Mega Uranium Ltd.
TSX : MGA

Mega Uranium Ltd.

November 26, 2009 08:00 ET

Mega Uranium Finalises Purchase of Barwidgee Station

TORONTO, ONTARIO--(Marketwire - Nov. 26, 2009) - Mega Uranium Ltd. (TSX:MGA)("Mega") is pleased to report that it has finalised the acquisition of the 276,000 hectare Barwidgee pastoral station in Western Australia's eastern goldfields. Mega's Lake Maitland Uranium Project is located on the Barwidgee pastoral station.

With the purchase, Mega has acquired a leasehold over the land until June 30, 2015 and, subject to legislative requirements, is capable of being renewed for a further 46 years and seven months from this date.

The acquisition follows a number of significant achievements at Lake Maitland including:

- The granting of the Lake Maitland mining lease by the Western Australian Government

- The lodgement of environmental referral documents with the State and Commonwealth governments

- The signing of a non-binding Memorandum of Understanding with Navigator Resources whereby Navigator and Mega will investigate the shared use of infrastructure and services at Navigator's Bronzewing Gold Project, which adjoins the Lake Maitland Uranium Project.

News releases regarding the above are available at www.megauranium.com.

Mega President Stewart Taylor said the acquisition of Barwidgee was another significant development in the progression of the Lake Maitland Uranium Project. "Acquiring the lease of the pastoral station ensures Mega has security of access to the Lake Maitland Uranium Project site," Mr. Taylor said. "Owning the lease of the station also provides Mega with opportunities to foster future enterprise development to benefit local Indigenous communities. We will be investigating options as the project is advanced."

Mega is progressing its Definitive Feasibility Studies and Environmental Impact Assessment for the project, with the goal of commencing production in 2012. The Lake Maitland Uranium Project is a joint venture with Japanese partners, Japan Australia Uranium Resource Development Co (JAURD) and Itochu Minerals & Energy of Australia Pty Ltd (IMEA).

About Mega Uranium Ltd.

Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia, Canada, Argentina, Colombia and Cameroon. Further information on Mega can be found on the company's website at www.megauranium.com. Mega Uranium's Ben Lomond and Maureen uranium resources are subject to a Queensland State Government policy that presently prohibits the mining of uranium.

Cautionary Statement Regarding Forward-Looking Information

Certain information contained in this press release constitutes "forward-looking information", which is information regarding possible events, conditions or results of operations that is based upon assumptions about future economic conditions and courses of action. All information other than matters of historical fact may be forward-looking information. In some cases, forward-looking information can be identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook.

By its nature, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to differ materially from those expressed or implied by such forward-looking information. Some of the risks and other factors that could cause actual results to differ materially from those expressed in the forward-looking information contained in this release include, but are not limited to, the potential for delays in development activities due to unforeseen circumstances associated generally with the unpredictability of such activities.

Although we have attempted to identify important factors that could cause actual results or events to differ materially from those described in the forward-looking information, readers are cautioned that this list is not exhaustive and there may be other factors that we have not identified. Readers are cautioned not to place undue reliance on forward-looking information contained in this release. Forward-looking information is based upon our beliefs, estimates and opinions as at the date of this release, which we believe are reasonable, but no assurance can be given that these will prove to be correct. Furthermore, we undertake no obligation to update or revise forward-looking information if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law. All forward-looking information contained in this release is expressly qualified by this cautionary note.

Contact Information

  • Investor Relations
    Mega Uranium Ltd.
    Richard Patricio, Executive VP, Corporate Affairs
    (416) 643-7630
    info@megauranium.com
    www.megauranium.com
    or
    Australian Media Inquiries
    Mega Uranium Ltd., Tamatha Smith
    Manager Government Relations and Public Affairs
    (08) 9213 3000