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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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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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Sunday March 14, 05:46China's growth boosting commodity prices

With chunky economic numbers from China boosting commodity prices we take a brief look at the country's position in different market places - while noting also that hopes for a recovery in global trade appear to be borne out by freight rates.

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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.

Wednesday, July 08, 2009

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

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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.

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