Mega Uranium Ltd.
TSX : MGA

Mega Uranium Ltd.

November 03, 2006 09:42 ET

Mega Acquires Uranium Exploration Properties in Colombia

TORONTO, ONTARIO--(CCNMatthews - Nov. 3, 2006) - Mega Uranium Ltd. (TSX:MGA) ("Mega") is pleased to announce that it has been granted three mining concessions covering 48.7 km2 of ground with uranium potential in the Zapatoca-Contratacion Uranium District of Santander Province, Colombia. Applications for four other concessions in the area with a total area of 74 km2 are being processed by the State mining authority, INGEOMINAS.

The concessions were selected by Mega's consultant in South America, Dr. Alberto Belluco. Dr. Belluco had gained experience and information while on assignment for the International Atomic Energy Agency (IAEA) in Colombia in the mid-1980s.

The granted concessions (Betulia 1, Simatoca and Galan) are located in the western flank of the Cordillera Oriental, less than 50 km southwest of the city of Bucaramanga, and cover stratabound uranium mineralisation within Triassic-Jurassic continental clastic sediments of the Giron Formation. The uranium mineralisation occurs within sandstones and conglomerates in palaeochannels over stratigraphic intervals of several tens of metres in the upper portion of the Cascada Member and basal stratigraphy of the Las Lajas Member.

In the 1970s, exploration of the Zapoteca area in the northern part of the District by the Institute of Nuclear Affairs of Colombia (IAN) and the IAEA delineated 0.5-4 metre thick sandstone horizons with grades of the order of 0.05-0.3% U3O8 in trenches and limited shallow drilling. Similar mineralisation was discovered in the Contratacion area in the southern part of the District in trenches excavated by the National Uranium Company of Spain (ENUSA) in the mid 1970s.

Mega has commenced a reconnaissance mapping and sampling programme in the granted concessions. The programme is being conducted by Bogota-based geological consultants, with previous experience in uranium exploration in Colombia, under the supervision of Dr. Hugo Bastias, Manager of Mega's operations in South America.

Stewart Taylor, Mega's President and Qualified Person under NI43-101, is responsible for this release and has verified the contents disclosed.

Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia, Argentina, Mongolia, Columbia, Bolivia and Canada. Further information on Mega can be found on the company's website at www.megauranium.com. Mega Uranium's Australian uranium properties, including without limitation the Ben Lomond and Maureen properties, are subject to state policies which presently prohibit the mining of uranium in Australia.

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