Mega Uranium Releases Unaudited Results for the Three Months Ended December 31, 2009

Monday, Feb 15, 2010

Mega Uranium Ltd. announces its unaudited results for the three months ended December 31, 2009.

SUMMARY FINANCIAL RESULTS

As at December 31, 2009, Mega had cash, cash equivalents and marketable securities totaling $66.9 million, as compared to $22.3 million at the end of September 30, 2009, an increase of 200%. The increase is primarily attributable to the proceeds from the company's public offering completed during the current quarter.

As at December 31, 2009, the Company had mineral properties and related expenditures of $300 million, as compared to $295 million as at September 30, 2009, reflecting increased expenditures on our properties in the quarter.

Summary results for the three months ended December 31, 2009, as compared to the three months ended December 31, 2008:

--  Loss from financial and trading activities for the quarter was $0.2 million, most of which relates to unrealized losses on marketable securities, as compared to a financial loss of $2.2 million last year.
--  Total expenses were $2.5 million in the quarter as compared to $8.7 million in the prior year's first quarter.
--  Net loss in the quarter was $1.1 million ($0.01 per common share), as compared to a net loss of $10.4 million in the previous year's quarter ($0.06 per common share).

PROJECT ACTIVITY

In the last three months of 2009, Mega continued its feasibility studies of the Lake Maitland project in Western Australia and progressed exploration of priority projects in Argentina and Cameroon.

During the quarter, Mega reported significant progress in the development of Lake Maitland as follows:

--  the granting of a Mining Lease (refer to Mega's news release of October 19, 2009);
--  the signing of a Memorandum of Understanding with the ASX-listed Navigator Resources regarding the sharing of services and infrastructure at the Bronzewing gold project (news release of November 17, 2009);
--  the lodgement of environmental referral documents (news release of November 19, 2009); and
--  the purchase of Barwidgee station on which Lake Maitland is located (news release of November 26, 2009).

"With $0.27 per share in cash and corporate bonds at the December 31, 2009 quarter-end, Mega is in a strong position to advance our Lake Maitland project toward production," stated Sheldon Inwentash, the Corporation's Chairman and CEO. "In 2010, we expect to complete the feasibility studies for Lake Maitland and advance the project through the environmental approvals process. In addition we are committed to realizing value from our expansive exploration portfolio both through direct exploration expenditures and through the evaluation and execution of strategic opportunities." "Notwithstanding the recent lull in the uranium sector we remain positive at the future prospects and feel we are in an ideal position to capitalize on an up-turn given our extensive property portfolio, experienced team and strong financial position."

Stewart Taylor, Mega's President and Qualified Person under NI 43-101, has reviewed the technical information in this 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, 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.

Source: Marketwire