Magnum Uranium Corp.

Magnum Uranium Corp.

December 13, 2006 06:00 ET

Magnum Signs LOI to Acquire Property in the Marysvale Uranium District, Utah

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 13, 2006) - Magnum Uranium Corp. ("Magnum") (TSX VENTURE:MM) is pleased to announce the execution of a Letter of Intent (the "LOI") to acquire a 100% ownership interest in 32 federal lode mining claims in the historic Marysvale Uranium District, Utah. The claims are located approximately 200 miles south of Salt Lake City, Utah in the Tushar Volcanic Complex.

The Marysvale volcanic field is situated in the High Plateau transition zone between the Colorado Plateau and Basin and Range provinces. The district lies at the eastern end of the Pioche-Marysvale igneous belt, which is comprised of Cenozoic igneous rocks and is underlain by a large batholith complex. It is estimated that approximately 1.1 million pounds of uranium were produced from vein structures within the Marysvale Uranium District from 275,000 tons of ore having an average grade of 0.20% U3O8. Known mineralization is not only restricted to veins, but occurs in a disseminated state adjacent to the vein sets.

Magnum President Craig Lindsay commented: "The acquisition of these claims is part of our ongoing effort to establish a critical mass of uranium projects in Utah. Due to the presence of two existing uranium processing mills in the State, we expect Utah be one of the earliest regions to renew conventional uranium extraction in the United States. Upon closing of this transaction, Magnum will have five properties in Utah, all of which have been the subject of either historic uranium exploration programs or production. In the future, we will continue to expand our property portfolio in this region through a combination of acquisitions and direct staking."

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, President & CEO

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