Magnum Uranium Corp.

Magnum Uranium Corp.

March 28, 2007 11:45 ET

Magnum Signs Lye Uranium Project Drill Contract

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 28, 2007) - Magnum Uranium Corp. ("Magnum") (TSX VENTURE:MM) is pleased to announce that it has signed a drill contract with Salisbury & Associates, Inc. for a planned Phase II drill program at its Lye Uranium Project in Fremont County, Wyoming. Magnum's Phase I drill program successfully expanded the known mineralization at the Lye Uranium Project and Magnum expects its Phase II drill program to expand the deposit.

Magnum has permitted a Phase II core drilling program to step-out on the known deposit. The drilling is targeted at confirming and expanding this mineralization from the surface to 150 feet deep. As previously announced (see Magnum Press Release dated March 14, 2007), Phase I drilling identified a northeast-trending zone of mineralization up to 40 feet thick, with the thickest intercepts still open at the northeast end of the deposit. Also included to be drill tested during the Phase II program is a new and sizeable radiometric anomaly located roughly 900 feet east of the existing deposit, which was discovered during a detailed ground scintillometer survey performed over the property during 2006. Timing of this drilling is planned for late April through July of this year.

"The ongoing strength of uranium prices continues to enhance the attractiveness and viability of our U.S. property portfolio, and the aggressive development of these properties will remain a focus of Magnum in 2007," said Craig Lindsay, President & CEO of Magnum.

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

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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