2009 News Releases
Mega Uranium Signs Memorandum Of Understanding For Infrastructure And Services Sharing
November 17, 2009
Toronto, Ontario (November 17, 2009) – Mega Uranium Ltd. (TSX: MGA) ("Mega" or the "Company") announces that it has commenced discussions with Navigator Resources Limited (Navigator) (ASX: NAV) regarding the possible sharing of infrastructure and services between the two companies. Mega and Navigator have signed an non-binding memorandum of understanding reflecting their joint interests in negotiating for the shared use of certain of Navigator’s Bronzewing Gold Project facilities.
Mega's Lake Maitland Uranium Project and Navigator's Bronzewing Gold Project adjoin each other in the central goldfields region of Western Australia, where there is well developed mining infrastructure and services.
Mega was recently granted a mining lease for the Lake Maitland Uranium Project and is progressing its Definitive Feasibility Studies and Environmental Impact Assessment for the project with the goal of commencing production in early 2012. The project is a joint venture with Japanese partners, Japan Australia Uranium Resource Development Co (JAURD ) and Itochu Minerals & Energy of Australia Pty Ltd ( IMEA ).
Navigator owns the Bronzewing Gold Project, located about 83kms Northeast of Leinster in Western Australia. Bronzewing has extensive facilities associated with the project including:
- Certifiable airstrip
- Power station and fuel farm
- Water supply infrastructure and access roads
- 280 person accommodation village including recreational facilities and
- Surface workshops, offices and other ancillary facilities
The Lake Maitland Uranium Project is located about 30 kms north east of Bronzewing.
Mega and Navigator have agreed to co-operatively investigate opportunities for reducing capital and operating costs through the sharing of existing and planned infrastructure and services.
Significant opportunities may exist to use existing infrastructure, upgrade and develop other required facilities and reduce both capital and operating costs.
Substantial benefits are also possible through reducing duplication of facilities, introducing economies of scale and the reduction of the overall foot-print of the projects.
Mega regards this cooperative approach with Navigator as a way to improve performance and to efficiently utilise regional infrastructure and resources and to foster the maintenance and further development of local facilities and services.
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:
Mega Uranium Ltd.
Executive VP, Corporate Affairs
T: (416) 643-7630
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, information concerning anticipated timing to production, and expectations regarding benefits that may accrue as a result of shared infrastructure and services with Navigator.
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 we do not enter into any definitive agreement with Navigator, and the potential for delays in development activities due to unforeseen circumstances associated generally with the unpredictability of such activities.
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.