VANCOUVER, B.C. - Magnum Uranium Corp. ("Magnum") is pleased to announce the commencement of a second round of drilling at its Lye Uranium Property (the "Lye Property") in Fremont County, Wyoming. Magnum's Phase I drill program successfully expanded the known mineralization at the Lye Uranium Project and expects its Phase II drill program to expand the deposit.

Magnum has permitted a Phase II core drilling program to step-out on the known deposit. The drilling is targeted at confirming and expanding this mineralization from the surface to 150 feet deep. As previously announced (see Magnum Press Release dated March 14, 2007), Phase I drilling identified a northeast-trending zone of mineralization up to 40 feet thick, with the thickest intercepts still open at the northeast end of the deposit. Also included to be drill tested during the Phase II program is a new and sizeable radiometric anomaly located roughly 900 feet east of the existing deposit, which was discovered during a detailed ground scintillometer survey performed over the property during 2006.

The initial Phase II drill program is expected to total from 3,000 to 5,000 feet spread amongst 30 to 35 holes having a depth ranging from 100 to 150 feet. Salisbury & Associates, Inc. of Chewelah, Washington is conducting the drilling.

Magnum is a Vancouver-based minerals exploration company focused on the acquisition and development of uranium assets in North America. Currently, Magnum's primary property holdings are located in the Western United States, specifically Wyoming, Utah, Idaho, and New Mexico, and in Canada's Athabasca Basin.

ON BEHALF OF THE BOARD

"Craig T. Lindsay"
President & CEO

For additional information please contact:
Tel: 604.683.2507 Fax: 604.683.2506
E-Mail: info@magnumuranium.com