Magnum Uranium Corp.

Magnum Uranium Corp.

November 17, 2005 16:20 ET

Magnum Stakes Cedar Mountain Property in Utah

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 17, 2005) - Magnum Uranium Corp. ("Magnum" or the "Company") (TSX VENTURE:MM) is pleased to announce that it has acquired one State mineral lease and 61 federal lode mining claims in Emery County, Utah. Known as the "Cedar Mountain" Project, the land package covers a three square mile area on the northwestern flank of the San Rafael Swell encompassing the south rim of Cedar Mountain and its associated north-trending flat mesa, approximately 15 miles east of Castle Dale, Utah. Uranium mineralization exists throughout the area as a broad, widespread blanket within the Brushy Basin Member of the Jurassic Morrison Formation.

Results of historical drilling indicate that shallow mineralization, occurring between about 45 feet and 150 feet, extends into the subsurface under Cedar Mountain throughout the area covered by Magnum's land position. Approximately 150 drill holes were sunk on portions of the State lease during the late 1960's and mid 1970's by companies which included Kerr-McGee, Minerals Exploration Corporation and ARCO. Based on drill logs from 20 holes drilled on this State lease, a mineral resource of 1.5 million pounds of U3O8 at a grade of 0.05% was estimated. Although considered relevant, the reader is cautioned that this resource estimate is historical in nature, does not comply with the guidelines of National Instrument 43-101 and should not be relied upon. Further, this estimate has not been verified by the Company's qualified person.

Magnum has completed a program of surface sampling of the 5 to10-foot-thick, 2,000-foot-long, continuously mineralized south rim blanket zone, which has returned assays ranging from 0.08% to 1.01% U3O8 and reveals visible carnotite in the mineralized mudstone and sandstone. Certain of the past drill holes have been located in the field and most of the historic drill hole data has been obtained and is being compiled.

John R. Carden, Ph.D. L.G., a qualified person in accordance with National Instrument 43-101, supervised the preparation of the technical information in this release.

Additionally, further to the Company's news release dated November 14, 2005, Magnum would like to clarify that results of its recently completed sampling program do not confirm the results of historical drill and sample data provided in that news release.

The Company

Magnum is a Vancouver-based minerals 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, with properties in Idaho, Utah, and Washington.


Craig T. Lindsay, President & CEO

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

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