Mega Uranium posts a loss

Mega Uranium Ltd. Releases Unaudited Results for the Three and Six Months Ended March 31, 2013, Market watch, 14 May 13,  ”…….Summary results for the three months ended March 31, 2013, as compared to the three months ended March 31, 2012:

        --  Net loss for the three months ended March 31, 2013 was $2.6 million
            ($0.01 per common share) compared to a net loss of $0.4 million for the
            three months ended March 31, 2012 ($0.00 per common share).

….Summary results for the six months ended March 31, 2013, as compared to the six months ended March 31, 2012:

        
        --  Net loss for the six months ended March 31, 2013 was $4.2 million ($0.02
            per common share) compared to a net loss of $1.1 million for the six
            months ended March 31, 2012 ($0.00 per common share).......

http://www.marketwatch.com/story/mega-uranium-ltd-releases-unaudited-results-for-the-three-and-six-months-ended-march-31-2013-2013-05-14-16173136?reflink=MW_news_stmp

Australian right wing politician Bob Katter worried about uranium mining contamination of water

Jim Green, 14 May 12, The Ben Lomond uranium (and molybdenum) deposit is located 50 kms west of Townsville. It is owned by Mega Uranium, which purchased it in 2005

As at May 2012, Mega Uranium was undertaking prefeasibility studies with a view to determining the project economics, the preferred mining and processing options and the key steps in mine development. The recently-elected Liberal National Party state government has thus far maintained previous government policy of banning uranium mining, but Mega Uranium is betting on a change of policy.

 Far-right pro-uranium federal MP Bob Katter had this to say in Parliament on 1 November 2005:

 ” there is a limit to the dangers we will accept. In the case of Ben Lomond, the company said that there had been no spill. The government agency—the forebears of what we now call the Environmental Protection Agency—also said that there had been no spill. That was for the first three or four weeks. When further evidence was disclosed, they said, firstly, that there had been a spill but the level of radiation was not dangerous and, secondly, that it had not reached the water system from which 210,000 people drank.

For the next two or three weeks they held out with that story. Further evidence was produced in which they admitted that it had been a dangerous level. Yes, it was about 10,000 times higher than what the health agencies in Australia regarded as an acceptable level. After six weeks, we got rid of lie number 2. I think it was at about week 8 or week 12 when, as a state member of parliament, I insisted upon going up to the site. Just before I went up to the site, the company admitted—remember, it was not just the company but also the agency set up by the government to protect us who were telling lies—that the spill had reached the creek which ran into the Burdekin River, which provided the drinking water for 210,000 people. We had been told three sets of lies over a period of three months.

So I say to the people of the Northern Territory: make sure that ordinary people have some sort of oversighting mechanism. Do not leave it up to the government or its officials. They will dance to the tune played by whatever piper is in charge money-wise or politically. They will not answer to the tune of protecting the people. That has been my experience.”

 

Toro and Mega uranium miners very depreciated

Uranium Producers in Takeover Play as Assets Exceed Share Price:U3O8, April 14, 2011  — Uranium companies from Toro Energy Ltd. (TOE) to Mega Uranium Ltd. (MGA) are so depreciated they’re trading at less than their assets would be worth in a fire sale. …..Toro, which is seeking to develop the Wiluna deposit in Western Australia, fell to 0.88 times the value of its assets minus liabilities from 1.09 times during the same span, the data show….
Toro is awaiting regulatory approval for its $278 million Wiluna uranium mine.
‘Big Drop’  “We’ve had a big drop because we’re in the development doldrums and people know we’ll need to raise money for Wiluna’s development in 2012,” Chief Executive Officer Greg Hall said in an interview.

Mega Uranium’s African mess

Mega Shareholders
Megames, African  September 15, 2009
Are the shareholders aware of the loses incurred by the public officers because of negligence :

Mega Uranium

Mega Uranium Ltd.: No Objection Received From the Foreign Investment Review Board for JAURD/ITOCHU Investment in the Lake Maitland Uranium Mine Development in Western Australia
Esrth Times ORONTO, ONTARIO — 08/07/09 — Mega Uranium Ltd. (TSX: MGA) (”Mega”) is pleased to announce that notification has been received from the Foreign Investment Review Board of Australia that there are no objections to the investment by the Japan Australia Uranium Resources Development Company Ltd (”JAURD”) (through its subsidiary JAURD International Lake Maitland Project Pty Ltd) and by ITOCHU Corporation (”ITOCHU”) (through its subsidiary ITOCHU Minerals & Energy of Australia Pty Ltd) to acquire, respectively, a 30% interest and 5% interest in Mega’s Lake Maitland uranium resource in Western Australia………………

Under agreements signed in June 2009, JAURD and ITOCHU can, through the subsidiaries referred to above, acquire an aggregate 35% interest in the Lake Maitland resource through staged payments totaling $US49 million. JAURD is a Japanese company with a mandate to acquire uranium resources in Australia on behalf of its shareholders, three utilities – The Kansai Electric Power Company Incorporated (50%), Kyushu Electric Power Company Incorporated (25%) and Shikoku Electric Power Company Incorporation (15%) – and ITOCHU Corporation (10%), the world’s second largest uranium trading house. For further details refer to Mega’s news releases of February 27 2009 and June 18 2009.

Mega is also pleased to announce that it has signed an Indigenous Contracting Agreement (”ICA”) with two 100% Indigenous-owned and operated companies, which will guarantee contracting, employment and training opportunities for the Indigenous people of the Eastern Goldfields area. The ICA, signed with contracting company and registered training organization, GLH Contracting, in partnership with contracting company, Tjupan Pty Ltd, will ensure that substantial economic benefits flow on from the Lake Maitland operation to the local Indigenous people and will empower the traditional landowners of the region in the long term sustainability of their communities……………………..

Peter McNally, Mega’s Executive Vice President- Project Development commented “The local traditional owners have worked with Mega in new Heritage and Ethnographic studies and are now keen to enter into employment and contracting work in the ongoing project studies and mine development.”…………………..

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 Ben Lomond and Maureen uranium resources are subject to a Queensland State Government policy that presently prohibits 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.

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.

Mega Uranium Ltd.: No Objection Received From the Foreign Investment Review Board for JAURD/ITOCHU Investment in the Lake Maitland Uranium Mine Development in Western Australia