Mesa Uranium Corp.
TSX VENTURE : MZU

Mesa Uranium Corp.

March 16, 2007 08:30 ET

Mesa Uranium Announces Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 16, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES

MESA URANIUM CORP. (TSX VENTURE:MZU) ("Company") is pleased to announce that it has negotiated, subject to regulatory approval and formal documentation, a brokered private placement to be led by Pacific International Securities Inc. (the "Agent") of up to 6,000,000 units (each a "Unit") at a purchase price of $0.50 per Unit for gross proceeds to the Company of up to $3,000,000 (the "Offering"). Each Unit will consist of one common share of the Company and one half of one transferable common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to acquire one additional common share (a "Warrant Share") of the Company at a purchase price of $0.75 per Warrant Share for a period of two years following the closing of the Offering.

In consideration for the services to be provided by the Agent in connection with the Offering, the Agent will receive a commission equal to 7% of the gross proceeds of the Offering, payable in a combination of cash or Units at the election of the Agent. The Agent will also receive compensation options (the "Compensation Options") that entitle the Agent, for a period of two years from the closing of the Offering, to acquire such number of common shares (the "Compensation Option Shares") of the Company as is equal to 10% of the number of Units sold under the Offering at a purchase price of $0.55 per Compensation Option Share.

All securities issued in connection with the Offering will be subject to a minimum four month hold period. The proceeds from the private placement will be used for the exploration and drilling of the Company's Lisbon Valley project in Utah and the Moon Shine Springs project in Arizona, and to allow the Company to explore new acquisition opportunities. The Offering is subject to the approval of the TSX Venture Exchange.

Mesa Uranium Corp. is a uranium exploration company focused on proven uranium districts in the western United States. Mesa's lead project is the 100%-owned Lisbon Valley project in Utah, where drilling continues to identify new uranium mineralization, as previously announced. The Lisbon Valley District produced over 85 million pounds of U3O8, at some of the highest uranium grades in the United States, averaging 0.4% U3O8. The Lisbon Valley Mining District is located in the Colorado Plateau region, 30 miles south of Moab, in San Juan County, Utah. For further information about Mesa Uranium please visit our website at www.mesauranium.com.

ON BEHALF OF THE BOARD

MESA URANIUM CORP.

Foster Wilson, President and CEO

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including the likelihood of commercial mining and possible future financings are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on the Company and the risks and challenges of its business, investors should review the Company's annual filings that are available at www.sedar.com.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.

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