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Mega Uranium Ltd.: Environmental Referral Documents Lodged for the Lake Maitland Project

^{Published on 2009-11-19 05:18:49 - Market Wire}
 

TORONTO, CANADA--(Marketwire - Nov. 19, 2009) - Mega Uranium Ltd. (TSX:MGA) ("Mega") is pleased to report that it has lodged formal referral documents with the Western Australian and Australian governments for the environmental assessment of its Lake Maitland uranium project in Western Australia.

The referral documents, submitted to the Western Australian Environmental Protection Authority and the Commonwealth Department of Environment, Water, Heritage and the Arts, will enable the State and Federal governments to evaluate the project in order to determine the level of environmental assessment that will be applied in the development of the resource.

"Following the granting of our Mining Lease in October, the lodgement of the referrals documents is another major step in the approvals process for Lake Maitland, which is on schedule to commence uranium production in 2012," Mega's President, Stewart Taylor said.

The calcrete-style Lake Maitland deposit is located close to infrastructure in the Eastern Goldfields region of central Western Australia, 108 kilometers southeast of Wiluna.

At a 100ppm U3O8 cut-off, it contains a NI43-101-compliant Indicated Resource of 28.7 million tonnes grading 376ppm U3O8 (23.8Mlbs U3O8) and an Inferred Resource of 3.6 million tonnes grading 274ppm U3O8 (2.2Mlbs U3O8). The deposit is conducive to simple, low cost, open pit mining as it occurs in the form of a single, coherent, horizontal layer, 1-3 meters thick (average 1.7 meters), lying only 1-2 meters from surface. Due to the soft nature of the ore and overburden, drilling and blasting will not be required.

Under agreements signed in June 2009, the Japan Australia Uranium Resources Development Company Ltd (JAURD), through its subsidiary JAURD International Lake Maitland Pty. Ltd., and ITOCHU Corporation, through its subsidiary ITOCHU Minerals and Energy of Australia Pty. Ltd., can acquire an aggregate 35% interest in the Lake Maitland resource through staged payments totaling $US49 million. For further details refer to Mega's news releases of February 27, 2009 and June 18, 2009.

Stewart Taylor, Mega's President and Qualified Person under NI43-101, is responsible for this news release and has verified the contents disclosed.

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 Cameroon. Further information on Mega can be found on the company's website at [ www.megauranium.com ]. Mega Uranium's Ben Lomond and Maureen uranium resources are subject to a Queensland State Government policy that presently prohibits the mining of uranium.

Cautionary Statement Regarding Forward-Looking Information

Certain information contained in this press release constitutes "forward-looking information", which is information regarding possible events, conditions or results of operations that is based upon assumptions about future economic conditions and courses of action. All information other than matters of historical fact may be forward-looking information. In some cases, forward-looking information can be identified 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" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release includes, but is not limited to, information concerning anticipated timing to production, and expectations regarding timing and production rates.

By its nature, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to differ materially from those expressed or implied by such forward-looking information. Some of the risks and other factors that could cause actual results to differ materially from those expressed in the forward-looking information contained in this release include, but are not limited to: the possibility that we do not develop the project as planned, and the potential for delays in development activities due to unforeseen circumstances associated generally with the unpredictability of such activities.

Although we have attempted to identify important factors that could cause actual results or events to differ materially from those described in the forward-looking information, readers are cautioned that this list is not exhaustive and there may be other factors that we have not identified. Readers are cautioned not to place undue reliance on forward-looking information contained in this release. Forward-looking information is based upon our beliefs, estimates and opinions as at the date of this release, which we believe are reasonable, but no assurance can be given that these will prove to be correct. Furthermore, we undertake no obligation to update or revise forward-looking information if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law. All forward-looking information contained in this release is expressly qualified by this cautionary note.