bye bye rpt

good one ozy investors .we sell our asset very cheap now I understande why our current account deficit.


.Mega has acquired 15.6% of securities of the Australian uranium company Redport Limited for C$10.5 million cash and has entered into an agreement whereby Mega will offer to acquire the other Redport securities through an off-market offer of 9.36 million Mega shares. - Redport's principal asset is the 23.7 million pounds U3O8 Lake Maitland resource in Western Australia.


Mega Uranium Ltd. ("Mega") (TSX VENTURE: MGA)is pleased to announce that it
has acquired 15.6% of the shares and options (including 11.1% of the issued
shares with voting rights) of the Australian Stock Exchange ("ASX") - listed
Redport Limited ("Redport") for $10.5 million cash, and has entered into an
Agreement with Redport whereby Mega will offer to acquire all of the other
issued securities of Redport, in a conditional off-market takeover offer, for a
consideration of 9.36 million Mega shares. In combination with its associates,
Mega now has 14.4% of the shares and 18.2% of the shares and options of Redport.

Redport's principal asset is the Lake Maitland uranium project in Western
Australia, which contains a National Instrument 43-101 ("NI 43-101") compliant
inferred mineral resource of 23.7 million pounds U3O8. Other assets include
interests in uranium exploration properties in Western Australia and South
Australia, a royalty interest in Paladin Resources Ltd.'s Langer Heinrich
project in Namibia, and cash reserves of approximately $A9 million ($C7.4
million). Through this transaction, Mega will also acquire the services of
Redport's management and consultants, who have considerable experience and
expertise in uranium exploration, feasibility studies and mine development.

On July 7, 2006, Mega acquired 15.6% of the Redport securities, comprising
58,453,950 ordinary shares, 26 million listed $A0.05 options and 25 million
unlisted $A0.05 options, for cash, based on $A0.14 per share and $A0.09 per
option. The total cost to Mega for this transaction was $A12.73 million ($C10.5 million).

For the acquisition of the other Redport securities, totaling 470 million
shares, 76.4 million listed options and 44.2 million unlisted options, Mega has
offered a total consideration of 9.36 million Mega shares. In the event that
the listed and unlisted options are fully exercised, the total consideration
could be 9.83 million Mega shares. The Board of Directors of Redport has
indicated that it supports the takeover and will recommend that the Redport
shareholders and optionholders accept the offer, subject to their fiduciary
duties concerning any superior competing bids. The offer is conditional on
minimum acceptances of greater than 50% of the Redport shares and listed
options, the approval of the TSX Venture Exchange, and other conditions typical
for a takeover of this nature.

In order to complete the acquisition, Mega will prepare and deliver a bidder's
statement and offer to Redport, each shareholder and optionholder of Redport,
the ASX and the Australian Securities and Investments Commission. Mega's offer
will remain open for a minimum period of one month after issue of its bidder's
statement and offer. The offer will not be made in any jurisdictions where the
offer would constitute a breach of securities laws.

The Lake Maitland uranium deposit is located in playa lake evaporitic
sediments, of Tertiary to Recent age, in the Eastern Goldfields area of Western
Australia some 130km southeast of Wiluna. It is a calcrete-style deposit
occurring as carnotite mineralisation within an extensive, single, coherent
mineralized layer, 1 to 3 metres thick, at a depth of only 2 to 6 metres from
surface. Discovered by Asarco Australia Pty. Ltd. in 1972, the deposit was
drilled by Mt. Isa Mines Ltd. (now Xstrata Ltd.) and Esso Exploration Australia
Ltd. in the 1980s and 1990s, and by Redport in late 2005. Overall, the deposit
has been drill tested by 1605 holes, of an average 7.81 metres depth, at 100
metre intervals, on lines spaced 200 metres apart. In 600 of these holes the
uraniferous layer is defined by geochemical assay data, while in 837 holes the
uranium intersection has been delineated by downhole radiometric logging.

On June 1, 2006, Redport announced that independent consultants, Hellman and
Schofield Ltd., had reported that Lake Maitland contains a JORC-compliant (NI
43-101-compliant) inferred resource, at a 100 ppm U3O8 cut-off, of 32.7 million
tonnes @ 0.03% U3O8 (23.7 million pounds U3O8). In the report it is stated that
the provision of more density data on the ore would result in the resource
being upgraded to the measured and indicated resource categories. Within the
inferred mineral resource are two coherent higher grade zones at a 500 ppm U3O8
cut-off, which, together, amount to 5.5 million tonnes @ 0.086% U3O8 (10.5
million pounds U3O8). The overall resource is amenable to low cost open cut
mining due to its single layer configuration, very shallow position and friable
nature. It is anticipated that only minimal portions of the total resource will
require blasting in the mining process.

