TORONTO, Ontario (August 13, 2013) - Mega Uranium Ltd. ("Mega")(TSX: "MGA") announces its results for the three and nine months ended June 30,2013.
SUMMARYFINANCIAL RESULTS
As at June 30, 2013,the Company had mineral properties and related expenditures of $71.7 million ascompared to $129 million as at September 30, 2012. Also as at June 30, 2013Company had cash and cash equivalent of $2 million as compared to $2 million asat September 30, 2012.
Summary results forthe three months and nine months ended June 30, 2013, as compared to the three andnine months ended June 30, 2012:
Net loss for the three months ended June 30, 2013was $52.6 million ($0.20 per common share) compared to a net loss of $7.1million for the three months ended June 30, 2012 ($0.03 per common share).Net loss for the nine months ended June 30, 2013was $56.8 million ($0.21 per common share) compared to a net loss of $8.2million for the nine months ended June 30, 2012 ($0.03 per common share).| Consolidatedstatement of financial position Highlights | June 30, 2013 | September 30, 2012 |
| Cash and cash equivalents | $ 2,043 | $ 2,022 |
| Short term investments | Nil | 9,719 |
| Long term investments | 3,537 | 6,852 |
| Equity Investment Capital assetsMineral properties anddeferred exploration expenditure | 8,31896171,741 | -1,356129,116 |
| Total assets Total liabilities Share capital, warrants andbroker warrants and share option reserveAccumulated other comprehensive incomeDeficit | 87,921 1,056 369,551(2,525)(280,161) | 151,420 1,832369,1053,821(223,338) |
| Working capital | 1,985 | 11,921 |
ABOUT MEGA URANIUM Mega Uranium Ltd. is a Toronto-based mineralresources company with a focus on uranium properties in Australia, Canada andCameroon. Further information on Mega can be found on the company's website at www.megauranium.com.
Forfurther information, please contact:
InvestorRelations Mega Uranium Ltd. Richard Patricio EVP Corporate Affairs T: (416) 643-7630 info@megauranium.comwww.megauranium.comNoteRegarding Forward-Looking information
Certaininformation contained in this press release constitutes "forward-lookinginformation", which is information regarding possible events, conditions orresults of operations that is based upon assumptions about future economicconditions and courses of action. All information other than matters ofhistorical 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 (includingnegative variations) suggesting future outcomes or statements regarding anoutlook. Forward-looking information inthis press release includes, but is not limited to, statements about our plansregarding future acquisitions and property development, our expectationsregarding the uranium market, global growth and the use of nuclear power, ourdrill results, commodity prices and core intersection lengths, in that theyconstitute estimates, based on certain assumptions of mineralization that maybe encountered if a deposit were to be mined.
Byits nature, forward-looking information involves known and unknown risks,uncertainties and other factors which may cause our actual results, performanceor achievements, or industry results, to differ materially from those expressedor implied by such forward-looking information. Some of the risks and otherfactors that could cause actual results to differ materially from thoseexpressed in the forward-looking information contained in this release include,but are not limited to: risks and uncertainties relating to the interpretationof drill results, the geology, grade and continuity of mineral deposits andconclusions of economic evaluations; results of initial feasibility,pre-feasibility and feasibility studies, and the possibility that futureexploration, development or mining results will not be consistent with theCompany's expectations; risks relating to possible variations in reserves,grade, planned mining dilution and ore loss, or recovery rates and changes inproject parameters as plans continue to be refined; mining and developmentrisks, including risks related to accidents, equipment breakdowns, labourdisputes (including work stoppages and strikes) or other unanticipateddifficulties with or interruptions in exploration and development; thepotential for delays in exploration or development activities or the completionof feasibility studies; risks related to the inherent uncertainty of productionand cost estimates and the potential for unexpected costs and expenses; risksrelated to commodity price and foreign exchange rate fluctuations; the uncertaintyof profitability based upon the cyclical nature of the industry in which theCompany operates; risks related to failure to obtain adequate financing on atimely basis and on acceptable terms or delays in obtaining governmentalapprovals or in the completion of development or construction activities; risksrelated to environmental regulation and liability; political and regulatoryrisks associated with mining and exploration; and other risks and uncertaintiesrelated to the Company's prospects, properties and business strategy.
Althoughwe have attempted to identify important factors that could cause actual resultsor events to differ materially from those described in the forward-lookinginformation, readers are cautioned that this list is not exhaustive and theremay be other factors that we have not identified. Readers are cautioned not to place unduereliance on forward-looking information contained in this release. Forward-looking information is based upon ourbeliefs, estimates and opinions as at the date of this release, which webelieve are reasonable, but no assurance can be given that these will prove tobe correct. Furthermore, we undertake noobligation to update or revise forward-looking information if these beliefs,estimates and opinions or other circumstances should change, except asotherwise required by applicable law.
Allforward-looking information contained in this release is expressly qualified bythis cautionary note.
Note Regarding Disclosure forMineral Projects
This press release contains disclosure regarding our mineralresources. Mineral resources are notmineral reserves and do not have demonstrated economic viability. Mineralresources may never be converted into reserves. Furthermore, inferred resourcesare considered too speculative geologically to have the economic considerationsapplied to them that would enable them to be categorized as mineral reserves.Further exploration will be required to upgrade the inferred resources to ahigher resource category.