Mega has a double whammy today!

Firstly, Mega Uranium issued a general communiqué today to announce encouraging results in the first batch of assay results received from 11 holes in the 50 of the core validation-drilling programme being implemented on its Maureen uranium resource located in the Georgetown region of Queensland, Australia. This property contains a pre NI43-101 historical Indicated resource of 2.38 million tons @ 0.12% U3O8 (6.5 million lbs. contained U3O8)

Secondly Mega Uranium experienced the benefit of a $10.00 rise in uranium resulting from the sealed bids auction for 100,000 pounds of uranium.

[We think the buyers will look back on this as a cheap deal and pat themselves on the back for being brave enough to be the highest bidder. There is no prize for second place so the “also rans” will be under a little more pressure to succeed the next time around.]

These two events combined to push up the stock price with heavy volume, which was three times greater than previous days as we write and the day is not over yet.

Mega Uranium can be found on the TSX under MGA.

22 February 2007