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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2009 News Releases

Mining Lease Granted For The Lake Maitland Project, Western Australia


October 19, 2009
  • The first Mining Lease granted for a uranium project since the ban on uranium mining in Western Australia was removed in November 2008.
  • Mega to progress its Definitive Feasibility Studies and test work activities on the site.

Toronto, Canada, October 19 , 2009 – Mega Uranium Ltd. (MGA-TSX) ("Mega") is pleased to report that the Western Australia Department of Mines and Petroleum has granted its subsidiary, Redport Exploration Pty. Ltd., a Mining Lease ("ML") for its Lake Maitland uranium project. The ML is the first mining lease to be granted for a uranium project in Western Australia since the newly elected State Government announced in November 2008 that it had removed the ban on uranium mine development in Western Australia.

The granting of the ML is a major step in the permitting process for the Lake Maitland project, which is now at the Definitive Feasibility Study stage and on schedule to commence uranium production in early 2012.  With the ML now in place, Mega will increase its development and test work activities on the site, including trenching, bulk sampling for metallurgical studies, water studies and other project development work. The results of this work will be incorporated in the Definitive Feasibility Study, which is scheduled for completion by end of June 2010, and the Environmental Review and Management Program, which is scheduled for submission by end September 2010.  

The calcrete-style Lake Maitland deposit is located close to infrastructure in the Eastern Goldfields region of central Western Australia, 108 kilometers southeast of Wiluna. At a 100ppm U3O8 cut-off, it contains a NI43-101-compliant Indicated Resource of 28.7 million tonnes grading 376 parts per million U3O8 (23.8Mlbs U3O8) and an Inferred Resource of 3.6 million tonnes grading 274 parts per million U3O8 (2.2Mlbs U3O8). The deposit is conducive to simple, low cost, open pit mining as it occurs in the form of a single, coherent, horizontal layer, 1-3 meters thick (average 1.7 meters), lying only 1-2 meters from surface. Due to the soft nature of the ore and overburden, drilling and blasting will not be required. Metallurgical test work to date indicates satisfactory uranium recoveries of >90% using atmospheric alkaline leaching.

Under agreements signed in June 2009, the Japan Australia Uranium Resources Development Company Ltd (JAURD), through its subsidiary JAURD International Lake Maitland Project Pty. Ltd., and ITOCHU Corporation, through its subsidiary ITOCHU Minerals and Energy of Australia Pty. Ltd., can acquire an aggregate 35% interest in the Lake Maitland resource through staged payments totaling $US49 million. For further details refer to Mega's news releases of February 27 2009 and June 18 2009.

Stewart Taylor, Mega's President and Qualified Person under NI43-101, is responsible for this news 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 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
Executive VP, Corporate 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.

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.