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Market: TSX
Sector: General Mining
Epic: TSX:MGA
News: Latest news
Web Site: Mega Uranium
Other Articles: 10-08-200908-07-200912-03-2009

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Saturday March 13, 09:47Premium risk at Prudential

Insurance giant Prudential has stolen the headlines this week, after their decision to buy AIA, the Asian life business of US insurer AIG, has attracted a mixed response from shareholders.

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Friday March 12, 01:39Circadian Technologies to present at Ultimate Healthcare & Biotechnology Event, March 24

Robert Klupacs, CEO of Circadian Technologies, recommended by US Investment Bank Merriman Curhan Ford, as "the Cheapest Little Antibody Company on the Planet" will present in Sydney.

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Friday March 12, 08:51White Energy enters coal deal with China Guodian Group

White Energy Company (ASX: WEC; OTCQX: WECFY) has inked a non-binding heads of agreement with state owned Guodian Inner Mongolian Energy Sources Co Limited to develop a coal upgrading [...]

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Mega Uranium

Mega Uranium

Mega Uranium Ltd. is a Canadian mineral resources company with a focus on uranium projects. It has uranium resources in Australia and uranium exploration projects in  Australia, Argentina, Bolivia, Colombia, Mongolia, Canada and Cameroon. In addition, it has interests in base and precious minerals exploration properties in Canada and Latin America and a copper-nickel exploration project in Guinea, West Africa.

Thursday, March 12, 2009

Aura Energy and Mega Uranium to commence maiden drilling for uranium in Gunbarrel Basin, WA

Aura Energy (ASX:AEE) has announced that Canadian uranium company Mega Uranium (TSX:MGA) has approved and will fund a proposed 24 hole aircore drill program of approximately 2000 metres in the Gunbarrel Basin Joint Venture in Western Australia with Aura Energy. The program will be managed and operated by Aura Energy.

The Gunbarrel Basin, located east of, and partly overlying, the Archaean Yilgarn Block, contains a large endowment of sediment-hosted uranium mineralisation in the Mulga Rock, Ponton and Thatcher Soak deposits. Despite the amount of uranium present, the Basin is significantly less explored than the other major uranium provinces of Australia.

Energy and Minerals Australia (ASX:EMA) recently announced a JORC compliant inferred resource of 24,500 t U3O8 at a cut off grade of 200 ppm U3O8 for the Mulga Rock deposit.

The drill programme is designed to test the prospective Junction Palaeochannel. This prospectivity is based on the similarity of the palaeochannel to those at Mulga Rock and Ponton, and also the presence of the Thatcher Soak calcrete deposit up-drainage in the channel.

Thatcher Soak, held by Uranerz Ltd and Eleckra Mines Ltd, contains almost 10,000 tonnes of uranium in resources compliant with the JORC code. The position of the Junction palaeochannel was delineated in an airborne electromagnetics survey conducted by the Aura Energy-Mega Uranium Joint Venture in 2007.

The program is planned for mid year, subject to Department of Mines and Petroleum approval of the work program. Aura’s Gunbarrel Basin exploration is a joint venture with Mega Uranium, whereby Mega can spend $3 million to earn 50% in Aura’s tenements.

Aura’s extensive landholding in the Gunbarrel Basin, totalling approximately 2760 km2,covers major portions of three of the four main palaeochannels in the region.

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