Mega Uranium Ltd.
TSX : MGA

Mega Uranium Ltd.

November 02, 2006 10:38 ET

Mega Buys 6.25% of Northern Uranium Limited

TORONTO, ONTARIO--(CCNMatthews - Nov. 2, 2006) - Mega Uranium Ltd. (TSX:MGA) ("Mega") announces that it has acquired 6.25% of Northern Uranium Limited ("Northern Uranium") on its recent oversubscribed Australian initial public offering, joining Areva NC, through its wholly-owned Australian subsidiary, Cogema Australia Pty Ltd., who also took a 6.25% stake in Northern Uranium.

Northern Uranium's flagship 9,950km2 Gardiner-Tanami Super Project has potential similar to Australia's Alligator Rivers Province and Canada's Athabasca Basin, which hosts the world's highest grade uranium mines.

Mr. Inwentash, Chairman and CEO of Mega commented, "This investment in Northern Uranium follows Mega's strategy of acquiring quality uranium prospective assets, through direct and indirect investments. In addition to Northern Uranium's properties in Western Australia and the Northern Territory, which complement Mega's Australian properties, the Northern Uranium technical team has a strong track record in uranium exploration."

For more information on Northern Uranium, please visit www.northernuranium.com.au.

About Mega Uranium

Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia, Argentina, Mongolia, 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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