Mega Uranium Ltd. plans to become the state's first uranium miner with the launch of a $52.5 million capital raising. The company seeks to raise AUD 52.5 million through a public and private placement to North American investors. Funds raised will be predominately used to complete feasibility studies on the Lake Maitland uranium project in the eastern Goldfields, which could be in production as early as 2011.

Mega Uranium Ltd. announced that it has obtained encouraging down hole gamma probe eU3O8 results in its initial drilling of the Salaki prospect in the Kitongo Project in northern Cameroon. Intersections include 54.1 meters @ 206ppm eU3O8, 14.7 meters @ 258ppm eU3O8 and 12.6 meters @ 461ppm U3O8. Drilling to date indicates that the mineralisation occurs as steeply dipping to vertical zones extending from exposures in trenches to a depth of 110 meters. Title to the property is held by Mega Uranium Cameroon plc (Mega 92%, local shareholders 8%). A map showing the locations of Mega’s three project areas in Cameroon, Kitongo, Lolodorf and Teubang (total area 3,858 km2). The Salaki prospect is one of several prominent radiometric anomalies that were identified in an airborne magnetic-radiometric survey of the Kitongo Project area in mid 2007. The prospect is situated 22 kilometers WSW of the Kitongo prospect from which Mega reported significant drill intersections in its news release of March 3, 2009. In the first half of 2009, Mega investigated the prospect by means of geological mapping, ground radiometrics, trenching and rock chip sampling. The work delineated a 1.2 kilometer long, NW-trending zone of elevated radiometric values within microdiorite, syenite and basic volcanics along a regional lineament. The drilling program comprised seven diamond drill holes (total 796 meters) on a Net orientation on five lines along a 600 meter strike length of the NW-trending zone. The first two holes, SAL1 and SAL1B, were drilled from the same location at-45o and-60o, respectively. Holes SAL2 and SAL4 were drilled on lines respectively 75 meters and 200 meters SE of SAL1/SAL1B. Hole SAL5 was drilled on a line 200 meters NW of SAL1/SAL1B.

Mega Uranium Ltd. reported unaudited consolidated earnings results for the third quarter and nine months ended June 30, 2009. For the period, the company reported net loss was $3,789,000 or $0.02 per common share as compared to a net loss of $13,741,000 or $0.07 per common share for the three months ended June 30, 2008. Financial gain was $3,277,000 as compared to a financial loss of $1,028,000 for the three months ended June 30, 2008. The financial gain was primarily attributable to unrealized gains on investments in public companies as the fair value of the company's portfolio holdings generally increased. For the nine months, net loss was $11,925,000 or $0.06 per common share as compared to a net loss of $36,625,000 or $0.20 per common share for the nine months ended June 30, 2008. Financial gain was $2,850,000 as compared to a financial loss of $3,261,000 for the nine months ended June 30, 2008. The financial gain was due primarily to unrealized gains on investments in public companies. As at June 30, 2009, the company had mineral properties and related expenditures of $292.8 million, as compared to $283.1 million as at September 30, 2008. The increase is due to company's cash expenditures on Lake Maitland development and for exploration activities, primarily on its mineral properties in Australia, South America and Africa.