Mega Uranium Ltd.
TSX : MGA

Mega Uranium Ltd.
Nu Energy Uranium Corporation
TSX VENTURE : NU

Nu Energy Uranium Corporation

July 12, 2007 12:37 ET

Mega Uranium Ltd. and NU Energy Uranium Corporation Sign Acquisition Agreement

TORONTO, ONTARIO--(Marketwire - July 12, 2007) - Mega Uranium Ltd. (TSX:MGA) ("Mega") and NU Energy Uranium Corporation (TSX VENTURE:NU) ("NU Energy") announce that they have signed an acquisition agreement (the "Acquisition Agreement") in respect of the previously announced proposed acquisition of NU Energy by Mega.

The acquisition is to be effected by way of a three-cornered amalgamation (the "Amalgamation"), whereby NU Energy will amalgamate with a wholly-owned subsidiary of Mega and the resulting corporation, which will be a wholly-owned subsidiary of Mega, will continue to carry out NU Energy's business. Under the terms of the Amalgamation, shareholders of NU Energy will receive two (2) common shares of Mega in exchange for each three (3) NU Energy common shares which they hold immediately prior to the effective date of the Amalgamation.

Completion of the Amalgamation is subject to satisfaction of a number of conditions, including receipt of the approval of the Toronto Stock Exchange, the TSX Venture Exchange and the shareholders of NU Energy. A meeting of the shareholders of NU Energy is scheduled to be held on August 10, 2007 to approve the Amalgamation. Under certain circumstances, a termination fee will be payable by NU Energy to Mega if the Amalgamation is not completed.

Genuity Capital Markets has acted as financial advisor of Mega in connection with the acquisition. GMP Securities L.P. has acted as financial advisor of NU Energy and has provided an opinion that the consideration to be paid to shareholders of NU Energy under the Amalgamation is fair from a financial point of view.

Based upon 28,240,313 common shares of NU Energy outstanding and assuming the exercise in full of all stock options and warrants of NU Energy currently outstanding, if the acquisition is completed, Mega will issue approximately 24,231,458 common shares to the NU Energy shareholders. An aggregate of 154,969,981 Mega common shares are currently issued and outstanding.

ABOUT NU ENERGY URANIUM CORPORATION

Nu Energy Uranium Corporation is listed on the TSX Venture Exchange under the trading symbol "NU". The Company owns a 92% interest in the Kitongo and Lolodorf uranium properties located in the Republic of Cameroon, Africa. The Company is also pursuing the acquisition of other brownfields projects in Africa and Central and Eastern Europe. In addition, the Company has entered into a memorandum of understanding with Edlow Resources Limited and Africa Nuclear Fuel to establish a joint venture whose principal business will be the sourcing, purchasing, transportation and upgrading of low-grade uraniferous secondary material as well as the subsequent marketing of the upgraded product.

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, Maureen and Lake Maitland properties, are subject to state policies which presently prohibit the mining of uranium in Australia.

Cautionary Statements

This news release contains forward-looking statements regarding the proposed acquisition of NU Energy by Mega and Mega's future plans for the operations. Actual results and developments may differ materially from those contemplated by these statements depending on, among others, the risks that Mega and NU Energy will not be able to obtain the required shareholder and regulatory approvals on a timely basis, or at all, and the risk that other conditions of closing the transaction are not satisfied. The forward-looking statements included in this release represent Mega's and NU Energy's views as of the date of this release. While Mega and NU Energy anticipate that subsequent events and developments may cause their views to change, Mega and NU Energy specifically disclaim any obligation to update these forward-looking statements, except as required by law. Investors are cautioned not to place undue reliance on these forward-looking statements.

NEITHER THE TSX NOR THE TSX VENTURE EXCHANGE ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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