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Mega Uranium Ltd. (TSX:MGA) ("Mega") wishes to announce that it has approved a
total 2008 budget of $44 million for its worldwide uranium exploration
properties in Australia, Canada, Argentina, Bolivia, Colombia, Cameroon and
Mongolia. The $44 million total does not include funding of ongoing
prefeasibilty studies of Mega's Ben Lomond (10.7 million pounds U3O8) and Lake
Maitland (23.7 million pounds U3O8) uranium resources in Australia, for which a
separate budget is being drawn up.


Around 87% of the $44 million exploration budget is allocated to three
countries, Canada ($20.5 million, 47% of the total), Australia ($11.7 million,
26%) and Cameroon ($6 million, 14%). Included in the Canadian portion of the
budget is an allocation of $9.1 million for the Central Mineral Belt in Labrador
which may be revised depending on the outcome of a bill before the Nunatsiavut
Government of Labrador, which proposes a 3-year moratorium on uranium mining.


Mega's proposed exploration programs in 2008 will include a total of 82,000
metres of drilling in 20 projects in five countries, Australia, Canada,
Cameroon, Argentina and Mongolia, as summarized below:


AUSTRALIA

- Georgetown (Queensland):

  - 1,000 metres of Reverse Circulation ("RC") drilling to evaluate known
uranium occurrences in the vicinity of Mega's Maureen uranium resource.


  - Evaluation of historical resources some 20 kilometres south and southeast of
Maureen by means of 2,000 metres of diamond drilling and 3,000 metres of RC
drilling.


  - 2,000 metres of RC drilling to investigate airborne radiometric anomalies
identified in 2007.


- Oasis (Queensland): 2,000 metres of RC drilling to test radiometric anomalies
delineated in an airborne magnetic-radiometric survey in 2007.


- Kintyre Rocks (Western Australia): 4,000 metres of RC drilling to test targets
within five kilometers of Rio Tinto Ltd's 79 million pounds U3O8 Kintyre
resource.


- Aura Energy Joint Venture (Western Australia): 8,860 metres of widely spaced
reconnaissance drilling to investigate uraniferous palaeochannels in the
Gunbarrel Basin. In this project, Mega can earn up to a 70% interest from the
operator, Aura Energy Ltd (ASX:AEE).


- Cronje Dam (South Australia): 7,000 metres of rotary mud reconnaissance
drilling to test palaeochannels in which previous drilling has returned
encouraging results, including 3 metres @ 507 ppm U3O8 from 105 metres depth and
2 metres @ 400 ppm U3O8 from 104 metres depth.


- Corunna North (South Australia): 2,000 metres of RC drilling to assess the
potential for unconformity-related uranium mineralisation. In this property Mega
is earning an 80% interest in the uranium content from Intermet Resources Ltd
(ASX:ITT). Mega is the operator.


CANADA

- Central Mineral Belt (Labrador):

  - A 3,500 metres drilling program is underway on the Mustang Lake project to
test NE-trending lineaments thought to represent a major structure on strike
with Aurora Energy's Michelin uranium resource. This project is a Joint Venture
with Santoy Resources (TSX VENTURE:SAN) in which Santoy is diluting its 50%
interest. Mega is the operator.


  - 4,000 metres in the Aillik East property to test radiometric anomalies with
associated mineralized zones on surface. Grab samples in 2007 returned assays in
the range 0.06-13.8% U3O8 in a geological setting similar to that of the
Michelin uranium resource.


- Cypress Hills (Saskatchewan): Provision for approximately 6,000 metres in the
South Fork property in which Uranium Power Corp. (TSX VENTURE:UPC) ("UPC") has
an option to earn 65% from JNR Resources (TSX VENTURE:JNN), and Mega has an
option with UPC to acquire a 35% interest in the property. UPC is the operator.


- Athabasca Basin (Saskatchewan)

  - A 3,600 metres drilling program is already underway to test three targets in
the Maurice Point property in which Mega is earning a 55% interest from the
operator, Forum Uranium Corp. (TSX VENTURE:FDC) - refer to Mega's news release
of February 21 2008.


- Wernecke Uranium District (Yukon): 7,000 metres drilling in the Igor Iron
Oxide Copper-Gold-Uranium prospect, in which Cash Minerals (TSX VENTURE:CHX)
("Cash") can acquire a 75% interest by completing a bankable feasibility study
by December 31, 2012. The drilling will further evaluate the 600 metre long
mineralized zone, which is open to the north. In 2007, drilling results included
140 metres @ 0.76% Cu, 0.05 g/t Au, 0.042% U3O8 which includes 7 metres @ 7.37%
Cu, 0.33 g/t Au and 0.417% U3O8. Cash is the operator.


- Thelon Basin (Nunavut): Provision for 2,000 metres of drilling to test
radiometric anomalies delineated in a 2007 airborne magnetic-radiometric survey.
In this project Mega is earning a 51% interest from the operator, Titan Uranium
Inc. (TSX VENTURE:TUE).


CAMEROON

A total of 12,000 metres of diamond drilling in the Kitongo (5,000 metres),
Lolodorf (5,000 metres) and Teubang (2,000 metres) properties. In all three
projects the drilling will investigate known occurrences of uranium intersected
by historical drilling, and will also test substantial radiometric anomalies
delineated in Mega's detailed airborne magnetic-radiometric surveys in 2007.


ARGENTINA

A total of 4,800 metres of shallow RC drilling in the Patagonia Project in
Chubut Province to further evaluate significant near surface mineralisation
delineated in trenches and pits in the Laguna Salada, Sierra Cuadrada and
Mirasol prospects, and to follow up on Mega's previous drill intersections of 2
metres @ 0.11% U3O8 and 1 metre @ 0.21 U3O8 some 5 kilometres east of the 10
million pounds U3O8 Cerro Solo uranium deposit (held by the Argentina Atomic
Energy Commission).


MONGOLIA

A total of 3,750 metres of drilling in the Khashaat (1,500 metres RC), Baganurat
(1,000 metres DDH) and Jargalan (1,250 metres DDH) properties.


Stewart Taylor, Mega's President and Qualified Person under NI 43-101, is
responsible for this release and has verified the contents disclosed.


About Mega Uranium

Mega 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 Australian uranium properties, including
without limitation Ben Lomond, Maureen and Lake Maitland, are subject to State
policies that presently prohibit the mining of uranium.


Cautionary Statement 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 the proposed acquisition of Energentia by Mega, the
continuation of its business following completion of the acquisition and our
expectations regarding Energentia's properties and the Columbian region
generally.


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 possibility that the necessary shareholder and
regulatory approvals will not be obtained in a timely manner or at all, and that
other conditions to completion of the acquisition will not be satisfied; and
risks related to the inherent uncertainty of mineral exploration and development
activities generally, including political and regulatory risks.


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.

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