Mega Uranium Acquires Securities of Macusani Yellowcake

Monday, Jan 11, 2010

Mega Uranium Ltd. announces that on January 8, 2010, it acquired ownership of 4,000,000 common shares ("Common Shares") and 2,760,000 common share purchase warrants (the "Warrants") of Macusani Yellowcake Inc. ("Macusani"). Each warrant entitled the holder thereof to acquire one additional common share at a price of $0.30 until January 8, 2012. In the event that the Warrants are fully exercised, these holdings represent approximately 10.8% of the total issued and outstanding common shares of Macusani as of January 8, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Mega and its joint actors collectively held, as at January 8, 2010, an aggregate of 8,000,000 common shares of Macusani, including the Common Shares and rights to acquire an additional 4,760,000 common shares of Macusani upon exercise of certain convertible securities (the "Convertible Securities"), including the Warrants. Of these totals, Mega owns 6,000,000 common shares, including the Common Shares and rights to acquire an additional 3,760,000 common shares of Macusani upon exercise of certain convertible securities (the "Mega Convertible Securities), including the Warrants, directly. In the event that the Convertible Securities are fully exercised, the holdings of Mega and its joint actors represents a total of 12,760,000 common shares of Macusani, or approximately 19.7% of all issued and outstanding common shares as at January 8, 2010, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Mega Convertible Securities are fully exercised, the direct holdings of Mega represents a total of 9.760,000 common shares of Macusani, or approximately 15.3% of all issued and outstanding common shares as at January 8, 2010, calculated on a partially diluted basis assuming the exercise of the Mega Convertible Securities only.

These transactions were made for investment purposes and Mega or its joint actors could increase or decrease their investment in Macusani depending on market conditions or any other relevant factor.

ABOUT MEGA URANIUM

Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia, Argentina, Cameroon, Canada and Colombia. Further information on Mega can be found on the company's website at www.megauranium.com. Mega Uranium's Ben Lomond and Maureen properties in Queensland, Australia, are subject to a State policy which presently prohibits the mining of uranium.

Source: Marketwire