Mega Uranium Ltd.
TSX : MGA
August 07, 2009 13:37 ET
Mega Uranium Ltd.: No Objection Received From the Foreign Investment Review Board for JAURD/ITOCHU Investment in the Lake Maitland Uranium Mine Development in Western Australia
TORONTO, ONTARIO--(Marketwire - Aug. 7, 2009) - Mega Uranium Ltd. (TSX:MGA) ("Mega") is pleased to announce that notification has been received from the Foreign Investment Review Board of Australia that there are no objections to the investment by the Japan Australia Uranium Resources Development Company Ltd ("JAURD") (through its subsidiary JAURD International Lake Maitland Project Pty Ltd) and by ITOCHU Corporation ("ITOCHU") (through its subsidiary ITOCHU Minerals & Energy of Australia Pty Ltd) to acquire, respectively, a 30% interest and 5% interest in Mega's Lake Maitland uranium resource in Western Australia.
Under agreements signed in June 2009, JAURD and ITOCHU can, through the subsidiaries referred to above, acquire an aggregate 35% interest in the Lake Maitland resource through staged payments totaling $US49 million. JAURD is a Japanese company with a mandate to acquire uranium resources in Australia on behalf of its shareholders, three utilities - The Kansai Electric Power Company Incorporated (50%), Kyushu Electric Power Company Incorporated (25%) and Shikoku Electric Power Company Incorporation (15%) - and ITOCHU Corporation (10%), the world's second largest uranium trading house. For further details refer to Mega's news releases of February 27 2009 and June 18 2009.
Mega is also pleased to announce that it has signed an Indigenous Contracting Agreement ("ICA") with two 100% Indigenous-owned and operated companies, which will guarantee contracting, employment and training opportunities for the Indigenous people of the Eastern Goldfields area. The ICA, signed with contracting company and registered training organization, GLH Contracting, in partnership with contracting company, Tjupan Pty Ltd, will ensure that substantial economic benefits flow on from the Lake Maitland operation to the local Indigenous people and will empower the traditional landowners of the region in the long term sustainability of their communities.
Peter McNally, Mega's Executive Vice President- Project Development commented "The local traditional owners have worked with Mega in new Heritage and Ethnographic studies and are now keen to enter into employment and contracting work in the ongoing project studies and mine development."
Stewart Taylor, Mega's President and Qualified Person under NI43-101, is responsible for this news release and has verified the contents disclosed.
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 Ben Lomond and Maureen uranium resources are subject to a Queensland State Government policy that presently prohibits 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.
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.