Mega Announces Wide Intersections of greater than 0.1% U3O8 in its Validation Drilling of the Maureen Uranium Resource, Queensland, Australia

Mega Uranium Ltd. is pleased to announce encouraging results in the first batch of assay results received from 11 holes in the 50 hole, 3895 metre RC/diamond core validation drilling programme undertaken on its Maureen uranium resource in the last quarter of 2006 (see table 1 below). Maureen, located in the Georgetown region of Queensland, Australia, contains a pre NI43-101 historical Indicated Resource of 2.38 million tonnes @ 0.12% U3O8 (6.5 million lbs. contained U3O8) and 0.07% molybdenum. The resource occurs from surface to 120 metres depth and is amenable to low cost open cut mining.

Seven holes (RC 9242-9247 and DDH 9201) drilled into the South Zone of the deposit, which contains the bulk of the resource, intersected 12-35 metre wide zones of greater than 0.1% U3O8, the best intervals being 35 metres @ 0.16% U3O8 in RC hole 9246 and 32 metres @ 0.17% U3O8 in RC hole 9247. The average molybdenum grades of the uranium zones were higher than expected, the best intersections being 14 metres @ 0.15% Mo in DDH 9201 and 19 metres @ 0.13% Mo in RC hole 9245. True widths of the mineralized zone transected by those holes are estimated to be 70-80% of the intersection width. In addition, the holes intersected other thinner zones of lower grade uranium mineralisation, which were not included in the previous ore resource estimate.

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