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Mega Uranium Ltd T.MGA

Alternate Symbol(s):  MGAFF

Mega Uranium Ltd. is a Canada-based mineral exploration and development company. The Company is focused on the acquisition and exploration of uranium prospective properties. It has exploration stage mineral resource properties in Queensland and Western Australia and investments in uranium-focused companies. It also holds interests in junior and medium-sized uranium exploration and development companies, royalty and diversified uranium holding companies, and its own exploration and development projects. The Company’s project is Maureen Uranium-Molybdenum Project, which is located approximately 32 Kilometer (km) away from the small regional hub of Georgetown, located in Northern Queensland, Australia. Its subsidiaries include Maple Resources Inc.; Uranium Mineral Ventures Inc., Mega Georgetown Pty Ltd., Mega Hindmarsh Holdings Pty Ltd., Mega Redport Holdings Pty Ltd., Monster Copper Corporation., Nu Energy Uranium Corporation, and Northern Lorena Resources Ltd.


TSX:MGA - Post by User

Bullboard Posts
Post by orebody007on Jan 04, 2006 10:44pm
126 Views
Post# 10114895

New Year fires up the Uranium market

New Year fires up the Uranium marketFresh New Year Fires Up the Uranium Market By Jon A. Nones 04 Jan 2006 at 07:53 PM EST ST. LOUIS (ResourceInvestor.com) -- Once, twice, thrice the news hit the market today, turning the heads of many a shareholder in the uranium sector. Calypso gained almost 20%, Strathmore surged 7.33% and Fronteer jumped 7.76% after respective announcements today. Is this a prelude of good things to come for investors in the uranium sector in 2006? James Dines, editor of The Dines Letter, told Resource Investor to stay bullish. “We’re very bullish on uranium,” said Dines. “When uranium was at $8 per pound, I turned bullish and said it will go to $50-$100.” The price of U3O8 is now at $36.25 per pound. Fronteer Fronteer Development Group [AMEX:FRG; TSX:FRG] reported in a press release today two uranium discoveries on new drill targets in Labrador. The find included near-surface uranium in four of seven holes tested at its Jacques Lake site and in four out of 10 holes at its Otter Lake mine. “We are extremely pleased with our initial results from Jacques Lake and Otter Lake,” said Fronteer President Mark O'Dea in the release. “This outcome reinforces both our exploration approach and the untapped uranium potential of the district.” Of the four drill holes at Jacques Lake, the most noteworthy was 0.10% U3O8 for 9.2 metres including 0.20% for 2.1 metres. At Otter Lake, the highest grade intersection revealed 1.0% U3O8 (22 pounds uranium per tonne) for 0.5 metres and a separate interval that returned 0.14% U3O8 for 1.0 metre. “Today’s results are very impressive to me and confirms why I recommended the stock to subscribers,” said Dines. The two Labrador drilling areas are 25 kilometres east of the Michelin uranium deposit - one of the largest undeveloped deposits outside Saskatchewan, according to the company. “I like Fronteer because they are opening up the whole area,” said Dines. “I’m definitely encouraged, and I think that they might end up as one of the top uranium plays.” Strathmore In another press release today, Strathmore Minerals [TSXv:STM] said a new study has almost doubled the resource estimate at a New Mexico uranium deposit. According to the company, an independent National Instrument 43-101 technical report increased the estimate to 11.8 million pounds of U3O8, from 6 million pounds, for Strathmore's Church Rock uranium property in the Grant's Mineral Belt of McKinley County. “I am extremely pleased with the thoroughness of the 43-101 technical report. I am also very pleased with the progress being made by the Strathmore team at the Church Rock project,” commented Strathmore President and COO David Miller in the release. Based upon available drill hole information, the report estimates a measured and indicated mineral resource of 11.8 million pounds U3O8 contained within 6.2 million tonnes at an average grade of 0.10% U3O8. An additional 3.5 million pounds U3O8 are estimated as an inferred mineral resource. “A lot of these companies that were scorned [when uranium was] at $8 are going to look very impressive at $50,” Dines said. Calypso And last, but definitely not least with a 20% jump in its share price, is a news release by Vancouver miner Calypso Acquisition [TSXv:CLP-H]. Today, the company announced that it struck a deal to acquire Argentinian uranium explorer Energia Mineral S.A by issuing 4.6 million shares as payment - worth about C$3.3 million. Energia Mineral S.A. currently holds mining rights to about 223,707 hectares in four separate blocks in the Argentinian provinces of Neuquen and Mendoza. Dines told RI that mergers of this kind among juniors are exactly what the uranium market needs to take off. He said his strategy with junior uranium miners is one of a shotgun approach. If the spray of the shot hits one, then it’s a success. Share Price Activity Fronteer stock closed up 25 cents at $3.46 on AMEX today after hitting $3.50 upon the news. Strathmore gained 14 cents on substantial volume, closing at $2.05 on TSX-Venture. Calypso shares jumped 14 cents to close at C$0.85 on TSX-Venture. It traded as high as C$0.90 earlier – a fresh 52-week high. “I think the metal is in a screaming uptrend right now, especially with uranium at $36 and a quarter,” Dines concluded.
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