Mega Uranium Ltd.
TSX : MGA

Mega Uranium Ltd.

January 23, 2008 10:07 ET

Mega Uranium Intersects 140 Metres of 0.042% U3O8 and 0.76% Copper at Igor, Including 76 Metres of 0.417% U3O8 and 7.37% Copper

TORONTO, ONTARIO--(Marketwire - Jan. 23, 2008) - Mega Uranium Ltd. (TSX:MGA) ("Mega") is pleased to announce additional drill results from the 2007 exploration program at the Igor iron-oxide copper-gold- uranium (IOCG) property, located in the Wernecke Uranium District, Yukon. Work on the Igor property is carried out under the terms of a Joint Venture with Cash Minerals Ltd. (TSX VENTURE:CHX) where Cash Minerals is the operator. As advised by Cash Minerals, the 2007 drill program produced the most significant intersections on the Igor property to date, including the following highlights:

- Hole IG07-22: 140 metres of 0.042% U3O8, 0.76% Cu and 0.05 g/t Au, including 7 metres of 0.417% U3O8, 7.37% Cu and 0.33 g/t Au

- Hole IG07-06: 64.7 metres of 0.090% U3O8, 1.18% Cu and 2.25 g/t silver (Ag)(a)

- Hole IG07-12: 50 metres of 0.026% U3O8 and 0.54% Cu, including 6.9 metres of 0.152% U3O8 , 2.31% Cu, 0.05 g/t Au

((a) Intersection includes previously released results from September 19, 2007 and October 24, 2007).

Igor Property: Drilling Delineates 600-Metre Long Mineralized Zone Open to the North

A total of 9,042 metres in 31 holes was completed at Igor in 2007. Copper-gold-uranium mineralization at Igor is similar in style to the iron oxide copper-gold-uranium mineralization at the Olympic Dam (Gawler Craton) and Ernest Henry (Mt Isa Inlier) deposits in Australia.

Results of the 2007 drill program at Igor have confirmed that mineralization extends over a 600-metre strike length, spatially coincident with a gravity anomaly. Mineralization is open towards the north, with additional occurrences outcropping 300 m to the southwest (refer to Figure 2 below).

Drill testing the extension of the 600 m zone to the north and south west will be the focus for drilling in 2008.

Drillhole assays to date are as follows:



Significant Igor results for 2007 season to date (excluding results
already released)

---------------------------------------------------------------------------
Hole ID From (m) To (m) Metres Cu (%) Ag (ppm) U3O8(%) Au (g/t)
---------------------------------------------------------------------------
IG-2007-22 10.00 150.00 140.00 0.76 - 0.042 0.05
---------------------------------------------------------------------------
including 10.00 17.00 7.00 7.37 6.65 0.417 0.33
---------------------------------------------------------------------------
139.00 150.00 11.00 1.79 2.17 0.234 0.09
---------------------------------------------------------------------------
and 156.5 163.5 7.00 0.17 - - -
---------------------------------------------------------------------------
IG-2007-06(1) 96.30 161.00 64.70 1.18 2.25 0.090 -
---------------------------------------------------------------------------
and 62.80 66.80 4.00 0.22 - - -
---------------------------------------------------------------------------
IG-2007-12 5.00 55.00 50.00 0.54 - 0.026 -
---------------------------------------------------------------------------
including 45.20 52.10 6.90 2.31 4.83 0.152 0.05
---------------------------------------------------------------------------
and 120.40 133.00 12.60 0.30 - - -
---------------------------------------------------------------------------
IG-2007-21 164.50 234.50 70.00 0.55 - 0.007 -
---------------------------------------------------------------------------
including 196.00 234.50 38.50 0.93 - 0.013 0.06
---------------------------------------------------------------------------
200.00 207.50 7.50 2.45 1.33 0.037 0.15
---------------------------------------------------------------------------
IG-2007-09 7.00 19.50 12.50 0.74 1.44 - 0.11
---------------------------------------------------------------------------
including 7.00 14.50 7.50 1.18 2.03 - 0.16
---------------------------------------------------------------------------
and 76.00 81.00 5.00 0.39 - 0.009 -
---------------------------------------------------------------------------
and 114.00 118.00 4.00 0.21 - - -
---------------------------------------------------------------------------
IG-2007-15 6.50 29.00 22.50 0.85 - 0.016 -
---------------------------------------------------------------------------
including 6.50 8.50 2.00 7.05 4.53 0.148 0.23
---------------------------------------------------------------------------
and 46.50 52.00 5.50 0.56 1.39 0.011 -
---------------------------------------------------------------------------
IG-2007-05 6.00 24.50 18.50 0.90 5.74 0.011 0.15
---------------------------------------------------------------------------
including 6.00 9.50 3.50 4.01 4.75 0.050 0.50
---------------------------------------------------------------------------
and 34.00 40.00 6.00 0.20 - - -
---------------------------------------------------------------------------
and 93.00 97.00 4.00 0.32 - - -
---------------------------------------------------------------------------
and 114.10 117.50 3.40 0.52 1.04 - -
---------------------------------------------------------------------------
IG-2007-20 22.00 76.00 54.00 0.14 1.96 0.020 -
(i) includes 579 ppm cobalt
---------------------------------------------------------------------------
including 27.50 33.50 6.00 0.13 3.01 0.088 0.05
(i) includes 908 ppm cobalt
---------------------------------------------------------------------------
including 46.00 56.50 10.50 0.05 1.15 0.023 -
(i) includes 393 ppm cobalt
---------------------------------------------------------------------------
including 61.50 74.00 12.50 0.41 3.32 0.015 0.06
(i) includes 914 ppm cobalt
---------------------------------------------------------------------------
IG-2007-17 29.50 34.00 4.50 0.14 2.95 0.076 0.06
(i) includes 1194 ppm cobalt
---------------------------------------------------------------------------
and 53.00 58.00 5.00 0.03 1.68 0.053 -
---------------------------------------------------------------------------
IG-2007-04 72.50 77.00 4.50 0.40 1.12 - -
---------------------------------------------------------------------------
and 187.00 208.00 21.00 0.18 - - -
---------------------------------------------------------------------------
including 188.50 191.50 3.00 0.50 - - -
---------------------------------------------------------------------------
and 201.50 208.00 6.50 0.22 - - -
---------------------------------------------------------------------------
and 274.00 283.50 9.50 0.17 1.52 - 0.05
---------------------------------------------------------------------------
IG-2007-07 201.00 205.00 4.00 0.01 - 0.012 -
---------------------------------------------------------------------------
and 226.00 237.00 11.00 0.35 - - -
---------------------------------------------------------------------------
IG-2007-10 192.20 199.70 7.50 0.17 - 0.027 0.31
---------------------------------------------------------------------------
including 192.20 194.20 2.00 0.61 2.71 0.050 0.33
---------------------------------------------------------------------------
IG-2007-11 80.90 84.90 4.00 0.46 - - 0.05
---------------------------------------------------------------------------
and 117.60 125.00 7.40 0.85 2.18 0.006 -
---------------------------------------------------------------------------
and 130.00 133.00 3.00 3.00 2.57 - 0.07
---------------------------------------------------------------------------
and 236.90 253.00 16.10 0.12 - - -
---------------------------------------------------------------------------
IG-2007-16 124.50 140.00 15.50 0.21 - - -
---------------------------------------------------------------------------
and 182.50 203.00 20.50 0.18 - - -
---------------------------------------------------------------------------

