Mega Uranium Finalises Purchase of Barwidgee Station

With the purchase, Mega has acquired a leasehold over the land until June 30, 2015 and, subject to legislative requirements, is capable of being renewed for a further 46 years and seven months from this date.

The acquisition follows a number of significant achievements at Lake Maitland including:

- The granting of the Lake Maitland mining lease by the Western Australian Government

- The lodgement of environmental referral documents with the State and Commonwealth governments

- The signing of a non-binding Memorandum of Understanding with Navigator Resources whereby Navigator and Mega will investigate the shared use of infrastructure and services at Navigator's Bronzewing Gold Project, which adjoins the Lake Maitland Uranium Project.

News releases regarding the above are available at www.megauranium.com.

Mega President Stewart Taylor said the acquisition of Barwidgee was another significant development in the progression of the Lake Maitland Uranium Project. "Acquiring the lease of the pastoral station ensures Mega has security of access to the Lake Maitland Uranium Project site," Mr. Taylor said. "Owning the lease of the station also provides Mega with opportunities to foster future enterprise development to benefit local Indigenous communities. We will be investigating options as the project is advanced."

Mega is progressing its Definitive Feasibility Studies and Environmental Impact Assessment for the project, with the goal of commencing production in 2012. The Lake Maitland Uranium Project is a joint venture with Japanese partners, Japan Australia Uranium Resource Development Co (JAURD) and Itochu Minerals & Energy of Australia Pty Ltd (IMEA).

About Mega Uranium Ltd.

Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia, Canada, Argentina, Colombia 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.

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