Mega Uranium Ltd. Releases Unaudited Results for the Three Months Ended December 31, 2012

Mega Uranium Ltd. Releases Unaudited Results for the Three Months Ended 
December 31, 2012 
TORONTO, ONTARIO -- (Marketwire) -- 02/12/13 -- Mega Uranium Ltd.
("Mega") (TSX:MGA) announces its results for the three months ended
December 31, 2012. 
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 mo
nths 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. 
 
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Consolidated statement of financial position    December 31,  September 30, 
 Highlights                                             2012           2012 
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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                                         151,312        151,420 
Total liabilities                                      1,593          1,832 
Share capital, warrants and broker warrants and                             
 share option reserve                                369,325        369,105 
Accumulated other comprehensive income                 5,369          3,821 
Deficit                                             (224,975)      (223,338)
Working capital                                        5,749         11,921 
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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.  
ABOUT MEGA URANIUM  
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
www.megauranium.com.  
NOTE REGARDING FORWARD-LOOKING INFORMATION 
Certain information contained in this press release constitutes
"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 a
ssurance 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
expressly qualified by this cautionary note. 
NOTE REGARDING DISCLOSURE FOR MINERAL PROJECTS 
This press release contains disclosure regarding our mineral
resources. Mineral resources are not mineral reserves and do not have
demonstrated economic viability. Mineral resources may never be
converted into reserves. Furthermore, inferred resources are
considered too speculative geologically to have the economic
considerations applied to them that would enable them to be
categorized as mineral reserves. Further exploration will be required
to upgrade the inferred resources to a higher resource category.
Contacts:
Investor Relations: Mega Uranium Ltd.
Richard Patricio
EVP Corporate Affairs
(416) 643-7630
info@megauranium.com
www.megauranium.com
 
 
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