Mega Provides Update On The Lake Maitland Uranium Project

A disequilibrium study and density determinations indicate potential to increase the magnitude of the known resource with additional diamond core drillingExploration drilling to seek additional uranium resources adjacent to the Lake Maitland resource has been completed Toronto, Canada, June 21, 2011- Mega Uranium Ltd. (TSX:MGA) ("Mega") is pleased to provide an update on the development of its Lake Maitland Uranium Project ("Project") in Western Australia. Mega has undertaken a study of the level of disequilibrium in the Lake Maitland deposit. Disequilibrium is an imbalance between the actual uranium content and the radioactivity emitted by a given volume of rock. It is caused by differential mobilisation (or precipitation) of uranium or its daughter isotopes from the deposition site or by a lack of time for the accumulation of the daughter isotopes to reach a state of equilibrium after the uranium has been deposited. The results of the disequilibrium study conclude that, overall, positive disequilibrium exists in the Lake Maitland deposit and that downhole radiometric logging significantly understates the actual uranium grade. This has the potential to increase the magnitude of the resource as the resource estimation to date has been based mainly on data from downhole radiometric logging. In addition to the disequilibrium study, an analysis of the close spaced drilling program conducted during the Test Pit Program has been completed. This program consisted of air core and diamond core drilling in two separate areas on the deposit, followed by downhole radiometric logging and chemical analysis of both the air-core and diamond core samples collected during the program. Examination of the air-core drilling assays concluded that the use of chemical analysis of samples from air-core drilling is inappropriate for resource estimation at Lake Maitland. Examination of the diamond core assays showed them to be robust, with the analysis of the diamond hole radiometric logging versus the chemical analysis of the core samples indicating that, on average:The radiometric logging understates the mineralisation thicknessThe radiometric logging understates the mineralisation volumeThe radiometric logging understates the U3O8 grade Further to this analysis, the results from density determinations on two diamond cores indicate appreciably higher density values than used to date for the resource estimation. Additional density determinations therefore have the potential to significantly increase the tonnage estimate for the Lake Maitland resource. Mega is encouraged by these results and plans to undertake a Diamond Drill Program at Lake Maitland with the aim of increasing the resource tonnes, grade and contained uranium. As a result of the proposed Diamond Drill Program, Mega is postponing completion of the Project Feasibility Study. The environmental studies contributing to the Environmental Review and Management Program ("ERMP") are nearing completion. Mega intends to complete these studies and submit a draft ERMP to the Western Australian Environmental Protection Authority at an appropriate time. Mega wishes to note that its Farm-in partners, the Japan Australia Uranium Resources Development Co Ltd and ITOCHU Minerals and Energy of Australia Pty Ltd continue to support the Project in accordance with the terms of the Farm-in Agreement dated June 18, 2009. EXPLORATION DRILLING Mega is also pleased to announce that it has completed a drilling program to seek additional uranium resources to the south and southwest of Lake Maitland. The program comprised 103 air core holes of 5 to 30 meters depth, for a total of 1350 meters. Several holes intersected carbonate horizons similar to those hosting uranium mineralization at Lake Maitland. Downhole radiometric logging is underway. Stewart Taylor, Mega's President and Qualified person under NI43-101, is responsible for this release and has verified the contents disclosed. ABOUT MEGA URANIUMMega 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 uranium resources are subject to a Queensland State Government policy that presently prohibits the mining of uranium. For further information, please contact:

Investor Relations
Mega Uranium Ltd.
Richard Patricio
EVP Corporate Affairs
T: (416) 643-7630
info@megauranium.com
www.megauranium.com

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