🕐18.11.09 - 01:27 Uhr
MEGA URANIUM SIGNS MEMORANDUM OF UNDERSTANDING FOR INFRASTRUCTURE AND SERVICES SHARING
PRESS RELEASE
November 18, 2009
MEGA URANIUM SIGNS MEMORANDUM OF UNDERSTANDING FOR INFRASTRUCTURE AND
SERVICES SHARING
Toronto, Ontario (November 17, 2009) -- Mega Uranium Ltd.
(TSX: MGA)
("Mega" or the "Company") announces that it has commenced discussions with
Navigator Resources Limited (Navigator) (ASX: NAV) regarding the possible
sharing of infrastructure and services between the two companies.
Mega and
Navigator have signed a non-binding memorandum of understanding reflecting
their joint interests in negotiating for the shared use of certain of
Navigators Bronzewing Gold Project facilities.
Megas Lake Maitland Uranium Project and Navigators Bronzewing Gold
Project adjoin each other in the central goldfields region of Western
Australia, where there is well developed mining infrastructure and
services.
Mega was recently granted a mining lease for the Lake Maitland Uranium
Project and is progressing its Definitive Feasibility Studies and
Environmental Impact Assessment for the project, with the goal of
commencing production in 2012.
The project is a joint venture with Japanese
partners, Japan Australia Uranium Resource Development Co (JAURD) and
Itochu Minerals & Energy of Australia Pty Ltd (IMEA).
Navigator owns the Bronzewing Gold Project, located about 83kms Northeast
of Leinster in Western Australia.
Bronzewing has extensive facilities
associated with the project including:
- Certifiable airstrip
- Power station and fuel farm
- Water supply infrastructure and access roads
- 280 person accommodation village including recreational facilities and
- Surface workshops, offices and other ancillary facilities
The Lake Maitland Uranium Project is located about 30 kms north east of
Bronzewing.
Mega and Navigator have agreed to co-operatively investigate opportunities
for reducing capital and operating costs through the sharing of existing
and planned infrastructure and services.
Significant opportunities may exist to use existing infrastructure, upgrade
and develop other required facilities and reduce both capital and operating
costs.
Substantial benefits are also possible through reducing duplication of
facilities, introducing economies of scale and the reduction of the overall
foot-print of the projects.
Mega regards this cooperative approach with Navigator as a way to improve
performance and to efficiently utilise regional infrastructure and
resources and to foster the maintenance and further development of local
facilities and services.
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
and Cameroon.
Further information on Mega can be found on the companys
website at
www.megauranium.com.
Mega Uraniums Ben Lomond and Maureen uranium
resources are subject to a Queensland State Government policy that
presently prohibits the mining of uranium.
To view the full announcement please click on this link.
http://esp.gewru.com/download/files/12414/998294/2009-11-17%20Navigator%20FINAL%20_2_.pdf
For further information please contact:
Richard Patricio
Executive VP, Corporate Services
Mega Uranium Ltd
T: +416 643 7630
Karen Oswald/ David Tasker
Professional Public Relations (PPR)
T: +61 8 9388 0944
M: 0423 602 353
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