Mega Uranium Drilling After Election Results

Mega Uranium Ltd. (TSX:MGA) reported it will plan to begin drilling at its uranium project after election results came out in Australia.

As quoted in the press release:

The new LNP State Government has not announced its position on uranium mining, but is expected to follow the Federal LNP policy which supports uranium mine development throughout Australia. If so, there would no longer be any political impediment to the development of Mega’s Ben Lomond project and its other uranium resources in the State.

The Ben Lomond uranium-molybdenum property is located in Queensland, Australia, approximately 50km west of the port of Townsville. The property contains two adjacent Mining Leases (total 21.6 km2), which were each renewed for 10 years from December 2004. The Ben Lomond deposit comprises an east-west trending, steeply dipping (750) vein system within Carboniferous volcanic rocks immediately underlying an unconformity.

Click here to read the Mega Uranium Ltd. (TSX:MGA) press release.