Mega To Acquire Portfolio Of Canadian Exploration Assets From Titan Uranium Inc.

January 04, 2012 / / Article Link

January4, 2012

TORONTO, Ontario - Mega Uranium Ltd. (TSX:MGA)("Mega") is pleased to announce that ithas entered into a letter of intent with Titan Uranium Inc. (TSXV:TUE) ("Titan") to acquire all of Titan's Canadianexploration properties, in exchange for 10,000,000 common shares of Mega.

Theproposed acquisition includes 23 projects, covering 1.2 million acres locatedin the Athabasca Basin of Saskatchewan, the Thelon Basin project located inNunavut, in which Mega and Titan are currently 51/49 joint venture partners,and the South Fork project in Southwestern Saskatchewan, in which Mega andTitan currently each hold a 25% interest. The Athabasca Basin projects include the Castle North, Castle South,R-Seven, Thorburn Lake, Border Block, Bishop I and BishopII, Virgin Trend, Rook I and Rook II, Sand Hill Lake, Carlson Creek, Meanwelland Fleming projects.

Subjectto the completion of due diligence, the execution of a definitive agreement andcustomary closing conditions, including the approvals of the Toronto StockExchange and the TSX Venture Exchange (for Titan), it is anticipated that theacquisition will close prior to the completion of the previously announcedmerger of Titan and Energy Fuels Inc. in the first quarter of calendar 2012.


Mega Uranium Ltd. is a Toronto-based mineral resources company with afocus on uranium properties in Australia,Canada and Cameroon. Furtherinformation on Mega can be found on the company's website Mega Uranium's BenLomond and Maureen properties in Queensland,Australia are subject to a state policy which presently prohibits the mining ofuranium.

For further information, please contact:

Investor Relations Mega UraniumLtd. Richard Patricio EVP CorporateAffairs T: (416) 643-7630

NoteRegarding Forward-Looking information

Certain informationcontained in this press release constitutes "forward-looking information",which is information regarding possible events, conditions or results ofoperations that is based upon assumptions about future economic conditions andcourses of action. All information other than matters of historical fact may beforward-looking information. In some cases, forward-looking information can beidentified by the use of words such as "seek", "expect", "anticipate","budget", "plan", "estimate", "continue", "forecast", "intend", "believe","predict", "potential", "target", "may", "could", "would", "might", "will" andsimilar words or phrases (including negative variations) suggesting futureoutcomes or statements regarding an outlook. Forward-looking information in this press release includes, but is notlimited to, statements about our plans regarding future acquisitions andproperty development, our expectations regarding the uranium market, globalgrowth and the use of nuclear power, our drill results, commodity prices andcore intersection lengths, in that they constitute estimates, based on certainassumptions of mineralization that may be encountered if a deposit were to bemined.

By its nature,forward-looking information involves known and unknown risks, uncertainties andother factors which may cause our actual results, performance or achievements,or industry results, to differ materially from those expressed or implied bysuch forward-looking information. Some of the risks and other factors thatcould cause actual results to differ materially from those expressed in theforward-looking information contained in this release include, but are notlimited to: risks and uncertainties relating to the interpretation of drillresults, the geology, grade and continuity of mineral deposits and conclusionsof economic evaluations; results of initial feasibility, pre-feasibility andfeasibility studies, and the possibility that future exploration, developmentor mining results will not be consistent with the Company's expectations; risksrelating to possible variations in reserves, grade, planned mining dilution andore loss, or recovery rates and changes in project parameters as plans continueto be refined; mining and development risks, including risks related toaccidents, equipment breakdowns, labour disputes (including work stoppages andstrikes) or other unanticipated difficulties with or interruptions inexploration and development; the potential for delays in exploration ordevelopment activities or the completion of feasibility studies; risks relatedto the inherent uncertainty of production and cost estimates and the potentialfor unexpected costs and expenses; risks related to commodity price and foreignexchange rate fluctuations; the uncertainty of profitability based upon thecyclical nature of the industry in which the Company operates; risks related tofailure to obtain adequate financing on a timely basis and on acceptable termsor delays in obtaining governmental approvals or in the completion ofdevelopment or construction activities; risks related to environmentalregulation and liability; political and regulatory risks associated with miningand exploration; and other risks and uncertainties related to the Company'sprospects, properties and business strategy.

Although we haveattempted to identify important factors that could cause actual results orevents to differ materially from those described in the forward-lookinginformation, readers are cautioned that this list is not exhaustive and theremay be other factors that we have not identified. Readers are cautioned not to place unduereliance on forward-looking information contained in this release. Forward-looking information is based upon ourbeliefs, estimates and opinions as at the date of this release, which webelieve are reasonable, but no assurance can be given that these will prove tobe correct. Furthermore, we undertake noobligation to update or revise forward-looking information if these beliefs,estimates and opinions or other circumstances should change, except asotherwise required by applicable law.

All forward-lookinginformation contained in this release is expressly qualified by this cautionarynote.

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