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Mega Uranium Ltd.: Mega Uranium Ltd. Announces Re-Approval of Shareholder Rights Plan

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^{Published in Business and Finance on Friday, March 20th 2009 at 9:08 GMT, Last Modified on 2009-03-20 09:08:49 by Market Wire}  

TORONTO, ONTARIO--(Marketwire - March 20, 2009) - Mega Uranium Ltd. (TSX:MGA) ("Mega" or the "Company") announces that its shareholder rights plan (the "Rights Plan"), which has been in effect since April 2006, was re-approved and re-confirmed by the Company's shareholders at its annual and special meeting held today. In accordance with its terms, the Rights Plan must be re-approved by shareholders every three years. No amendments have been made to the Rights Plan since its adoption in 2006.

The Rights Plan is intended to provide the Company's board of directors with adequate time to assess a take-over bid, to consider alternatives to a take-over bid as a means of maximizing shareholder value, to allow competing bids to emerge, and to provide Mega's shareholders with adequate time to properly assess a take-over bid without undue pressure.

The Rights Plan will expire at the end of Mega's annual shareholders' meeting in 2012, unless it is confirmed by shareholders at that meeting. A copy of the Rights Plan is available to the public for viewing on SEDAR at [ www.sedar.com ] under Mega's profile.

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.