MGA Mega Uranium Ltd

On July 11, 2013 Mega Uranium Ltd. (TSX:MGA) ("Mega" or the "Company") announced
that it had entered into a non-binding farm in and joint venture terms sheet
("Terms Sheet") with Cameco Australia Pty Ltd ("Cameco"), a wholly owned
subsidiary of Cameco Corporation (TSX:CCO) (NYSE:CCJ), in respect of certain
granted tenements and tenement applications that comprise Mega's Kintyre Rocks
project, located in the East Pilbara region of Western Australia ("Project").
The Project, owned by Boxcut Mining Pty Ltd ("Boxcut"), a wholly owned
subsidiary of Mega, immediately surrounds the lease containing the Kintyre
uranium deposit, jointly owned by Cameco and Mitsubishi Development Pty Ltd
("Mitsubishi").


Mega is pleased to announce that it has now completed negotiations of, and
entered into, a formal binding farm in and joint venture agreement for the
Project with Cameco, in place of the Terms Sheet ("Definitive Agreement").


Pursuant to the Definitive Agreement:



--  Cameco may earn an initial 51% interest in the Project by sole funding
    expenditure for exploration activities of AUD$2 million within 24 months
    from the date of the Definitive Agreement (the "Stage 1 Farm In"). 
--  Upon Cameco earning a 51% interest in the Project, Boxcut and Cameco
    will form a joint venture for the purpose of maintaining and exploring,
    and, if justified, the development and mining of, the Project. 
--  Cameco will be the operator of the Project during the Stage 1 Farm In
    period and the manager of the joint venture after the joint venture
    formation date. 
--  Cameco may elect to earn an additional 19% interest in the Project (for
    an aggregate total interest of 70%) by sole funding expenditure for
    exploration activities of AUD$4 million (inclusive of the AUD$2 million
    expenditure to earn a 51% interest in the Project) within four (4) years
    from the date of the Definitive Agreement.



The Definitive Agreement otherwise contains terms, representations and
warranties that are customary for an agreement of its kind. The Definitive
Agreement represents a great opportunity for Mega to advance the exploration and
development of the Project with a world class joint venture partner that has
significant uranium exploration and other expertise in the area.


Mega looks forward to working with Cameco to advance the Project.

Kintyre Rocks Project, Western Australia

The Project comprises granted exploration licences E45/2690 and E45/2691, and
applications for prospecting licences P45/2657, P45/2658 and P45/2659. These
tenements surround the lease containing the Kintyre uranium deposit, jointly
owned by Cameco and Mitsubishi. Within Mega's ground are geological settings
analogous to that of the Kintyre deposit. 


To view the map associated with this release, please visit the following link:
http://media3.marketwire.com/docs/924833m.pdf 


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 property development and
the fulfillment of each party's obligations under the Definitive Agreement.


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: the failure of either party to comply with its
obligations under the Definitive Agreement, risks associated with the mineral
exploration industry generally (including 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), the potential for delays in exploration or
development activities or the completion of feasibility studies; 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Mega Uranium Ltd. - Investor Relations
Richard Patricio
EVP Corporate Affairs
(416) 643-7630
info@megauranium.com
www.megauranium.com

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