Mega Commences Drill Program on Northwest Athabasca Property
Published : January 23, 2012

- 4,000 metre drill program to test fifteen discrete targets defined by gravity and electromagnetic surveys, gravity survey to continue

- Drill targets include unconformity type and basement hosted mineralization, both of which currently exist on the project

- Property hosts the 1.5 million pound Maurice Bay uranium deposit

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Keywords :   Australia | Cameroon | Canada | Growth | Market | Recovery | Uranium |

TORONTO, ONTARIO--(Marketwire - Jan. 23, 2012) - Mega Uranium Ltd. (News - Market indicators) ("Mega") and Forum Uranium Corp. (TSX VENTURE:FDC) ("Forum") announce commencement of a 4,000 metre, 16 hole drill program on the Northwest Athabasca property. Eight high priority targets were defined from a gravity survey completed by Mega and Forum in 2011, and are augmented by an additional seven untested targets from electromagnetic surveys completed by Cameco Corporation ("Cameco") in the period 2005 to 2007. The first drill targets to be tested will be in the area of the Maurice Bay deposit (historical resource* of 1.5 million pounds uranium grading 0.6% U3O8). Of particular interest is Zone 2A, which previously returned grades of up to 5.68% U3O8 over 8.5 metres, indicative of high grade Athabasca unconformity-style mineralization. Another attractive aspect of this property is that the target depths of the unconformity are shallow, ranging from 0 to 200 metres.

The project is located in the western Athabasca Basin where significant deposits are located, such as UEX's Shea Creek deposit hosting 88 million pounds uranium grading 1.4% U3O8 (Indicated and Inferred Resource, UEX website) and Areva's decommissioned Cluff Lake mine which produced 62.5 million pounds of uranium (Cameco website). 

Prior work on the Northwest Athabasca project was completed in the late-1970s and early-1980s and concentrated on areas with surface expressions of radioactivity. Recent advances in geophysical techniques and modern theories of unconformity-style uranium deposition are only now being applied to this property.

Mega and Forum have entered into a 50/50 Joint Venture Agreement to manage the exploration program during the earn-in period with Forum as initial operator. Mega and Forum can earn a 60% interest from Cameco on the Northwest Athabasca project by completing $4 million in exploration over four years and making cash payments of $400,000 over three years, of which $60,000 has been paid.

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

Figure 1: Filtered Bouguer Gravity on the NW Athabasca Project. Gravity lows are in dark blue, drill target areas are circled. The black dots show the location of existing drill holes. Most of the gravity lows have not been drill tested. The light blue colour is Lake Athabasca. The 2012 gravity survey will cover the remaining areas on the east and north sides of the project.

Figure 1 is available at the following address: http://media3.marketwire.com/docs/MGAA0123.pdf

ABOUT MEGA URANIUM

Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia, Canada 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 properties in Queensland, Australia are subject to a state policy which presently prohibits the mining of uranium.

NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain information contained in this press release may constitute "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 our plans regarding future acquisitions and property development, our expectations regarding the uranium market, global growth and the use of nuclear power, our drill results, commodity prices and core intersection lengths, in that they constitute estimates, based on certain assumptions of mineralization that may be encountered if a deposit were to be mined.

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: risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations; results of initial feasibility, pre-feasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined; mining and development risks, including risks related to accidents, equipment breakdowns, labour disputes (including work stoppages and strikes) or other unanticipated difficulties with or interruptions in exploration and development; the potential for delays in exploration or development activities or the completion of feasibility studies; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; risks related to commodity price and foreign exchange rate fluctuations; the uncertainty of profitability based upon the cyclical nature of the industry in which the Company operates; risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities; risks related to environmental regulation and liability; political and regulatory risks associated with mining and exploration; and other risks and uncertainties related to the Company's prospects, properties and business strategy.

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.



Mega Uranium Ltd.
Richard Patricio
EVP Corporate Affairs
(416) 643-7630
info@megauranium.com
www.megauranium.com
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Mega Uranium Ltd.

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CODE : MGA.TO
ISIN : CA58516W1041
CUSIP : 58516W104
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Mega Uranium is a uranium exploration company based in Canada.

