VANCOUVER, B.C. - Magnum Uranium Corp. ("Magnum" or "the Company") is pleased to announce the closing of its previously announced non-brokered brokered private placement of CDN$3,000,000. The financing consists of 2,857,140 units of the Company (the "Units") at a price of $1.05 per Unit. Each Unit consists of one common share (a "Share") and one-half of one transferable common share purchase warrant (each whole such purchase warrant being a "Warrant"). Each Warrant is exercisable to purchase a Share of the Company for two years, at a price of $1.35 per Share in year one, and $1.60 per Share in year two. The common shares and warrants, the broker warrants, and the securities underlying the warrants and the broker warrants will be subject to a four month statutory hold period expiring July 3, 2007.

In connection with the financing, Finders Fees comprising a cash commission of $70,000 and 133,333 Units are payable to two underwriters. In addition, the underwriters were granted broker warrants exercisable for an aggregate of 200,000 common shares of the Company at an exercise price of $1.25 per share until March 3, 2009.

The Company

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


THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISSAPROVED OF THE CONTENTS HEREIN.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.