Mega Uranium Announces High Grade Uranium Mineralization Confirmed On Northwest Athabasca Property, Saskatchewan

November 08, 2012 / www.megauranium.com / Article Link

TORONTO,Ontario (November 8, 2012) - Mega Uranium Ltd. (TSX:MGA) ("Mega") and Forum Uranium Corp. (TSXV:FDC)("Forum") are pleased to announce preliminary results from the first of threehigh priority targets being drilled on the Northwest Athabasca property.Uranium mineralization was encountered at shallow depths in two of four holesdrilled in the first target area.

Drillhole NWA-35 intersected a 1.4 metremineralized interval at a vertical depth of 26 metres and is interpreted to bepart of Zone 2A discovered in 1978. Withinthis interval a 25 centimetre section gave an off-scale scintillometer* reading(>9999 counts per second). Mineralization consists of blebs and flecks ofpitchblende. Sufficient drilling has now been completed in the vicinity of Zone2A to conclude that the zone is of very limited extent, however the interceptin hole NWA-35 confirms the presence of high grade mineralization on the NorthwestAthabasca property. Further drilling is recommended outside Zone 2A to definethe controlling structure.

Drillhole NWA-34 intersected a 10cm zone, withina graphitic shear, with a scintillometer* reading of 1,400 counts per second ata vertical depth of 50 metres and located 20 metres west of Zone 2A. Approximately 20 metres to the west of theNWA-34 intercept is an untested electromagnetic conductor which has been selectedfor future drill testing.

The current drill program is continuing withtesting of the Maurice Creek South target, (a gravity low situated immediatelysouth of the historic Maurice Creek mineralization) and the Barney Zone,(tested by a single hole in March 2012 with very positive results of strongbleaching and faulting associated with dravite clays in the overlyingsandstones).

Large gravity lows are present both to thenorth and south of Zone 2A. Drilling onthe gravity low to the south discovered the Opie Zone in March 2012 (0.142% U3O8over 7.6 metres at a depth of 40 to 100 metres) which requires more drillingthis winter. An untested gravity low also lies to the north of Zone 2A and is apriority target for future drill programs. See Figure 1: Northwest AthabascaProject Gravity Survey at the end of this news release.

The Northwest Athabasca property hosts theMaurice Bay deposit (historical resource** of 1.5 million pounds uranium at0.6% U3O8). The positive results returned from the drillprogram completed in March 2012, including the discovery of the Opie encouragedForum and Mega to step up exploration on the property. All targets are similarto Cameco's Millennium deposit and Rio Tinto's Roughrider deposit and at muchshallower depths (less than 100 metres).

Quality Assuranceand Quality Control

Core samples are collected and shipped insealed containers to the Saskatchewan Research Council, an ISO/IEC 17025:2005(CAN-P-4E) certified laboratory for geochemical analysis using the Uranium ICPPackage. This package is the preferred analytical technique for detectinguranium and pathfinder elements in the alteration halos of unconformity-typeuranium deposits in the Athabasca Basin.

MichaelDownes Ph.D., P.Geo., Vice President North America and Qualified Person forMega, has reviewed the technical content of this news release.

Forum and MegaOption with Cameco

Forum and Mega Uranium have entered into a50/50 Joint Venture Agreement to manage the exploration program during theearn-in period with Forum as initial Operator. Forum and Mega can earn a 60% interest in the Northwest Athabascaproject, a joint venture between Cameco Corporation and Areva Resources Canada,by completing $4 million in exploration over four years and making cashpayments totaling $400,000 over three years, of which $140,000 has been paid.It is anticipated that Forum and Mega will vest their joint 60% interest in theproperty upon completion of the current program.

The Northwest Athabasca project will formpart of the Mega projects being sold to NexGen Energy Ltd., as announced August9, 2012. That transaction is expected toclose in the fourth quarter of 2012.

Figure1: Northwest Athabasca Project GravitySurvey. The proposed 2012fall drill targets on gravity lows (outlined in blue) are circled inblack.

*Naturalgamma radiation in drill core that is reported in this news release wasmeasured in counts per second (cps) using a handheld Exploranium GRS-101 totalcount gamma-ray scintillometer. The reader is cautioned that scintillometerreadings are not directly or uniformly related to uranium grades of the rocksample measured, and should be used only as a preliminary indication of thepresence of radioactive materials. The degree of radioactivity within thisinterval is highly variable and associated with visible pitchblendemineralization. Core recovery is generally between 90% to 100% in holeNWA-35. All intersections are down-hole,core interval measurements and true thickness are yet to be determined.

**Historicalresource for the Maurice Bay deposit, as reported by Saskatchewan Industry andResources, Miscellaneous Report 2003-7, has not been calculated or classifiedunder the specifications of National Instrument 43-101 and should not be reliedupon.

ABOUT MEGA URANIUM

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 atwww.megauranium.com.

For further information, please contact:Investor RelationsMega UraniumLtd.RichardPatricioEVP CorporateAffairsT: (416) 643-7630info@megauranium.comwww.megauranium.com

NoteRegarding Forward-Looking information

Certain informationcontained in this press release may constitute "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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