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Press Release Source: Mega Uranium Ltd.
Mega Uranium and Cash Minerals Intersect Visible Native Copper at Odie, Wernecke Uranium District, Yukon
Tuesday May 15, 12:21 pm ET
TORONTO, ONTARIO--(CCNMatthews - May 15, 2007) - Mega Uranium Ltd. (TSX:MGA - News; "Mega") is pleased to provide an update on its Yukon Uranium Project. Mega has been advised by Cash Minerals Ltd. ("Cash"), that Cash's drilling programme has intersected visible copper on the Odie property, as native copper, in two intersections. Copper mineralization occurs within two intervals that are approximately 11.0 and 5.7 m thick. These intervals of native copper appear to occur in association with significant veining and chlorite alteration of the metasedimentary basement rocks of the Wernecke Supergroup. Drill hole assays from the first set of holes at Odie are expected to be released in June.
Native copper, which represents the natural metal form of copper, is soft, malleable and dense. In drill hole 2007-OD-01R (01R), native copper typically occurs as irregular masses and fillings of open spaces within veins in two intervals at 423.6-434.6 m (11.0 m), and 526.4-532.1 m (5.7 m). Native copper is commonly formed by the mobilization of copper in fluids, where in some cases the copper is often shown to be derived from proximal 'copper' sulphide (e.g., chalcopyrite and bornite) deposits. Cash advises that these intersections of native copper provide some exciting results for the stage one drilling program on the Odie property. Cash expects to follow up on this hole later this season.
Vein-controlled and disseminated pyrite mineralization also occurs sporadically in drill hole 01R between 495.1 and 563.9 m (To view an image of this core, please visit the Cash Minerals Ltd. website at http://www.cashminerals.com/s/photos.asp?reportid=181294).
Exploration and camp planning for the 2007 season is currently underway, with stage one drill plans near completion for the Igor and Lumina properties. Other properties within the Wernecke Uranium District to be explored later this season include the Vic, Bond, Angel and Bonnie properties. Exploration in the Wernecke Uranium district will be conducted under the supervision of Mr. Christopher K. Hutchings, P.Geo., who is the qualified person as specified in National Instrument 43-101 for technical disclosure. Mr. Hutchings is President of Kiex Consulting Limited, a professional geoscience consulting company.
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.
CAUTIONARY NOTE - FORWARD-LOOKING INFORMATION
This press release contains disclosure that constitutes "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements in the press release, other than statements of historical fact, may be "forward-looking". Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "possible", "targeting", "could", "might", "should", "believe", and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements in this press release include, but are not limited to, those with respect to our exploration and drilling activities, including planned surveys, mapping and sampling, our expectations regarding the potential mineralization of our properties and anticipated exploration costs. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Mega to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and factors include, but are not limited to, risks related to our joint venture operations, uncertainties associated with the outcome of our current exploration activities, changes in project parameters as our plans continue to be refined, changes in environmental and other regulations in the jurisdictions in which we operate, delays in obtaining governmental approvals or financing, economic and market factors which would limit the availability of capital, competition for acquisitions, the availability of technical expertise and equipment, and fluctuations in commodity prices, as well as those other risks and factors discussed in the section entitled "Description of the Business - Risks" in our annual information form for our fiscal year ended September 30, 2006 and in our other filings with certain of the Canadian securities regulatory authorities, which are available to the public at www.sedar.com. Although we have attempted to identify for the reader important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. We believe that the expectations reflected in the forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements. Forward-looking statements speak only as at the date on which they are made and we do not undertake to update any forward-looking information that is in this press release or otherwise contained in our public disclosure documents as a result of new information or the occurrence of future events or circumstances, except as required by law.
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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