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Mega Uranium Ltd.: Mega Uranium Ltd.: Update on Georgetown Project, Queensland, Australia

TORONTO, ONTARIO--(Marketwire - Jan. 15, 2009) - Mega Uranium Ltd. (TSX:MGA) ("Mega") is pleased to provide an update on exploration progress in the Georgetown Project in Queensland, Australia.

Central 50 Prospect (Lineament Fault Zone)

Results were received for four diamond core holes (total 917 meters) and three RC holes (total 504 meters) drilled in the Central 50 prospect area of the east-west trending Lineament Fault Zone, which is located some 25 kilometers south-southwest of Mega's Maureen uranium resource (NI43-101 compliant Indicated Resource of 5.95 Mlbs U3O8 plus an Inferred Resource of 0.38Mlbs U3O8). The seven holes were drilled along a 240 meter long portion of the prospect to test for depth extensions of the significant mineralisation intersected by Mega's RC holes LMRC201, 205 and 207 (listed in Table 1), which were drilled in the last quarter of 2007. The historical resource(1) at Central 50, as reported by Esso Exploration and Production Australia Inc. in 1981, comprises 1.3 Mlbs U3O8 at a grade of 0.16% U3O8, based on a 0.045% U3O8 cut-off.

The better intersections in the 2008 drilling programme (Table 1) include 2 meters @ 0.21% U3O8 (Hole 209), 24 meters @ 0.07% U3O8 (Hole 210), 15 meters @ 0.10% U3O8 (Hole 212) and 21 meters @ 0.08% U3O8 (Hole 215). Insufficient information is available to determine the true widths represented by these intersections.

The uranium mineralisation in the Central 50 prospect occurs in the form of steeply dipping and steeply plunging bodies within Proterozoic granite basement, predominantly at the contact zones with quartz feldspar porphyry dykes and basic dykes. The mineralisation is associated with intense albite alteration and weak base metal sulphides. Due to the geological complexity of the deposit further work is necessary to assess its economic potential and to determine if further drilling is warranted.

Table 1: Central 50 Prospect Drilling Results(2)
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Hole Angle From To Width %
 (meters) (meters) (meters) U3O8
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LMRC201 -60 Degrees 111 114 3 0.09
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 117 129 12 0.09
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LMRC205 -60 Degrees 167 174 7 0.09
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 194 196 2 0.03
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LMRC207 -60 Degrees 109 111 2 0.09
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LMDD209 -60 Degrees 178 180 2 0.21
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 194 195 1 0.02
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 197 198 1 0.04
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LMDD210 -60 Degrees 136 137 1 0.02
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 139 145 6 0.03
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 147 149 2 0.04
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 153 177 24 0.07
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 180 182 2 0.09
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LMDD211 -60 Degrees 177 178 1 0.05
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 181 185 4 0.07
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 190 191 1 0.06
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LMDD212 -60 Degrees 198 213 15 0.10
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LMRC213 -60 Degrees 132 137 5 0.03
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LMRC214 -60 Degrees 152 157 5 0.04
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 168 171 3 0.08
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 178 181 3 0.03
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LMRC215 -60 Degrees 113 134 21 0.08
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Two Gee Prospect (Apollo Fault)

Results were received for four diamond core holes (total 620 meters) drilled to investigate the Two Gee Prospect, which is located on the north-trending Apollo Fault structure some 30 kilometers southeast of the Maureen Resource. The holes were a follow-up of Mega's hole 2GRC201 (Table 2), which intersected 7 meters @ 0.02 % U3O8 and 51 meters @ 0.03% U3O8 in the last quarter of 2007. The historical resource(1) at Two Gee, reported by Minatome Australia Pty. Ltd. in 1983, comprises 1.6 Mlbs U3O8 in 642,000 tonnes @ 0.12 % U3O8.

The four holes (Table 2) intersected only low grade uranium mineralisation within rhyolite, brecciated rhyolite and volcaniclastic sandstone. In addition, two RC holes (total 198 meters), drilled to test a radiometric anomaly east of the Apollo Fault Structure, failed to intersect anything of economic significance.

Table 2: Two Gee Prospect Drilling Results(2)
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Hole Location Angle From To Width %
 (meters) (meters) (meters) U3O8
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2GRC201 Apollo Fault -60 Degrees 42 49 7 0.02
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 54 105 51 0.03
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2GDD502 Apollo Fault -90 Degrees 16 32 16 0.03
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2GDD503 Apollo Fault -60 Degrees 47 57 10 0.03
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 82 86 4 0.03
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 89 95 6 0.04
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2GDD504 Apollo Fault -90 Degrees 40 41 1 0.03
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2GDD505 Apollo Fault -90 Degrees 106 107 1 0.02
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2GRC506 Eastern Anomaly -60 Degrees 52 53 1 0.05
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2GRC507 Eastern Anomaly -60 Degrees NSM
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NSM equals no significant mineralisation

Reduction of Ground Tenure in the Georgetown Project

Following a review of the exploration results to date, Mega withdrew from the Tabletop Farm-In Agreement with the ASX-listed Queensland Gold and Minerals Ltd. Under the agreement Mega had the option to earn an 80% interest in the uranium content of 322 km2 of ground by funding all expenditure to the definition of a NI43-101 compliant resource.

Due to a combination of statutory relinquishment requirements and voluntary relinquishment following an assessment of exploration results, Mega has reduced the area of ground in the Georgetown Project in which it holds the uranium rights to 766km2.

Notes:

(1) The Central 50 and Two Gee uranium resource estimates reported, respectively, by Esso in 1981 and Minatome in 1983, are historical and not NI43-101 compliant. As the resource estimates were reported prior to the introduction of the JORC regulations in Australia, they must therefore be regarded as unreliable at this time according to the NI43-101 guidelines.

(2) Tables 1 and 2 list drill hole intersections at a 200 ppm U3O8 cut-off. Assays for uranium were undertaken on one meter intervals of drill core or material recovered from RC holes, at the laboratory of ALS Chemex in Brisbane, using the pressed pellet XRF method (Lab. Code XRF-05). The results were reported in ppm U by ALS Chemex then converted to %U3O8 by Mega.

Stewart Taylor, Mega's President and Qualified Person under NI43-101, is responsible for 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, Bolivia, Colombia, Mongolia 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.

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 the necessary shareholder and regulatory approvals will not be obtained in a timely manner or at all, and that other conditions to completion of the acquisition will not be satisfied; and risks related to the inherent uncertainty of mineral exploration and development activities generally, including political and regulatory risks.

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.