Magnum Uranium Corp.

Magnum Uranium Corp.

October 14, 2005 13:01 ET

Magnum Announces New President and Board Members

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 14, 2005) - Magnum Uranium Corp. ("Magnum" or the "Company") (NEX BOARD:MM.H) is pleased to announce the appointment of Mr. Craig Lindsay, CFA, as President, CEO and a director. Mr. Lindsay has in excess of 16 years experience in corporate finance, investment banking and business development in both North America and Asia. Most recently, he was a Vice President in the Corporate Finance and Investment Banking Group at PricewaterhouseCoopers LLP. Mr. Lindsay has a Bachelor of Commerce from UBC (1989), a Masters of Business Administration from Dalhousie University (1993) and is a Chartered Financial Analyst.

Mr. Lindsay succeeds Mr. Norm Eyolfson, who has resigned to pursue other full-time business opportunities. The Company would like to thank Mr. Eyolfson for his contributions to the Company during his tenure as President. Mr. Eyolfson will remain a director of the Company.

Additionally, the Company is pleased to announce the appointment of Mr. Craig Schneider as a director. Mr. Schneider is the President and a director of Corex Gold Corp. In conjunction with the appointment of Mr. Schneider, the Company announces the resignation of Mr. Bob Nowell as a director, and would like to thank Mr. Nowell for his contributions to the development of the Company during its reorganization. Mr. Nowell will remain as the Company's Chief Financial Officer.

Magnum's board of directors now consists of Craig Lindsay, Patrick Downey, John Carden, Craig Schneider and Norman Eyolfson.

Financing Update

The Company has received conditional approval from the TSX Venture Exchange ("TSXV") in connection with its previously announced non-brokered private placement financing of up 5,000,000 units at a price of $.50 per unit for gross proceeds of $2,500,000. The closing of the financing is conditional upon, among other things, submission of the documentation required in connection with the Company's reactivation and elevation to "Tier 2" status on the TSXV. The preparation and submission of this documentation is ongoing, and an announcement will be made upon receipt of the necessary TSXV approvals.

The Company

Magnum is a Vancouver-based mineral exploration company focused on the acquisition and development of uranium assets. Currently, the Company's primary exploration assets are located in the Western United States.


Craig Lindsay, President

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

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