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Press Release Source: Mega Uranium Ltd.
Mega Acquires Additional Central Mineral Belt Projects From Santoy Resources Ltd.
Tuesday April 3, 8:47 am ET
TORONTO, ONTARIO--(CCNMatthews - April 3, 2007) - Mega Uranium Ltd. (TSX:MGA - News; "Mega") is pleased to announce it has entered into an agreement with Santoy Resources Ltd. ("Santoy") (TSX VENTURE:SAN - News) to acquire all of Santoy's right, title and interest in three projects in the Central Mineral Belt, Labrador. Under the agreement, Mega will acquire the West Michelin, West Micmac and Gravelly River projects (the "Projects") from Santoy (subject to a 1% net smelter royalty covering 352 of the 1,375 claims in favour of a third party) in exchange for 400,000 common shares of Mega. The acquisition is subject to the approval of the Toronto Stock Exchange.
The Gravelly River property lies immediately southeast of the Bruce River property (which is jointly owned by Santoy and Monster Copper Corporation ("Monster") (TSX VENTURE:MNS - News) and is underlain predominantly by intrusive rocks of the Trans Labrador Batholith. A belt of Bruce River Group rocks and Moran Lake Group equivalents occurs in the northern part of the property. The West Micmac and West Michelin properties are two almost contiguous properties underlain mostly by granite of various ages, immediately west of the Aillik Group stratigraphy. Santoy flew a radiometric/magnetic survey in 2005 and conducted extensive prospecting in 2006 over all three properties comprising the Projects.
This acquisition extends Mega's activities in the Central Mineral Belt, Labrador, which began with Mega's pending acquisition of Monster, previously announced on March 8, 2007.
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 and Mongolia. Further information on Mega can be found on the company's website at www.megauranium.com. Mega Uranium's Australian uranium properties, including without limitation Ben Lomond, Maureen and Lake Maitland, are subject to State policies which presently prohibit the mining of uranium.
Contact:
Richard Patricio
Mega Uranium Ltd.
VP Corporate and Legal Affairs
(416) 643-7630
Email: info@megauranium.com
Website: www.megauranium.com
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Source: Mega Uranium Ltd.
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