Mega Uranium Ltd.
TSX : MGA

Mega Uranium Ltd.

August 20, 2007 10:46 ET

Mega Uranium Confirms Cash Holdings

TORONTO, ONTARIO--(Marketwire - Aug. 20, 2007) - Mega Uranium Ltd. ("Mega") (TSX:MGA) confirmed today that its cash resources of over $120 million are invested in corporate bonds, bankers acceptance notes and guaranteed investment certificates (GIC's) and are not exposed to repayment risks associated with the asset-backed commercial paper market.

"Given the recent uncertainties in the credit markets, we felt it appropriate to communicate to Mega shareholders that the company's cash holdings are liquid," commented Sheldon Inwentash, Chairman and CEO of Mega Uranium. "Mega has no debt and is well financed to develop its existing uranium properties while pursing new acquisition opportunities worldwide."

ABOUT MEGA URANIUM

Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia, Argentina, Bolivia, Canada, Colombia and Mongolia. 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, Maureen and Lake Maitland properties, are subject to state policies which presently prohibit the mining of uranium in Queensland and Western Australia.

Contact Information

  • Mega Uranium Ltd. - Investor Relations
    Richard Patricio
    VP Corporate and Legal Affairs
    (416) 643-7630
    or
    Mega Uranium Ltd. - Media Relations
    Wanda Cutler
    Director of Corporate Communications
    (416) 860-1717
    Email: info@megauranium.com
    Website: www.megauranium.com