(1) Includes results released on October 24th and September 19th 2007

Minimum values shown are: U3O8, 0.006 %; Ag, 1 ppm and Au, 0.05 g/t
Note that true width intervals are as yet unconstrained


Wernecke Uranium District: Additional Exploration Results in 2007

The Joint Venture began the 2007 drill exploration program in March with two drills at the Odie property, which is located approximately 25 kilometres (km) northwest of Igor in the Wernecke Uranium District, Yukon, and covers over 200 square km. Early results from Odie, an IOCG target, intersected visible native copper in two intersections and demonstrated the benefits of applying advanced modeling technology to geophysical data. In total, 3,049 m were drilled in six holes at Odie in 2007.

The Lumina property, a vein-controlled target located approximately 50 km southeast of Igor, continued to add value to the Joint Venture's portfolio of uranium exploration projects. Drilling at Lumina in 2007 demonstrated the continuity of uranium mineralization discovered in 2006 and extended the known subsurface uranium mineralization approximately 130 m to the southwest. Data collected from drilling and geochemical sampling identified the presence of uranium -- molybdenum -gold mineralization, thereby enhancing the metal potential of the property. A total of 4,367 m was drilled in 25 holes In the Lumina property in 2007.

2008 Drill Exploration Program

The Joint Venture is currently in the process of finalizing planning for the 2008 drill exploration program, which is anticipated to focus on drill testing the extension of the 600 m mineralized zone to the north and south west on the Igor property with the aim of developing a resource. Drilling will also be conducted at the Odie and Lumina properties, following up on positive results during the 2007 drill program.

Sampling was done under the supervision of Christopher K. Hutchings, P. Geo. and Qualified Person, as defined by National Instrument 43-101. All samples were analyzed at ALS Chemex in Vancouver, B.C.. Samples were crushed, pulverized and digested in a four-acid solution and all elements except gold were analysed by ICP. Gold was analyzed by Fire Assay and ICP-AES.

Mega is very encouraged by the 2007 drill results at Igor which confirm the IOCG nature of the mineralized system and exhibit uranium, copper and gold grades characteristic of IOCG deposits currently being mined.

Michael Downes, Ph.D., P.Geo., Vice President North America and Qualified Person for Mega Uranium Ltd. has reviewed the technical content of this news release as provided by Cash Minerals.

To view Figure 2 and 3 of the Igor property, please visit the following link:

http://www.ccnmatthews.com/docs/mgamap123.pdf

ABOUT MEGA URANIUM

Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia, Canada, Argentina, Bolivia, Colombia, Mongolia and Cameroon. Further information on Mega can be found on the company's website at www.megauranium.com. Mega Uranium's Australian uranium properties, including without limitation Ben Lomond, Maureen and Lake Maitland, are subject to State policies which presently prohibit the mining of uranium.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Mega Uranium are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Mega Uranium's expectations are exploration risks detailed herein and from time to time in the filings made by Mega Uranium with securities regulators.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information