Proactiveinvestors recommends
Additional Information
Market: TSX
Sector: General Mining
EPIC: MGA
Latest Price: 0.33  (1.54% Ascending)
52-week High: 1.09
52-week Low: 0.19
Market Cap: 84.87M
1 year chart
digital-look imported chart image
1 day chart
digital-look imported chart image
Mega Uranium
www.megauranium.com

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.

Full Mega Uranium profile here
Pdf

Mega Uranium announces resource increase and upgrade at Lake Maitland, Western Australia

8th Jul 2009, 4:19 pm
Mega Uranium announces resource increase and upgrade at Lake Maitland, Western Australia

Mega Uranium Ltd (TSX: MGA) said a revised resource estimate for its Lake Maitland deposit in Western Australia has resulted in an increase in the contained uranium and an upgrade of the bulk of the resource from inferred resource to the indicated resource status.

At a 100 parts per million triuranium octoxide cut-off, the contained uranium in the new resource of 23 million pounds U3O8 indicated and 2.2 million lbs U3O8 inferred is approximately 6 percent higher than in the previous inferred resource estimate.

At a 200 ppm U3O8 cut-off, the contained uranium in the new resource of 19.9 million lbs U3O8 indicated and 1.6 million lbs U3O8 inferred is approximately 17 percent higher than in the previous inferred resource of 18.3m lbs U3O8.

At a 500 ppm cut-off, the contained uranium in the new resource of 11.5 million lbs U3O8 indicated and 0.6 million lbs U3O8 inferred is approximately 16 percent higher than in the previous inferred resource.

Chairman and CEO Sheldon Inwentash commented: "The increase and upgrade at Lake Maitland confirm the quality of the resource and enhance the project economics. With the support of our Japanese partners, JAURD and ITOCHU, Mega is well on schedule to meet our target of bringing Lake Maitland into production in late 2011."

Under agreements signed in June 2009, the Japan Australia Uranium Resources Development Company Ltd (JAURD) and ITOCHU Corp can acquire an aggregate 35 percent interest in the Lake Maitland resource through staged payments totaling US$49 million.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.