VANCOUVER, B.C. - Magnum Uranium Corp. ("Magnum" or the "Company") is pleased to announce results of a recently completed exploration drilling program at its Marysvale Uranium Property, Piute County, Utah. Drilling was conducted from October 22 to October 31, 2008 to test a large 850-foot-wide by 1,570-foot-long coherent soil-gas radon anomaly delineated by StrataModel Inc. in August 2007 and for the presence of bulk-tonnage intrusive-hosted uranium mineralization (see Magnum news release dated October 18, 2007 for further details). Two of Magnum's three reverse circulation angle holes drilled across the southern portion of the anomaly were successful in intercepting thick zones of uranium mineralization hosted by quartz monzonite (see Table below), thus verifying the presence of bulk-tonnage mineralization. The soil-gas radon anomaly covers an area of approximately 22 acres and lies in the central portion of Magnum's 782 acre claim block at the southern end of the core of the historic Marysvale Uranium District. Approximately 1.8 million pounds of uranium contained in material averaging 0.075% U3O8 have been produced from the District.

Drilling totals 1,730 feet spread between three holes, the results of which are shown in the table below. Drill hole MP-4-08 intercepted 105 feet of 0.028 % eU3O8, the thickest interval encountered in the program. Included within this interval is 27.5 feet of material grading 0.064% eU3O8, which further contains 4.5 feet of material grading 0.159% eU3O8. Drill hole MP-3-08 intercepted a 71-foot-thick interval grading 0.018% eU3O8, which also includes 11.5 feet of material grading 0.029% eU3O8. Numerous, additional, 1-foot- to 4-feet-thick intervals of low-grade (0.010 - 0.032% eU3O8) were encountered in both holes. The northern portion of the radon anomaly as well as areas of the claim block located northwest and along the trend of the anomaly are covered by a layer of rhyolite and remain untested. Magnum geologists are currently reviewing the data, with possible additional exploration in the planning phases.