Mega Uranium Ltd.: Drilling to Commence on the NW Athabasca

Mega Uranium Ltd.: Drilling to Commence on the NW Athabasca Property,
TORONTO, ONTARIO -- (Marketwire) -- 10/25/12 -- Mega Uranium Ltd.
(TSX:MGA) ("Mega") and Forum Uranium Corp. (TSX VENTURE:FDC)
("Forum") are pleased to announce the commencement of a 1,300 metre
drill program on the NW Athabasca property. The program is designed
to test three high priority targets: 

1.  Zone 2A - with an historical drill intercept of 5.68% U3O8 over 8.5m, at
    a vertical depth of 30 metres; 
2.  Barney - follow-up drilling of a hole that intersected intense
    alteration and extensive brecciation, as well as anomalous pathfinder
    elements (e.g. boron); and 
3.  Maurice Creek South - an untested, strong, 400 x 600 metre gravity

A winter drill program is also being planned for the first quarter of
2013 as a follow-up to the current program as well as to drill
additional untested targets. These plans include further drilling at
the newly discovered Opie zone, which is not accessible in the fall
2012 program  
The NW Athabasca property hosts the Maurice Bay deposit (historical
resource(i) of 1.5 million pounds uranium at 0.6% U3O8). The positive
results returned from the drill program completed in March 2012,
including the discovery of the Opie Zone (0.142% U3O8 over 7.6
metres), has encouraged Forum and Mega to step up exploration of the
property. All targets are similar to Cameco's Millennium deposit and
Rio Tinto's Roughrider deposit and at much shallower depths (less
than 100 metres).  
Forum and Mega Option with Cameco  
Forum and Mega Uranium have entered into a 50/50 Joint Venture
Agreement to manage the exploration program during the earn-in period
with Forum as initial Operator. Forum and Mega can earn a 60%
interest in the NW Athabasca project, a joint venture between Cameco
Corporation and Areva Resources Canada, by completing $4 million in
exploration over four years and making cash payments totaling
$400,000 over three years, of which $140,000 has been paid. It is
anticipated that Forum and Mega will vest their joint 60% interest in
the property upon completion of the current program.  
Figure 1: NW Athabasca Project Gravity Survey. The proposed 2012 fall
work areas are circled in black.   
To view "F
igure 1: NW Athabasca Project Gravity Survey", please visit
the following link:  
Michael Downes Ph.D., P.Geo., Vice President North America and
Qualified Person for Mega, has reviewed the technical content of this
news release.  
The NW Athabasca project will form part of the Mega projects being
sold to NexGen Energy Ltd., as announced August 9, 2012. That
transaction is expected to close in the fourth quarter of 2012.  
(i)Historical resource for the Maurice Bay deposit, as reported by
Saskatchewan Industry and Resources, Miscellaneous Report 2003-7, has
not been calculated or classified under the specifications of
National Instrument 43-101 and should not be relied upon. 
Mega Uranium Ltd. is a Toronto-based mineral resources company with a
focus on uranium properties in Australia, Canada and Cameroon.
Further information on Mega can be found on the company's website at  
Certain information contained in this press release may constitute
"forward-looking information", which is information regarding
possible events, conditions or results of operations that is based
upon assumptions about future economic conditions and courses of
action. All information other than matters of historical fact may be
forward-looking information. In some cases, forward-looking
information can be identified by the use of words such as "seek",
"expect", "anticipate", "budget", "plan", "estimate", "continue",
"forecast", "intend", "believe", "predict", "potential", "target",
"may", "could", "would", "might", "will" and similar words or phrases
(including negative variations) suggesting future outcomes or
statements regarding an outlook. Forward-looking information in this
press release includes, but is not limited to, statements about our
plans regarding future acquisitions and property development, our
expectations regarding the uranium market, global growth and the use
of nuclear power, our drill results, commodity prices and core
intersection lengths, in that they constitute estimates, based on
certain assumptions of mineralization that may be encountered if a
deposit were to be mined. 
By its nature, forward-looking information involves known and unknown
risks, uncertainties and other factors which may cause our actual
results, performance or achievements, or industry results, to differ
materially from those expressed or implied by such forward-looking
information. Some of the risks and other factors that could cause
actual results to differ materially from those expressed in the
forward-looking information contained in this release include, but
are not limited to: risks and uncertainties relating to the
interpretation of drill results, the geology, grade and continuity of
mineral deposits and conclusions of economic evaluations; results of
initial feasibility, pre-feasibility and feasibility studies, and the
possibility that future exploration, development or mining results
will not be consistent with the Company's expectations; risks
relating to possible variations in reserves, grade, planned mining
dilution and ore loss, or recovery rates and changes in project
parameters as plans continue to be refined; mining and development
risks, including risks related to accidents, equipment breakdowns,
labour disputes (including work stoppages and strikes) or other
unanticipated difficulties with or interruptions in exploration and
development; the potential for delays in exploration or development
activities or the completion of feasibility studies; risks related to
the inherent uncertainty of production and cost estimates and the
potential for unexpected costs and expenses; risks related to
commodity price and foreign exchange rate fluctuations; the
uncertainty of profitability based upon the cyclical nature of the
industry in which the Company operates; risks related to failure to
obtain adequate financing on a timely basis and on acceptable terms
or delays in obtaining governmental approvals or in the completion of
development or construction activities; risks related to
environmental regulation and liability; political and regulatory
risks associated with mining and exploration; and other risks and
uncertainties related to the Company's prospects, properties and
business strategy. 
Although we have attempted to identify important factors that could
cause actual results or events to differ materially from those
described in the forward-looking information, readers are cautioned
that this list is not exhaustive and there may be other factors that
we have not identified. Readers are cautioned not to place undue
reliance on forward-looking information contained in this release.
Forward-looking information is based upon our beliefs, estimates and
opinions as at the date of this release, which we believe are
reasonable, but no assurance can be given that these will prove to be
correct. Furthermore, we undertake no obligation to update or revise
forward-looking information if these beliefs, estimates and opinions
or other circumstances should change, except as otherwise required by
applicable law. 
All forward-looking information contained in this release is
essly qualified by this cautionary note.
Investor Relations: Mega Uranium Ltd.
Richard Patricio
EVP Corporate Affairs
(416) 643-7630
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