Mega Uranium holds various exploration projects in Argentina, in Australia, in Bolivia, in Brazil, in Canada, in Colombia and in Guinea.

Its main asset in development is LAKE MAITLAND in Australia and its main exploration properties are KINGOONYA, HARRIS BLUFF, GUNBARREL BASIN, OASIS, NEUTRAL JUNCTION, BOWGAN PROJECT, KINTYRE PROJECT, COOLBRO, TALLARINGA SOUTH/NORTH, GARFORD, INDOOROOPILLY, HALF MOON LAKE, PETERLUMBO HILL, CORUNNA NORTH, OLD WARTAKA, IRON KNOB, UNO, GEORGETOWN, MAUREEN and BEN LOMOND in Australia, KITONGO PROSPECT, LOLODORF and TEUBANG in Cameroon and WEST MICMAC, GREENWICH, THELON, LAC DES ILES, BRUCE RIVER, MAURICE POINT, AILLIK EAST, MUSTANG LAKE, ADAIR, IGOR and JOBURKE in Canada.

Mega Uranium is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 62.8 millions as of today (US$ 50.2 millions, € 44.0 millions).

Its stock quote reached its highest recent level on April 13, 2007 at CA$ 8.68, and its lowest recent point on March 20, 2020 at CA$ 0.05.

Mega Uranium has 285 670 016 shares outstanding.

