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Mega Uranium Ltd

Thursday, September 27th, 2007

Mega Uranium Ltd. is pleased to announce that it has entered into an agreement with Forum Uranium Corp. on Forum’s 100% owned Maurice Point property, which is located close to Cameco Corporation’s Maurice Bay uranium deposit in the Athabasca Basin of northern Saskatchewan.
Mega can earn a 55% interest in the Maurice Point project by spending $8 million over three years and by issuing 100,000 Mega shares to Forum. Mega has a $2 million expenditure commitment in the first year of the option and Forum will initially operate the project. Mega can earn a further 15% interest (total 70% interest) by delivering a positive feasibility study and arranging project financing. Forum has the option to convert its remaining 30% interest to a 2% NSR at its election.
The 37,714 hectare Maurice Point property is located on the western margin of the Athabasca Basin in northern Saskatchewan. Forum’s disciplined exploration approach of geological mapping, prospecting, structural studies and airborne/ground geophysics has led to the definition of a number of drill-ready targets that are considered prospective for unconformity-style and structurally related uranium deposits.
Cameco’s 1.3 million lb. Maurice Bay deposit is located 3 km to the west of the western boundary of the Maurice Point property (Source: Saskatchewan Industry and Resources Miscellaneous Report 2003-7). The Maurice Bay deposit, discovered in 1977, hosts significant uranium mineralization made up of perched sandstone above the unconformity and also basement-hosted mineralization in which historical drilling has intersected up to 13 metres of 3% U3O8. This deposit, along with numerous uranium occurrences (Spring Point, Uranium Ridge, Beach, West Beach), are spatially associated with a 25 kilometre long northeast regional structural trend, which has been traced along the full length of the Maurice Point property and is similar to structural trends associated with other known uranium deposits in the eastern Athabasca Basin.
On the Maurice Point property, three mineralized zones are situated over a six kilometre section of the regional structure along the margin of the unconformity with the Athabasca sandstone. The initial 7 grab samples collected over a 100 metre strike length at the Beach zone returned grades ranging from 0.4% to 7.3% U3O8. Further grab samples up to 6.3% U3O8 have expanded the zone of anomalous radioactivity in the Beach zone to an area of 400m by 200m.. Elevated boron values together with widespread hydrothermal bleaching and hematization are characteristic of these showings and considered indicative of a major mineralizing event. The West Beach zone, a graphitic shear structure, is located 300 m northwest of the Beach Zone. Grab samples from a 50 m by 40 m area of this zone grade from 0.1% to 0.6% U3O8 and average 0.4% U3O8. The zone is open along strike under overburden cover.
Preparations for further airborne and ground geophysical surveys followed by an initial drill program on the Beach and West Beach showings are scheduled to commence after Mega has completed a 15 day due diligence period. On completion of the due diligence, the agreement will be binding and the parties will proceed to a formal agreement.

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