Magnum Uranium Corp.

Magnum Uranium Corp.

November 12, 2008 15:20 ET

Magnum Drills Bulk Tonnage Mineralization at Marysvale

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 12, 2008) - Magnum Uranium Corp. ("Magnum" or the "Company") (TSX VENTURE:MM) is pleased to announce results of a recently completed exploration drilling program at its Marysvale Uranium Property, Piute County, Utah. Drilling was conducted from October 22 to October 31, 2008 to test a large 850-foot-wide by 1,570-foot-long coherent soil-gas radon anomaly delineated by StrataModel Inc. in August 2007 and for the presence of bulk-tonnage intrusive-hosted uranium mineralization (see Magnum news release dated October 18, 2007 for further details). Two of Magnum's three reverse circulation angle holes drilled across the southern portion of the anomaly were successful in intercepting thick zones of uranium mineralization hosted by quartz monzonite (see Table below), thus verifying the presence of bulk-tonnage mineralization. The soil-gas radon anomaly covers an area of approximately 22 acres and lies in the central portion of Magnum's 782 acre claim block at the southern end of the core of the historic Marysvale Uranium District. Approximately 1.8 million pounds of uranium contained in material averaging 0.075% U3O8 have been produced from the District.

Drilling totals 1,730 feet spread between three holes, the results of which are shown in the table below. Drill hole MP-4-08 intercepted 105 feet of 0.028 % eU3O8, the thickest interval encountered in the program. Included within this interval is 27.5 feet of material grading 0.064% eU3O8, which further contains 4.5 feet of material grading 0.159% eU3O8. Drill hole MP-3-08 intercepted a 71-foot-thick interval grading 0.018% eU3O8, which also includes 11.5 feet of material grading 0.029% eU3O8. Numerous, additional, 1-foot- to 4-feet-thick intervals of low-grade (0.010 - 0.032% eU3O8) were encountered in both holes. The northern portion of the radon anomaly as well as areas of the claim block located northwest and along the trend of the anomaly are covered by a layer of rhyolite and remain untested. Magnum geologists are currently reviewing the data, with possible additional exploration in the planning phases.

Drill Results

Drill Hole
Drill From To Thickness Grade Depth
Hole (feet) (feet) (feet) (% eU3O8) (feet)
440.5' 511.5' 71.0' 0.018%
MP-3-08 includes includes 530'
459.0' 470.5' 11.5' 0.029%
457.5' 562.5' 105.0' 0.028%
includes includes
MP-4-08 468.0' 495.5' 27.5' 0.064% 600'
includes includes
471.0' 475.5' 4.5' 0.159%
MP-5-08 N/A N/A N/A None 600'

Drilling was performed by Diversified Drilling LLC, Missoula, Montana using a reverse circulation DLD 1000 track rig. Century Geophysical Corporation of Tulsa, Oklahoma conducted the down-hole gamma-ray logging, resistivity, and delineation survey work. The gamma portion of the down-hole logging tool was calibrated to the uranium content by probing standardized test pits located in Grand Junction, Colorado. Samples of the radioactive cuttings from the RC holes are being sent to Energy Laboratories Inc., Casper, Wyoming to define the equilibrium of equivalent uranium, as determined by gamma-ray logging, versus the chemical uranium content for the same interval. Magnum received permission to conduct the drilling from the U.S. Bureau of Land Management and the Utah Division of Oil, Gas and Minerals in October 2008.

John R. Carden Ph.D., P. Geo., a Qualified Person (QP) as defined by National Instrument 43-101, is responsible for the technical information in this release.

About Magnum

Magnum is a Vancouver-based 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, as well as 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 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 disapproved of the contents herein.

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