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Financings of Mega Uranium Ltd.
3/14/2011Announces Closing of Flow-Through Financing
2/17/2011Announces Increase To Flow-Through Financing
2/17/2011Announces Flow-Through Financing
Nominations of Mega Uranium Ltd.
3/19/2013Announces Election of Directors
Project news of Mega Uranium Ltd.
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10/25/2012Drilling To Commence On The NW Athabasca Property=2C Saskatc...
5/9/2012Drilling Discovers Basement=2DHosted Uranium on the NW Athab...
3/27/2012(Ben Lomond)Plans Drill Program at Ben Lomond Project in Queensland Foll...
10/26/2011(Lake Maitland)on the Lake Maitland Uranium Project
6/21/2011(Lake Maitland)Provides Update on the Lake Maitland Uranium Project
10/25/2010(Lake Maitland)Environmental Scoping Document For Mega’s Lake Maitland Uran...
1/12/2010(Bruce River)Provides Update On Canadian Exploration
4/8/2010(Lake Maitland)Lake Maitland Project Update
9/24/2009(Kitongo Prospect)Wide Drill Intersections in the Salaki Uranium Prospect in C...
8/7/2009(Lake Maitland)No Objection Received from the Foreign Investment Review Boa...
6/19/2009(Lake Maitland)Agreements for the Sale of 35% of the Lake Maitland Resource...
3/3/2009(Kitongo Prospect)Provides Update on Exploration Activities in Cameroon
2/27/2009(Lake Maitland)To Sell 35% of Lake Maitland Resource for US$49 Million to J...
2/5/2009(Patagonia Uranium)Update On Exploration Activities In Chubut Province, Argenti...
1/15/2009(Georgetown)On Georgetown Project, Queensland, Australia
10/22/2008(Lake Maitland)Announces Results of Scoping Study of Lake Maitland Uranium ...
6/26/2008(Patagonia Uranium)Extensive Shallow Uranium Mineralization Delineated in Argen...
4/7/2008(Ben Lomond)Update on Progress on Mega’s Uranium Resource Development Pr...
2/20/2006(Ben Lomond)Announces closing of Ben Lomond uranium-molybdenum resource ...
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3/31/2016Mar 31, 2016 Mega Uranium Announces Results Of Annual And Sp...
12/21/2015Dec 21, 2015 Mega Uranium Ltd. Announces Appointment Of CFO ...
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7/30/2015Jul 30, 2015 Cameco Australia Pty Ltd Earns 51% Interest In ...
7/30/2015Cameco Australia Pty Ltd Earns 51% Interest in Kintyre Rocks...
7/13/2015Jul 13, 2015 Mega Uranium Announces Completion Of Private Pl...
3/23/2015Mar 23, 2015 Mega Announces Results Of Annual And Special Sh...
3/23/2015Announces Results of Annual and Special Shareholder Meeting
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3/19/2015Mar 19, 2015 Mega Uranium Ltd. Announces Director Retirement...
3/19/2015Mega Uranium Ltd. Announces Director Retirements
3/6/2015Announces Management Rationalization
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2/13/2015Feb 13, 2015 Mega Uranium Ltd. Announces New By-Law Read Mor...
2/13/2015Mega Uranium Ltd. Announces New By-Law
2/13/2015Announces New By-Law
7/7/2014Mega Uranium Ltd. Acquires Securities of Macusani Yellowcake...
3/19/2014Mar 19, 2014 Mega Announces Election Of Directors & Corporat...
3/19/2014Mega Announces Election of Directors & Corporate Update
9/24/2013Announces Termination of Arrangement Agreement with Rockgate...
7/11/2013and Cameco Australia Pty Ltd Enter Farm in and Joint Venture...
5/14/2013Releases Unaudited Results for the Three and Six Months Ende...
4/23/2013Acquires Securities of NexGen Energy Ltd.
2/12/2013Releases Unaudited Results For The Three Months Ended Decemb...
11/8/2012Announces High Grade Uranium Mineralization Confirmed on Nor...
10/22/2012State Government Lifts Ban on Uranium Mining in Queensland
10/22/2012State Government Lifts Ban on Uranium Mining in Queensland
8/14/2012Releases Unaudited Results for the Three and Nine Months End...
8/9/2012to Sell Canadian Projects to NexGen Energy to Create the Pre...
5/12/2012Releases Unaudited Results for the Three and Six Months Ende...
5/9/2012Drilling Discovers Basement-Hosted Uranium on the NW Athabas...
3/29/2012Announces Reconfirmation Of Shareholder Rights Plan
3/16/2012Releases Unaudited Results for the Three Months Ended Decemb...
3/12/2012Nunatsiavut Assembly Lifts Uranium Moratorium in Labrador
2/23/2012Completes Acquisition of Canadian Exploration Assets
1/23/2012Commences Drill Program on Northwest Athabasca Property
1/4/2012to Acquire Portfolio of Canadian Exploration Assets from Tit...
12/18/2011Releases Audited Results for the Year Ended September 30=2C ...
12/15/2011Provides Update on Canadian Exploration
8/12/2011Releases Unaudited Results for the Three and Nine Months End...
5/13/2011Releases Unaudited Results for the Three and Six Months Ende...
2/16/2011Provides Australian Update
2/15/2011Releases Unaudited Results For The Three Months Ended Decemb...
1/6/2011Acquires Securities Of Tournigan Energy Ltd.
8/13/2010Releases Unaudited Results For The Three And Nine Months End...
4/8/2010Acquires Securities of U308 Corp.
4/8/2010Completes South American Asset Sale and Declares Dividend-in...
2/12/2010Releases Unaudited Results For The Three Months Ended Decemb...
1/11/2010Acquires Securities Of Macusani Yellowcake Inc.
10/7/2009Proposed Public Offering of Units
8/13/2009Unaudited Results For The Three And Nine Months Ended June 3...
5/13/2009Unaudited Results For The Three And Six Months Ended March 3...
3/18/2009Acquires Securities Of Titan Uranium Inc.
2/13/2009Releases Unaudited Results For The Three Months Ended Decemb...
11/13/2008Join Mega Uranium at the San Francisco Hard Assets Conferenc...
9/15/2008Removal Of The Uranium Mine Development Ban In Western Austr...
6/17/2008Drilling Underway Close To Rio Tinto’s Kintyre Uranium Resou...
5/13/2008Provides Update on Colombia Properties
5/6/2008Announces Closing of Energentia Resources Acquisition
4/4/2008 And Energentia Resources Inc. Sign Acquisition Agreement
3/25/2008$44 Million Uranium Exploration Budget on Mega’s Properties ...
5/22/2007Kaminak Options Washburn Project to Mega Uranium Ltd.
4/2/2007Airborne Survey Detects Numerous Untested Radiometric Anomal...
4/4/2006New deaty gold zones Shebandowan camp, Thunder Bay, Ontario
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