Magnum Uranium Corp.

Magnum Uranium Corp.

May 03, 2007 09:30 ET

Magnum Announces Joint Venture With Triex in Athabasca

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 3, 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 Triex Minerals Corporation ("Triex") under which Triex has the right to acquire up to a 70% interest in Magnum's Stony Road Property located in Canada's Athabasca Basin.

The Stony Road Property covers a total of 183,040 acres located in the northeastern part of the Athabasca Basin. Magnum's recently completed Megatem II Airborne Geophysical Survey delineated several anomalies within the Stony Road Property (see Magnum News Release dated September 5th, 2006). The Property covers approximately 45% of Magnum's land position in the Athabasca Basin.

Triex can earn an initial 60% joint venture interest in the property by incurring a cumulative total of $1,500,000 in exploration expenditures on or before April 30, 2009 and by making a cash payment of $25,000. Triex can increase its interest to 70% by incurring an additional $1,500,000 in exploration expenditures on the property by November 1, 2011 and by making further cash payment of $25,000.

Triex will advance the Stony Road Property based on the newly identified exploration at their Pasfield Lake property, and refined exploration model for the Cable Bay Shear Zone and associated magnetic features (see Triex News Release dated May 1, 2007). A $500,000 exploration program is being planned for this summer. Planned work includes a 3-D Full Tensor gravity gradient airborne survey to compliment the MEGATEM II airborne EM survey already completed by Magnum (see News Release dated Sept. 5th, 2006), a ground-based AMT survey (audio-magnetotellurics) which was effective at delineating the Pasfield Lake uplift feature and Cable Bay Shear Zone, and detailed geochemical surveys and prospecting.

About Triex

Triex is a leader in the junior uranium exploration sector, with broadly based technical expertise and a management track record ranging from finance to discovery and development. Triex is working in three proven districts, advancing eight projects which span grass roots reconnaissance exploration to advanced-stage resource delineation. Their 2007 exploration budget is $8.7 million.

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 dissaproved of the contents herein.

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