Magnum Uranium Corp.

Magnum Uranium Corp.

September 25, 2007 11:56 ET

Magnum Announces Big Muddy Joint Venture

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 25, 2007) - Magnum Uranium Corp. ("Magnum" or "the Company) (TSX VENTURE:MM) is pleased to announce that it has entered into a Joint Venture Agreement with Axton Uranium Corporation ("Axton") under which Axton has a right to earn up to a 50% interest in Magnum's Big Muddy Property (the "Big Muddy") located in Emery County, Utah. The Big Muddy is home to the historic Dirty Devil Mine, which was worked by several operators and produced uranium in the 1950s and 1960s.

Axton can earn this joint venture interest by making cash payments totaling US$825,000 and issuing 2.0 million common shares of Axton (including a cash payment of US$25,000 on the execution of this LOI, a cash payment of US$300,000 upon the execution of the formal joint venture agreement, a cash payment of US$250,000 and the issuance of 1.0 million common shares on the six month anniversary of the agreement and a cash payment of US$250,000 and issuance of a further 1.0 million common shares on the first anniversary of this agreement). As well, Axton must incur a cumulative total of US$475,000 in exploration expenditures (including US$75,000 in the six months of the agreement, US$100,000 in the second year of the agreement and a further US$300,000 in the third year of the agreement).

Axton will advance the Big Muddy Property by implementing a multi-phased exploration program. Phase I field work will include rock-chip sampling, a ground scintillometer survey and detailed geochemical assay work to define the extent and boundaries of known mineralization. Additionally, a ground-based radon soil survey or airborne radiometric survey will be completed. Phase II field will comprise an initial 6,000 feet of conventional drilling made up of roughly twenty 300-foot deep holes to test any anomalies delineated from the results of the Phase I work.

About Magnum

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.


Craig T. Lindsay, President & CEO

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.

The TSX Venture Exchange has neither approved or disapproved of the contents herein.

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