Mega Uranium Ltd.
TSX VENTURE : MGA

Mega Uranium Ltd.

August 21, 2006 16:18 ET

Mega Uranium Ltd. Announces Approval of Australian Treasury to Proceed With Acquisition of Report Limited

TORONTO, ONTARIO--(CCNMatthews - Aug. 21, 2006) - Mega Uranium Ltd. ("Mega") (TSX VENTURE:MGA) announces today that it has received approval of the Treasury of the Australian Government, Foreign Investment and Trade Policy Division, to proceed with its takeover bid of Redport Limited ("Redport") (see press release dated July 7, 2006) and increase its interest in Redport to 100%.

Mega Uranium expects to formally lodge its bid with the Australian Securities and Investments Commission this week with mailing of the full Mega Uranium bidder's statement to Redport shareholders and option holders shortly thereafter.

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

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