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Mega Uranium Closes Sale of Lake Maitland Uranium Project to Toro Energy

Mega Uranium Closes Sale of Lake Maitland Uranium Project to Toro Energy 
TORONTO, ONTARIO -- (Marketwired) -- 11/19/13 -- Mega Uranium Ltd.
(TSX:MGA) ("Mega" or the "Company") is pleased to announce that it
has closed the previously announced sale of its Lake Maitland Uranium
Project ("Lake Maitland") in Western Australia to Toro Energy Limited
("Toro") (ASX:TOE) for 415 million fully paid ordinary shares in the
capital of Toro (the "Transaction"), representing approximately 28%
of the issued and outstanding shares of Toro.  
Toro is an Australian uranium company listed on the Australian
Securities Exchange. Its flagship and wholly-owned Wiluna Project is
located 30 km south-east of Wiluna in Central Western Australia and
approximately 90 km north-west of Lake Maitland. With the acquisition
of Lake Maitland, Toro represents one of the few development-stage
uranium companies with permits in place over two of their key Western
Australian assets (Centipede and Lake Way) and a pipeline of
significant uranium resources, including Lake Maitland. 
Toro's intention is to complete feasibility studies (which will
include Lake Maitland) over the short term, to work towards
implementation of the Wiluna Project and to commence studies to
optimise the inclusion of Lake Maitland within the overall Wiluna
Project. 
As part of the closing of the Transaction, Toro obtained financial
support from its major shareholder, OZ Minerals Limited, and received
approval of the Australian Foreign Investment Review Board, the
Australian Securities Exchange, Toro's shareholders and Mega's Lake
Maitland project partners, JAURD International Lake Maitland Project
Pty Ltd ("JAURD") and Itochu Minerals & Energy of Australia Pty Ltd
("IMEA") (together the "Project Partners"), who waived certain
pre-emptive rights and consented to the Transaction. 
As part of the terms of the Transaction, Toro has appointed two Mega
nominees to its board of directors - Richard Patricio, Mega's
Executive Vice President, Corporate Affairs, and Richard Homsany,
Mega's Executive Vice President, Australia. Mega has agreed to a
12-month escrow of its Toro shares, with customary market exceptions,
and to a standstill which limits Mega's ability to acquire additional
Toro shares within the next 2 years.  
Richard Patricio stated "We are very excited about the future for
Toro and think that this combination of assets presents a unique
opportunity for Mega shareholders to be part of one of the larger
pre-development uranium projects world-wide. We look forward to
working with Toro, as board members and as a key shareholder, to
assist it in becoming a new Australian uranium producer." 
Mega Uranium Ltd. 
Mega Uranium Ltd. is a Canadian mineral resources company listed on
the TSX, with a focus on uranium. Mega has exposure to uranium
projects world-wide, both through equity investments in uranium
companies, and through its ownership of advanced pre-feasibility
stage and exploration projects 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 
This news release contains "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform Act
of 1995 and "forward-looking information" as such term is defined in
applicable Canadian securities laws (together referred to herein as
"forward-looking statements"). Except for statements of historical
fact relating to Mega or Toro, information contained herein
constitutes forward-looking statements. Forward-looking statements
are characterized by words such as "plan," "expect", "budget",
"target", "project", "intend," "believe", "anticipate", "estimate"
and other similar words, or statements that certain events or
conditions "may" or "will" occur. Forward-looking statements in this
news release include, but are not limited to, statements relating to
completion of the combination of Mega and Toro and the expected
timing of completion, statements regarding the anticipated completion
date of a feasibility studies regarding the Wiluna project,
statements regarding the shareholding of Mega at closing, statements
regarding the expected benefits to Mega shareholders of the proposed
transaction. Forward-looking statements are based on the opinions,
assumptions and estimates of management considered reasonable at the
date the statements are made, and are inherently subject to a variety
of risks and uncertainties and other known and unknown factors that
could cause actual events or results to differ materially from those
projected in the forward-looking statements. These factors include
(i) that Mega and Toro will complete the proposed transaction
described herein, (ii) political developments, whether generally or
in respect of the mining industry specifically, in Australia not
consistent with Mega and Toro's current expectations, (iii) Mega's
and Toro's expectations in connection with the projects discussed
herein being met, (iv) the impact of general business and economic
conditions, global liquidity and credit availability on the timing of
cash flows and the values of assets and liabilities based on
projected future conditions, fluctuating metal prices and currency
exchange rates, (v) the value that the Mega will realize from its
Toro shareholdings, (vi) changes in project parameters as plans
continue to be refined,(vii) the continued employment of key Mega and
Toro employees, as well as those risk factors discussed or referred
to in Mega's annual Management's Discussion and Analysis and Annual
Information Form for their respective most recently completed year
end filed with the applicable securities regulatory authorities and
available at www.sedar.com. Although Mega has attempted to identify
important factors that could cause actual actions, events or results
to differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events or
results not to be anticipated, estimated or intended.  
There can be no assurance that forward-looking statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Mega does not
undertake any obligation to update forward-looking statements if
circumstances or management's estimates, assumptions or opinions
should change, except as required by applicable law. The reader is
cautioned not to place undue reliance on forward-looking statements.
The forward-looking information contained herein is presented for the
purpose of assisting investors in understanding Mega's expected
financial and operational performance and results as at and for the
periods ended on the dates presented in their respective plans and
objectives and may not be appropriate for other purposes. 
Stewart Taylor, Mega's President and Qualified person under NI43-101,
is responsible for this release and has verified the contents
disclosed.
Contacts:
Mega Uranium Ltd. - Investor Relations
Richard Patricio
Executive Vice President, Corporate Affairs
(416) 643-7630
info@megauranium.com
www.megauranium.com
 
 
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