Redport has commenced Stage 1 of its Development Programme in the Lake
Maitland Project. Studies are underway on mineralogy, processing options,
sources of water, infrastructure requirements, environmental aspects and local
social issues. In addition, ore bulk density determinations are being
undertaken in order to upgrade the resource from the inferred to the measured
and indicated resource categories. The project is being managed by Peter
McNally, Redport's Executive Director, Development and Operations, who has
considerable uranium project experience in Australia, including 12 years in
various roles for Energy Resources of Australia Ltd at the Ranger Mine in
Northern Territory and as General Manager of the Jabiluka Uranium Project.
Geological aspects of the Lake Maitland Project are under the supervision of
Malcolm Mason, a geologist with over 40 years experience in exploration and
mining. This includes uranium exploration and feasibility studies in Western
Australia and Africa (including the Langer Heinrich deposit in Namibia) in the
1990s, while Managing Director of Acclaim Uranium NL.

A small portion of the Lake Maitland inferred mineral resource, comprising 2.1
million pounds U3O8 at a 100 ppm U3O8 cut-off or 0.13 million pounds U3O8 at a
500ppm cut-off, is located within exploration tenements that were acquired by
Redport in May 2006 from the ASX-listed View Resources Ltd. ("View") for
$A275,000 cash and 2.2 million fully paid ordinary shares in Redport. In the
agreement covering this transaction, Redport is required to issue to View an
additional 1.1 million Redport shares should it delineate a JORC-compliant
mineral resource of 2500 tonnes (5.5 million pounds) U3O8 within the acquired
tenements. In addition, the tenements are subject to a previous agreement
between View and the ASX-listed Korab Resources Ltd. ("Korab") dated September
27, 2005, whereby Korab can earn a 30% interest through expenditure of
$A300,000 within 18 months, and increase to 60% through a further $A300,000
expenditure within the following 18 months. As yet, Korab has not incurred any
expenditure on the properties.

Redport's other assets include the following:

Kintyre Rocks Project, Western Australia (Redport 100%): Comprises 197km2 of
ground surrounding the lease containing Rio Tinto Ltd.'s 79 million pounds U3O8
Kintyre uranium resource, and also ground held by Cameco Australia Pty. Ltd.
Within the Redport ground are similar geological settings to that hosting
Kintyre. Compilation and interpretation of previous exploration data is being
undertaken by Redport with a view to identifying targets for testing by RAB drilling.

Kintyre East Joint Venture, Western Australia (Redport 50%, Kalgoorlie Boulder
Resources 50%): Comprises approximately 1000km2 of exploration properties, some
100km east of Kintyre Rocks, containing potential for calcrete-style uranium
deposits similar to Lake Maitland. Several target areas have been identified
covering airborne radiometric anomalies and calcrete/ playa lake areas
analogous to that of Lake Maitland.

Angelo River Project, Western Australia (Redport 100%): Located in the Peak
Hill Mineral Field of the Ashburton Basin, 65km southeast of Paraburdoo, this
project has potential for unconformity-related uranium deposits similar to
those of the Athabaska Basin in Saskatchewan. Redport's compilation and review
of previous exploration results in the project area is underway.

Edwards Creek Joint Venture, South Australia (Redport 18%, Other partners
82%): This project is located some 750km NNW of Adelaide, on the interpreted
northeast boundary of the Gawler Craton, on a major structural zone which is
thought to be one of the genetic controls of the giant Olympic Dam
copper-gold-uranium deposit some 250km to the southeast. The main area of
interest in the 40km2 property is the Heraklion prospect, an 8.5km x 3.5km
gravity anomaly, with elevated copper, uranium and rare earth elements
geochemistry, which has potential for IOCGU-style mineralisation similar to
Olympic Dam. Drill testing is planned for the last quarter of 2006.

Langer Heinrich Uranium Royalty: Redport has a royalty interest in Paladin
Resources Ltd.'s Langer Heinrich uranium resource in Namibia, comprising $A0.12
per kilogram of U3O8 produced and sold. Based on the scheduled output of 1180
tonnes of U3O8 per year, Redport would receive an annual payment of $A142,000 ($C117,000).

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

Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on
uranium properties in Australia, Argentina, Mongolia, Bolivia and Canada.
Further information on Mega can be found on the company's website at www.megauranium.com

This news release contains forward-looking statements within the meaning of
the "safe harbour" provisions of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements are subject to risks and
uncertainties and other factors that may cause Mega's results to differ
materially from expectations. These include risks relating to market
fluctuations, property performance and other risks. These forward-looking
statements speak only as of the date hereof. Mega Uranium disclaims any intent
or obligation to update these forward-looking statements and cautions investors
from placing undue reliance on forward-looking statements. Mega does have an
ongoing obligation to disclose material information as it becomes available.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.


Contacts:
Mega Uranium Ltd.
Sheldon Inwentash
CEO
(416) 643-7630
[email protected]
www.megauranium.com