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Mega Enters Into an Agreement to Earn 70% of Aura Energy's Properties in the Gunbarrel Basin of Western Australia
Tuesday December 19, 8:00 am ET
TORONTO, ONTARIO--(CCNMatthews - Dec. 19, 2006) - Mega Uranium Ltd. (TSX:MGA - News; "Mega") is pleased to announce that it has entered into a binding heads of agreement with respect of a farm-in agreement with the Australian Stock Exchange-listed Aura Energy Ltd. ("Aura") to earn an initial 50% interest, and up to 70%, in Aura's tenements in the Gunbarrel Basin of Western Australia.
The Gunbarrel Basin, located east of the Archaean Yilgarn Block, contains a large endowment of sediment-hosted uranium mineralisation, but is significantly less explored than the other major uranium provinces of Australia. The combined uranium resources of the two largest known deposits in the region, Mulga Rock and Ponton, are reported to exceed 100 million pounds U3O8.
Aura's properties, totaling 3751 km2, cover extensive portions of three of the four main palaeochannels in the region, including large areas upstream from both the Ponton and Mulga Rock deposits. In the Kirgella Rocks Project, upstream from Ponton, limited previous drilling has intersected a favourable uranium host lithology in the form of reduced, carbonaceous channel sands. Elsewhere in Aura's ground holding the prospective palaeochannels are untested by drilling.
Mega's President, Stewart Taylor commented "We have entered into this farm-in agreement with Aura because of the quality of the Gunbarrel Basin tenements and also the uranium expertise of Aura's exploration team. We regard the Gunbarrel Basin as a very attractive uranium exploration target, based on the size of the known deposits and the limited previous exploration of the region."
Under the Heads of Agreement, dated December 15, 2006, Mega's subsidiary, Mega Redport Pty. Ltd., can earn an initial 50% interest in Aura's 16 exploration tenements, totaling 3751 km2, through a total expenditure of A$3 million within three years. Mega is committed to a minimum expenditure of A$1 million within the first year and must spend a minimum of A$1.5 million before it can withdraw. Once it has obtained a 50% interest, Mega will have the option to increase to 70% through additional expenditure of A$3 million over a further 18 month period.
Aura Energy will manage the initial phase of the exploration, which will commence early in 2007 with an extensive airborne electromagnetics survey to define the position of the prospective palaeochannels.
Stewart Taylor, Mega's President and Qualified Person under NI43-101, is responsible for this release and has verified the contents disclosed.