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« Denison Mines Corp: A Buy, but not yet! | Main | Gold Drivers Competition 2007: For a giggle. »
Thursday
Jan252007

MEGA URANIUM: Acquires advanced uranium project.

megaLogo2


Mega Uranium Limited has acquired, subject to due diligence and TSX approval an area of approximately 1900 square kilometres of uranium mining property from the publicly listed Australian company Glengarry Resources Ltd.

This property, close to its Ben Lomond projects in Queensland, Australia contains an area of uranium mineralization known as the Oasis prospect, which was drilled between 1977 - 1979 by Esso Exploration and Production Australia Incorporated on traverses 12.5-25 metres apart, in a programme comprising 32 diamond core holes and 14 percussion holes totalling 4755 metres. This drill programme delineated a coherent, steeply dipping, tabular zone of disseminated uraninite mineralization, up to 15 metres thick, and covering a distance of approximately 300 metres strike length and 175 metres in depth.

In 2005/2006, Glengarry confirmed the validity of Esso's drill results with 4 angled (-60 degrees) diamond drill holes over a total of 461 metres.


Mega are about to embark on an exploration programme, scheduled to commence in about 3 months when the rainy season eases off.

When making any sort of investment take a good look at the management team. Mega in our opinion has one of the best around today. They are proactive as the constant news flow clearly demonstrates, there is always something that they are probing, analysing and acquiring. This acquisition bodes well for the future and we will monitor Mega’s progress with great interest as usual.

Mega, along with Laramide and Fronteer form part of our core holding being good quality stocks they are our backbone in investment terms. Other uranium stocks, of a more risky nature are also included in our portfolio, but you must be aware by now that we are a little cavalier in our approach to investment, which can be costly, so you have been warned.

We started investing in Mega on 27 July when it was $8.00 and then there was a 2 for 1 split so our entry cost was $4.00. Last night Mega closed at $6.59, which is a paper profit of 64% so far.

We are holding on to this stock and will accumulate whenever we have the cash.

Mega Uranium trades on the TSX under the symbol of: MGA.


25 January 2007


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