Mega Uranium Limited have issued the results of the results of its Phase three drilling program on the Mustang Lake property and the phase one drilling program on the Bruce River property, both form part of the Central Mineral Belt of Labrador.

The company said that;

“A 3,500 metre drill program on Mustang Lake is scheduled to commence in March, 2008 and will continue work on the property, which is part of a 50:50 joint venture with Santoy Resources Ltd (SAN:TSX-V) (“Santoy”), where Mega is the operator. Santoy has elected not to participate in this next phase of the program and its interest in the joint venture will be diluted on a pro-rata basis.”

At the Mustang Lake Property the best results include 1 metre of 0.197% of U3O8 and 0.6 metres of 0.167% of U3O8. At the Bruce River property the best intersection was 0.3 metres of 0.237% of U3O8. To read the article in full and see the tabulated data please click this link.

This is an exciting prospect as we look forward to more good results in the near future. The stock closed up 2.11% at $3.39, on turnover of 323,227 shares. Mega Uranium was recently upgraded to a ‘Buy’ in our portfolio update.

Mega Uranium Limited, trades on the Toronto Exchange under the symbol of MGA.