Mega Uranium Acquires Securities of U3O8 Corp.

TORONTO, ONTARIO--(Marketwire - April 7, 2010) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

Mega Uranium Ltd. (TSX:MGA) ("Mega") announces that it acquired ownership today of 30,564,858 common shares of U3O8 Corp. (the U3O8 Shares"), representing approximately 57% of all of the common shares of U3O8 Corp. outstanding as at today. Mega does not own or control any common shares of U3O8 Corp., other than the U3O8 Shares.

Mega acquired the U3O8 Shares as consideration for the sale of its South American assets to U3O8 Corp. pursuant to the terms of an agreement that Mega entered into with the company (details of which were provided in a press release issued by Mega earlier today).

The U3O8 Shares were acquired for the purposes of distributing them to Mega shareholders by way of a pro rata dividend-in-kind on Mega's common shares, which was declared by Mega's board of directors today. Mega has no current intention of acquiring additional common shares of U3O8 Corp. and will dispose of the U3O8 Shares by way of the dividend on April 26, 2010, or otherwise in the market, to the extent that it holds any remaining U3O8 Shares following payment of the dividend (due to rounding for fractional interests).

The securities described in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This press release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

ABOUT MEGA URANIUM

Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia, Argentina, Cameroon, Canada and Colombia. Further information on Mega can be found on the company's website at www.megauranium.com. Mega Uranium's Ben Lomond and Maureen properties in Queensland, Australia, are subject to a State policy which presently prohibits the mining of uranium.

For more information, please contact
Investor Relations
Mega Uranium Ltd.
Richard Patricio, Executive VP, Corporate Affairs
(416) 643-7630
info@megauranium.com
www.megauranium.com

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