Mega Uranium Ltd.
TSX VENTURE : MGA

Mega Uranium Ltd.

January 24, 2006 07:00 ET

Mega Uranium Ltd.: Third Drill Mobilized Shebandowan Camp, Thunder Bay, Ontario

TORONTO, ONTARIO--(CCNMatthews - Jan. 24, 2006) - Mega Uranium Ltd. (TSX VENTURE:MGA) :

- Commencement of drilling at Powell gold-base metal property

- 1500 metre long IP anomaly to be tested with Copper-Gold showings

- Drilling continues at Hamlin and Deaty

Mega Uranium Ltd. ("Mega") (TSX VENTURE:MGA) (through its Maple Minerals division) and East West Resource Corporation (TSX VENTURE:EWR) announce the commencement of a diamond drill program designed to evaluate two IP (induced polarization) geophysical anomalies. A series of copper-gold showings were located on the northern part of the Powell property in the late fall that were subsequently traced along strike with an IP survey. The IP anomaly will be investigated with two diamond drill holes. Diamond drilling will also test a second IP anomaly located at the regional rhyolite-basalt volcanic contact on the southern part of the grid.

The Powell property is located west of and contiguous with the Deaty and Hamlin properties where a major diamond drill program is continuing with two drill rigs.

Mega Uranium Ltd (TSX-V: MGA) and East West Resource Corporation each hold a 50% interest in both the Hamlin and Deaty properties.

The project set out above is being supervised by R. Middleton, P.Eng. who is the Qualified Person and the person responsible for quality control of the assaying and reporting. More details are available on SEDAR at www.sedar.com.

Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia, Argentina, Mongolia and Canada. Further information on Mega can be found on the company's website at www.megauranium.com

This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Mega's results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof. Mega Uranium disclaims any intent or obligation to update these forward-looking statements and cautions investors from placing undue reliance on forward-looking statements. Mega does have an ongoing obligation to disclose material information as it becomes available.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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