2006 Mongolian Uranium Field Activities Commenced by UGL-Mega Joint Venture.TORONTO -- Mega Uranium Ltd. ("Mega") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:MGA (1) (Monochrome Graphics Adapter) A display adapter that employs Hercules Graphics, combining graphics and text on a monochrome monitor. (2) (Matrox Graphics Accelerator) A trade name used by Matrox Graphics Inc. ) announced today that, as part of its joint venture with UGL UGL Undergraduate Library UGL Unione Generale del Lavoro UGL United Gilsonite Laboratories UGL Universal Graphics Library UGL Unattainable Goal List Enterprises Ltd. ("UGL") (TSX VENTURE:UGS UGS In currencies, this is the abbreviation for the Uganda Shilling. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) (the "UGL-Mega Joint Venture"), the UGL-Mega Joint Venture has commenced its 2006 uranium field season. Field activities in Mongolia will be directed at examining the uranium potential of a number of priority target areas on 5 of the UGL-Mega Joint Venture's 14 Mongolian uranium properties. Detailed records of previous Russian exploration on the UGL-Mega Joint Venture's uranium properties were obtained from official sources in Irkutsk, Russia in the last quarter of 2005. This material was extensively studied by UGL's Russian, Mongolian and Canadian geologists, as well as by two Russian consultants (respectively Irkutsk and Vancouver based) who are highly experienced in uranium exploration and project development in Russia and Mongolia. Based on their review, five properties have been selected for detailed investigation in 2006: the Jargalan, Baganurat, Maikhan Tolgoi, Shorvog Gol/Adag Usni Khudag and Ganga properties. With the exception of Maikhan Tolgoi, these properties all contain radiometric anomalies, uranium showings and favorable geological settings within Cretaceous stratigraphy stratigraphy, branch of geology specifically concerned with the arrangement of layered rocks (see stratification). Stratigraphy is based on the law of superposition, which states that in a normal sequence of rock layers the youngest is on top and the oldest on the , with potential for flat lying stratabound sandstone-hosted uranium bodies at shallow depths, generally less than 100 metres. On the Maikhan Tolgoi property the target is shallow structurally-controlled uranium within Cretaceous volcanic host rocks. The 2006 field season will see specific identified target areas in the five priority properties studied and advanced through the use of ground-based radiometric surveys, Vertical Electrical Sounding (VES (Virtual Execution System) The runtime engine in the Common Language Infrastructure (CLI). It is the CLI counterpart to the .NET Common Language Runtime (CLR). See .NET. ) surveys, Induced Polarization Induced polarization (IP) is a geophysical imaging technique used to identify subsurface materials, such as ore. The method is similar to electrical resistivity tomography, in that an electric current is induced into the subsurface through two electrodes, and voltage is (IP) surveys, (AlphaCard - patented) radon surveys, and soil & rock sampling. The UGL-Mega Joint Venture has budgeted to drill test the most favourable anomalies and showings later this year. All programs will be overseen by UGL's Exploration Manager, Mr. Glenn S. Griesbach. On-site field operations will be managed by Russian uranium expert, Grigory Kislyuchenko, who previously worked for 19 years with the Sosnovgeologia Uranium Company in Mongolia and Siberia. Mega has an option to earn up to a 60% interest into UGL's 100% interest in its 14 Uranium Properties (including future uranium acquisitions) by expending up to US $3.5 million. During the current 2006 uranium field and drill programs it is anticipated that a total of US $1 million will be spent. The uranium portfolio consists of 16 exploration licenses covering a total area of 2,325 sq. km2. Uranium license applications are currently being prepared for other exploration areas where Mr. Kislyuchenko, as a result of his research in Irkutsk archives, has identified additional uranium anomalies and mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. . The Qualified Person responsible for summarizing the technical material presented in this news release is Mr. Glenn S. Griesbach, P. Geo. Mr. Griesbach has acted as UGL's Geological Manager in Mongolia for over three years and has 28 years of international geological experience including previous experience in uranium exploration. UGL Resources Ltd. has in addition to its uranium interests in Mongolia, a 136.4 million tonne hard high-volatile bituminious coal resource and 3 gold & copper properties inside Mongolia. Mega Uranium Ltd. is a Toronto-based mineral resources Noun 1. mineral resources - natural resources in the form of minerals natural resource, natural resources - resources (actual and potential) supplied by nature company with a focus on uranium properties in Australia, Argentina, Mongolia and Canada. Further information on Mega can be found on the company's website at www.megauranium.com This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Mega's results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof. Mega Uranium disclaims any intent or obligation to update these forward-looking statements and cautions investors from placing undue reliance on forward-looking statements. Mega does have an ongoing obligation to disclose material information as it becomes available. THE TSX VENTURE EXCHANGE TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. HAS NOT REVIEWED AND DOES NOT ACCEPT RESP RESP Response RESP Registered Education Savings Plan (Canada) Resp Responsibility Resp Respektive (Sweden: respectively) Resp Respiration RESP Respironics, Inc. ONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Mega Uranium Ltd. (TSX VENTURE:MGA) |
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