December 18, 2012 at 16:21 PM EST
Mega Uranium Ltd. Releases Results for the Year Ended September 30, 2012

TORONTO, ONTARIO -- (Marketwire) -- 12/18/12 -- Mega Uranium Ltd. ("Mega") (TSX: MGA) announces its results for the year ended September 30, 2012.

SUMMARY FINANCIAL RESULTS

As at September 30, 2012, the Company had mineral properties and related expenditures of $129.1 million as compared to $135 million as at September 30, 2011. Long term and short term Investments at fair value totaled $16.5 million as compared to $31.6 million as at September 30, 2011. Also as at September 30, 2012 the Company had cash and cash equivalent of $2.02 million as compared to $2 million as at September 30, 2011.

Summary results for the year ended September 30, 2012, as compared to the year ended September 30, 2011:


--  Net loss for the year ended September 30, 2012 was $20.2 million ($0.08
    per common share) compared to a net loss of $126.4 million for the year
    ended September 30, 2011 ($0.50 per common share).
--  Total expenses for the year ended September 30, 2012 from operations
    were $6.5 million, as compared to $9.5 million for the year ended
    September 30, 2011.

----------------------------------------------------------------------------
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Consolidated statement of financial position     September 30, September 30,
 Highlights                                               2012          2011
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  Cash and cash equivalents                       $      2,022  $      1,988
  Short term investments                                 9,719        24,647
  Long term investments                                  6,852         7,090
  Mineral properties and deferred exploration
   expenditure                                         129,116       135,065
  Total assets                                         151,420       172,329

  Total liabilities                                      1,832         3,662
  Share capital, warrants and broker warrants
   and share option reserve                            369,105       368,318
  Accumulated other comprehensive income                 3,821         3,414
  Deficit                                              223,338       203,065
  Working capital                                       11,921        24,534
----------------------------------------------------------------------------
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During the year ended September 30, 2012, the Company spent $12.1 million on exploration and evaluation assets as compared to $22.2 million during the year ended September 30, 2011. During the year ended September 30, 2012, the Company recorded an impairment of $18.5 million (2011 - $115.6 million) on its exploration and evaluation assets.

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.

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

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