Mega Uranium Ltd. Releases Unaudited Results for the Three and Nine Months Ended June 30, 2010

TORONTO, ONTARIO -- (Marketwire) -- 08/13/10 -- Mega Uranium Ltd. ('Mega') (TSX: MGA) today announces its unaudited results for the three and nine months ended June 30, 2010.

SUMMARY FINANCIAL RESULTS

As at June 30, 2010, Mega had cash, cash equivalents and marketable securities totaling $53.3 million, as compared to $21.9 million at the end of September 30, 2009, an increase of 143%. The increase is primarily attributable to the proceeds from the public offering which closed during the first quarter.

As at June 30, 2010, the Company had mineral properties and related expenditures from its continuing operations of $279.8 million, as compared to $280.1 million as at September 30, 2009. The decrease is due to write downs of mineral properties of $5 million, utilization of $8.9 million of funds received under the JAURD Agreement, which are recorded as a reduction from mineral properties, offset by expenditures of $13.6 million in Australia, Cameroon and Canada.

Summary results for the three months ended June 30, 2010, as compared to the
three months ended June 30, 2009:

--  Financial loss from continuing operations from financial and trading
    activities for the quarter was $1.3 million, most of which relates to
    unrealized losses on investments in public companies, as compared to a
    financial gain of $3.3 million last year.
--  Total operating, general & administrative expenses from continuing
    operations were $2.2 million in the quarter as compared to $3.1 million
    in the prior year's quarter. The decrease was primarily attributable to
    cost containment measures in our Australian and Cameroon subsidiaries.
--  Net loss from continuing operations in the quarter was $6.1 million
    ($0.02 per common share), as compared to net loss of $3.3 million in the
    previous year's quarter ($0.02 per common share).
--  Net income from discontinued operations in the quarter was $0.1 million
    ($0.00 per common share), as compared to net loss of $0.4 million in the
    previous year's quarter ($0.00 per common share).



Summary results for the nine months ended June 30, 2010 as compared to the
nine months ended June 30, 2009:

--  Financial loss from continuing operations was $2 million in the current
    period as compared to a financial gain of $2.8 million for the nine
    months ended June 30, 2009. The financial loss in the current year was
    due primarily to realized losses on disposal of investments in public
    companies.
--  Total operating, general and administrative expenses from continuing
    operations were $8.2 million in the current period, as compared to $8.2
    million for the nine months ended June 30, 2009.
--  Net loss from continuing operations in the nine month period was $15.1
    million ($0.06 per common share) as compared to a net loss of $11
    million ($0.06 per common share) for the nine months ended June 30,
    2009.
--  Net loss from discontinued operations in the nine month period was $6.5
    million ($0.03 per common share) as compared to a net loss of $0.9
    million ($0.00 per common share) for the nine months ended June 30,
    2009.

PROJECT ACTIVITY

In the second three months of 2010, Mega advanced its feasibility studies of the Lake Maitland uranium project in Western Australia and made significant progress in the approvals process for mine development - for further details refer to Mega's news releases of April 8, 2010 and June 23, 2010. Exploration work continued on priority projects in Australia, Canada and Cameroon.

On April 7, 2010, Mega completed the previously announced sale of its South American uranium properties, plus $4 million in cash, to U308 Corp. ('U308') in exchange for 30,564,858 common shares of U308 valued at $13.9 million. The company then distributed the U3O8 shares to Mega shareholders by way of a dividend-in-kind paid on its common shares on April 26, 2010. The divestiture and dividend-in-kind were undertaken by the Company as part of its initiative to unlock shareholder value attributable to Mega's non-core exploration properties, as it continues to focus on bringing its Lake Maitland project to production. The divesture is accounted for as discontinued operations in the interim financial statements for the period as at and ended June 30, 2010.

Stewart Taylor, Mega's President and Qualified Person under NI 43-101, has reviewed the technical information in this release and has verified the contents disclosed.

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. Mega Uranium's Ben Lomond and Maureen properties in Queensland, Australia are subject to a state policy which presently prohibits the mining of uranium.

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 assurance 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, VP Corporate and Legal Affairs

(416) 643-7630
info@megauranium.com
www.megauranium.com