Mega Uranium Ltd. Releases Unaudited Results For The Three Months Ended December 31, 2012

Mega Uranium Ltd (TSX: “MGA”) announces its results for the three months ended December 31, 2012 the highlights are listed below:

SUMMARY FINANCIAL RESULTS

As at December 31, 2012, the Company had mineral properties and related expenditures of $126.9 million as compared to $129.1 million as at September 30, 2012. Long term investments at fair value totaled $6.7 million as compared to long term and short term investments of $16.6 million as at September 30, 2012. Also as at December 31, 2012 Company had cash and cash equivalent of $6 million as compared to $2 million as at September 30, 2012.  

Summary results for the three months ended December 31, 2012, as compared to the three months ended December 31, 2011:

• Net loss for the three months ended December 31, 2012 was $1.6 million ($0.01 per common share) compared to a net loss of $0.7 million for the three months ended December 31, 2011 ($0.00 per common share).
• Total general and administrative expenses for the three months ended December 31, 2012 from operations were $1.89 million, as compared to $1.9 million for the three months ended December 31, 2011.

Consolidated statement of financial position Highlights	December 31, 2012	September 30, 2012
Cash and cash equivalents	$       6,001	$     2,022
Short term investments	Nil	9,719
Long term investments	6,766	6,852
Mineral properties and deferred exploration expenditure	126,930	129,116
Total assets       Total liabilities Share capital, warrants and broker warrants and share option reserve Accumulated other comprehensive income Deficit	151,312 1,593 369,325 5,369 (224,975)	151,420 1,832 369,105 3,821 (223,338)
Working capital	5,749	11,921

During the three months ended December 31, 2012, the Company spent $5.6 million on exploration and evaluation assets as compared to $2.6 million during the three months ended December 31, 2011. During the three months ended December 31, 2012, Mega completed the sale to NexGen Energy Ltd. (“NexGen”) of the Company’s uranium projects located in the Athabasca Basin, Saskatchewan, and the Thelon Basin, Nunavat, for total consideration of $8,751, in the form of 21,876,265 shares of NexGen.

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