Toronto, Canada, August 7, 2009 - Mega Uranium Ltd. (MGA-TSX) ("Mega") is pleased to announce that notification has been received from the Foreign Investment Review Board of Australia that there are no objections to the investment by the Japan Australia Uranium Resources Development Company Ltd ("JAURD") (through its subsidiary JAURD International Lake Maitland Project Pty Ltd) and by ITOCHU Corporation ("ITOCHU") (through its subsidiary ITOCHU Minerals & Energy of Australia Pty Ltd) to acquire, respectively, a 30% interest and 5% interest in Mega's Lake Maitland uranium resource in Western Australia. Under agreements signed in June 2009, JAURD and ITOCHU can, through the subsidiaries referred to above, acquire an aggregate 35% interest in the Lake Maitland resource through staged payments totaling $US49 million. JAURD is a Japanese company with a mandate to acquire uranium resources in Australia on behalf of its shareholders, three utilities - The Kansai Electric Power Company Incorporated (50%), Kyushu Electric Power Company Incorporated (25%) and Shikoku Electric Power Company Incorporation (15%) - and ITOCHU Corporation (10%), the world's second largest uranium trading house. For further details refer to Mega's news releases of February 27 2009 and June 18 2009. Mega is also pleased to announce that it has signed an Indigenous Contracting Agreement ("ICA") with two 100% Indigenous-owned and operated companies, which will guarantee contracting, employment and training opportunities for the Indigenous people of the Eastern Goldfields area. The ICA, signed with contracting company and registered training organization, GLH Contracting, in partnership with contracting company, Tjupan Pty Ltd, will ensure that substantial economic benefits flow on from the Lake Maitland operation to the local Indigenous people and will empower the traditional landowners of the region in the long term sustainability of their communities. Peter McNally, Mega's Executive Vice President- Project Development commented "The local traditional owners have worked with Mega in new Heritage and Ethnographic studies and are now keen to enter into employment and contracting work in the ongoing project studies and mine development." Stewart Taylor, Mega's President and Qualified Person under NI43-101, is responsible for this news 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, Argentina, Bolivia, Colombia, Mongolia 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 |
| Executive Vice President Corporate Affairs |
| T: (416) 643-7630 |
| info@megauranium.com |
| www.megauranium.com |