Mega Uranium Ltd.
TSX : MGA

Mega Uranium Ltd.

June 17, 2008 09:26 ET

Mega Uranium Ltd.: Drilling Underway Close to Rio Tinto's Kintyre Uranium Resource

TORONTO, ONTARIO--(Marketwire - June 17, 2008) - Mega Uranium Ltd. (TSX:MGA) ("Mega") is pleased to announce that a 5,000 meter reverse circulation drilling program is underway at its Kintyre Rocks property in Western Australia, which is adjacent to tenements containing Rio Tinto Ltd's 79 million pounds U3O8 Kintyre uranium resource - refer to the figure below.

The drilling program is designed to test the uranium potential of the interpreted southeastern strike projection of the Kintyre host rocks (the upper part of the Proterozoic Yandagooge Formation) under considerable cover of recent aeolian sands and Permian sediments.

To date, a total of 2,176 meters has been drilled in 18 holes across a line transecting the interpreted projection of the Kintyre host rocks, three kilometers southeast of the resource. The initial results have been encouraging, with eight holes intersecting Kintyre deposit host lithologies comprising graphitic and chloritic schists.

The eight holes contain sulphide disseminations consisting predominantly of pyrite with minor chalcopyrite, but as yet, no significant radioactivity has been detected. Priority samples have been sent for assay, but due to the current backlog of samples at the analytical laboratory, results are not expected until early July.

Within the southern part of the target area, some 6 kilometers southeast of the Kintyre resource, a clearing permit application has been submitted for drill testing a newly discovered gravity anomaly (+1 mgal) and associated resistive zone, which were delineated by Mega's ground gravity and electromagnetic surveys in 2007/08.

Mega Uranium wishes to acknowledge the support of the Martu Native Title Landowners and the Western Desert Lands Aboriginal Corporation in approving the drilling programme.

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

To view the Kintyre Map, please visit the following link: http://media3.marketwire.com/docs/KintyreMap.pdf.

Mega Uranium's drilling has located chloritic and graphitic schists 3km SE of the Kintyre deposit

About Mega Uranium

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

Cautionary Statement Regarding Forward-Looking Information

Certain information contained in this press release constitutes "forward-looking information", which is information regarding possible events, conditions or results of operations that is based upon assumptions about future economic conditions and courses of action. All information other than matters of historical fact may be forward-looking information. In some cases, forward-looking information can be identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release includes, but is not limited to, statements about the proposed acquisition of Energentia by Mega, the continuation of its business following completion of the acquisition and our expectations regarding Energentia's properties and the Columbian region generally.

By its nature, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to differ materially from those expressed or implied by such forward-looking information. Some of the risks and other factors that could cause actual results to differ materially from those expressed in the forward-looking information contained in this release include, but are not limited to: the possibility that the necessary shareholder and regulatory approvals will not be obtained in a timely manner or at all, and that other conditions to completion of the acquisition will not be satisfied; and risks related to the inherent uncertainty of mineral exploration and development activities generally, including political and regulatory risks.

Although we have attempted to identify important factors that could cause actual results or events to differ materially from those described in the forward-looking information, readers are cautioned that this list is not exhaustive and there may be other factors that we have not identified. Readers are cautioned not to place undue reliance on forward-looking information contained in this release. Forward-looking information is based upon our beliefs, estimates and opinions as at the date of this release, which we believe are reasonable, but no assurance can be given that these will prove to be correct. Furthermore, we undertake no obligation to update or revise forward-looking information if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

All forward-looking information contained in this release is expressly qualified by this cautionary note.

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