detailed prospecting, geological mapping and channel sampling was completed on the Mustang Lake property (joint venture with Santoy Resources Ltd; Mega Uranium is the operator).

Channel sampling of the Mustang East showing yielded 3 metres of 0.14% U3O8,, 3 metres of 0.11% U3O8 and 1 metre of 0.23% U3O8. The mineralization as sampled in these trenches is over a strike length of 12 metres and is open to the southwest under cover. It is hosted in sheared quartz-feldspar porphyry and associated with secondary magnetite and hematite 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.

Cape Harrison, Byron Bay and Michael’s River

An airborne radiometric and magnetic survey was completed over the Cape Harrison, Byron Bay and Michael’s River properties. These 100% Mega properties cover 69,100 hectares and were acquired by staking in October and December of, 2007 as an eastward continuation of the Aillik group volcanics which host the Michelin deposit. Preliminary results of the survey indicate numerous radiometric anomalies which have been identified for follow-up ground prospecting and geological mapping.

Other Labrador properties

A summer field program was completed on seven mineral properties under option from three groups with interests acquired through the purchase of Northern Lorena Resources Ltd in 2007 (see news release dated July 30, 2007). Prospecting and geological reconnaissance was carried out over all the properties as a phase of ground follow up of an airborne radiometric and magnetic survey conducted in 2007. Five properties (Double Mer, CMB West, Trough, Hunt River and part of Straits) were optioned from White Bear Resources Inc., another group (part of Straits and part of Aillik, adjacent to Mega’s Aillik East property) were optioned from Mr. E. Quinlan and one property (part of Nash) optioned from Mr. P. McNeill. No significant uranium mineralization was encountered in the ground follow up program and consequently all of these options have been terminated, reducing Mega’s property interests in Labrador by 81,675 hectares to 167,100 hectares.

Prospecting and geological reconnaissance were conducted on Mega’s West Mic Mac property. No uranium was discovered and no further work is planned for this property.

Sampling was 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, and locally obtained blanks in its sample submissions. 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.

ATHABASCA BASIN - SASKATCHEWAN

Poplar property – CanAlaska Option
Mega has terminated its option with CanAlaska Uranium Ltd. on the 110,268 hectare Poplar property located on the northern edge of the Athabasca Basin in Saskatchewan.

Mega’s preliminary budgets for 2009 will be aimed at maintaining key properties in good standing with no drilling on any of its properties. Termination of the various options is in line with this reduced expenditure level.

Michael Downes Ph.D., P.Geo., Vice President North America and Qualified Person for Mega has reviewed the technical content of this news release.

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 Ben Lomond and Maureen uranium resources are subject to a Queensland State Government policy that presently prohibits 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

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.