Magnum Uranium Corp.

Magnum Uranium Corp.

November 10, 2006 08:00 ET

Fugro Survey Identifies Major Uranium Anomaly at Magnum's Stanley Property

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 10, 2006) - Magnum Uranium Corp. ("Magnum") (TSX VENTURE:MM) is pleased to announce that an airborne radiometric and magnetic survey conducted by Fugro Airborne Systems ("Fugro") over its Stanley Uranium Property has identified a large and significant uranium anomaly over the northeast portion of its 129 claim holding in Custer County, Idaho. The anomaly covers an area of greater than 1.25 square miles with a maximum width of 5,500 feet and maximum length of 11,700 feet. The anomaly is centered over Magnum's "Big Hank" and "Hardee" prospects and is defined by a minimum value of 6 times background with maximum values to 20 times background. Magnum ranks the Big Hank as its top sandstone-hosted prospect in the district based on the results of previous historic drilling, the open-ended nature of the mineralization and in-house surface work completed during 2006. As well, a potential for intrusive-hosted uranium mineralization lies below the sandstone-hosted target.

Ground scintillometer surveys conducted by Magnum geologists during the 2006 field season on the 2,800-foot long by 1,800-foot wide core of the Big Hank target indicate widespread anomalous radioactivity throughout most of the target area. Additionally, results of historic shallow churn drilling completed by Rare Metals Corporation ("Rare Metals") in 1959 reveal uranium mineralization in sandstone and conglomerate at depths between 7 and 50 feet, with selected intervals grading in excess of 0.30% U3O8. Nearly 60% of Rare Metals' holes encountered this shallow mineralization, which remains open in numerous directions and constitute a high-priority target for Magnum.

Claims at the Hardee prospect, located 7,000 feet northwest of the Big Hank, cover pitchblende-bearing veins that occupy a fracture zone in Idaho Batholith quartz monzonite. Results of 30 historic shallow churn drill holes completed by Phillips Petroleum Company in the late 1950's show half of the holes contain ore-grade intercepts that define a 30-foot-wide, northwest-trending zone of uranium mineralization. Intercepts include 20 feet grading 0.49% U3O8, 20 feet grading 0.37% U3O8 and 17 feet grading 0.29% U3O8. This vein-type mineralization is directly on strike with quartz monzonite-hosted uranium mineralization detected by churn drilling at the Big Hank, suggesting that a Hardee-type pitchblende-bearing vein system could underlie the Big Hank sandstone-hosted target.

Results of the Fugro survey have verified that the airborne signature centers on the Big Hank and Hardee targets described above. This anomaly greatly expands the size of the original target defined by this season's groundwork and expands and merges both the Big Hank and Hardee targets into a much larger target. This target, which is at least 7,000 feet long, will be drill-permitted this winter and drill-tested during the 2007 field season. Magnum has recently staked an additional 30 lode mining claims to cover the expanded target.

The Fugro airborne survey was flown between September 28th and 30th, 2006 using an A-Star 350 helicopter equipped with a stinger magnetic probe and an HM-1 Exploranium GR-820 spectrometer with a 1,024 cu. inch sodium iodide detector. Survey lines were flown 100 metres apart at a constant ground clearance of 60 metres. The survey encompassed approximately 305 line kilometers flown in a northeast-southwest direction, normal to the favorable trend of the district's conglomerate and sandstone-hosted uranium mineralization in basal Eocene Challis Volcanics.

Dr. John Carden, Ph.D., P.Geo., a Director and Consulting Geologist for Magnum Uranium Corp., and a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this release.

The Company

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

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