MM Magnum Uranium Com Npv

Magnum Uranium Corp. ("Magnum") (TSX VENTURE:MM) is pleased to announce restated
resource estimates on the Deep Gold Deposit and portions of it, which
restatement results in a change of less than 0.5% of Magnum's total resources of
the deposit. The revised estimate was prepared as a result of: 1) acquiring a
100% interest in the Deep Gold West portion of the deposit (up from the previous
80%) from Uranium One; 2) a new assumption regarding ownership of the eastern
portion of the resource previously stated as partially owned by Magnum, but now
assumed for this purpose to be 100% owned by Uranium Power Corp. and Uranium
One; 3) a change in the tonnage factor used from 15 ft3/ton to 14 ft3/ton
resulting in an overall increase of resources; and 4) the addition of Inferred
resources on Magnum's Deep Gold West portion of the deposit. An Amended 43-101
Report dated May 21, 2009 entitled "Magnum Uranium Corp.'s Deep Gold Uranium
Deposit, Emery County, Utah" authored by Steve R. Sturm C.P.G., a Qualified
Person as defined by NI 43-101, details updated resource estimates and addresses
the above points.


The original resource estimate regarding the Deep Gold deposit in its entirety,
and as described in Magnum's September 18, 2008 news release and detailed in the
original 43-101 Technical Report entitled "Deep Gold Uranium Deposit, Emery
County, Utah" by Steve R. Sturm C.P.G., March 28, 2008, comprises an Indicated
resource of 1,536,900 pounds of U3O8 contained in 282,600 tons at an average
grade of 0.272% eU3O8 and an Inferred resource of 78,200 pounds of U3O8
contained in 24,000 tons at an average grade of 0.163% eU3O8. This original
estimate comprises a total Indicated and Inferred resource of 1,615,100 pounds
U3O8 at an overall average grade of 0.263% eU3O8.


The amended estimate for the entire Deep Gold deposit now comprises an Indicated
resource of 1,646,700 pounds of U3O8 contained in 302,800 tons at an average
grade of 0.272% eU3O8 and an Inferred resource of 266,100 pounds of U3O8
contained in 37,450 tons at average grade of 0.355% eU3O8. The amended 43-101
estimate provides a revised total resource of 1,912,800 pounds contained in
340,250 tons @ 0.281% U3O8. Most importantly, Magnum's share of this total
amended resource, which for estimation purposes is assumed to reside only within
the Deep Gold West portion of the deposit and is 100% Magnum-owned, comprises an
Indicated resource of 144,600 tons @ 0.229% eU3O8 for 663,400 pounds of U3O8 and
an Inferred resource of 37,450 tons @ 0.355% eU3O8 for 266,100 pounds U3O8. This
amended estimate comprises a total Indicated and Inferred resource of 929,500
pounds U3O8 contained in 182,050 tons at an overall average grade of 0.255%
eU3O8, again all contained within Magnum's 100%-owned Deep Gold West portion of
the Deep Gold deposit. Magnum's amended total resource now comprises 929,500 lbs
of U3O8 compared to the total resource of 925,000 lbs U3O8 reported in the
original March 28th NI 43-101 report, for an increase of 0.5%.


The change in the resource ownership presented in the Report is twofold in
nature. First, due to uncertainty with respect to the application of the terms
of the original underlying Magnum/EMC(1) JV agreement regarding the San Rafael
Property the author of the Report has assumed that Magnum does not own any of
the Deep Gold East (Hollie Claims) portion, instead of owning 40% as previously
presented. Second, during 2008, Magnum expended an additional sum of
approximately US$1.6 million on exploration at San Rafael. EMC declined to
participate, and as a result, their interest was diluted to a 2% NSR and
Magnum's interest increased from 80% to 100% of the Deep Gold West. As a result
of the above, Magnum's total ownership/share of the Deep Gold Deposit now
comprises 100% of the Deep Gold West resource (outside the Hollie Claims) and is
assumed to be none of the Deep Gold East resource (within the Hollie Claims).


Another factor in changing the resource, as detailed in Sturm's amended Deep
Gold 43-101 Technical Report, is the decrease in the tonnage factor from 15
ft3/ton to 14 ft3/ton. The tonnage factor of 14 was used in the calculation
based on direct specific gravity measurements of 91 mineralized Salt Wash
sandstone plugs from the adjacent Down Yonder deposit. The average specific
gravity is 2.37 g/cm3, which translates to a tonnage factor of 13.5. However, a
slightly more conservative tonnage factor of 14 was used in the resource
calculation. The Down Yonder's host rock and stratigraphic position are the same
as those found at the Deep Gold, and as such support using this tonnage factor
for the amended Deep Gold resource calculation.


The last factor in changing the resource is the identification of an inferred
block of mineralization that was inadvertently omitted from the original 43-101
Technical Report. This oversight has been corrected as this block is now
included in the amended resource estimate.


John R. Carden, Ph.D. Lic. Geo., a Qualified Person as defined by National
Instrument Policy 43-101, is responsible for the technical information contained
in this news release.


The Company

Magnum is a Vancouver-based minerals exploration company focused on the
acquisition and development of uranium assets in North America. Currently,
Magnum's primary property holdings are located in the Western United States,
specifically Wyoming, Utah, Idaho, and New Mexico, and in Canada's Athabasca
Basin.


ON BEHALF OF THE BOARD

Craig T. Lindsay, President & CEO

(1) By virtue of a takeover dated August 10, 2007, Uranium One is now the parent
company of EMC (now a wholly owned subsidiary of Uranium One).


This news release does not constitute an offer to sell or a solicitation of an
offer to sell any securities in the United States. The securities 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 or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.

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