Magnum Uranium Announces San Rafael Project Update

Magnum Uranium Corporation ("Magnum" or the "Company") (TSX VENTURE:MM) is
pleased to announce that a hydrogeologic and mineralogical program for the Down
Yonder uranium deposit was initiated on July 25, 2008. The program is designed
to be the first step in determining whether uranium in-situ recovery (ISR)
extraction processes are technically feasible.


The Down Yonder uranium deposit exists as part of the Company's larger San
Rafael Uranium Project located in Emery County, Utah. The Down Yonder was
originally discovered by Continental Oil (Conoco) geologists in the late 1960's
and early 1970's as result of exploration drilling conducted east of the core of
the Tidwell Uranium District and north-northeast of the Acerson Mineral Belt.
The Tidwell and San Rafael Uranium Districts have been the site of considerable
historic exploration and drilling and production, with over 4 million pounds of
uranium and 5.4 million pounds of vanadium produced. A recent Magnum press
release (March 25, 2008) announced the completion of a National Instrument
Policy 43-101 Mineral Resource Report that estimates an Indicated mineral
resource of 729,100 pounds of U3O8 contained in 199,100 tons at an average grade
of 0.183% eU3O8 and an additional Inferred mineral resource of 1,071,100 pounds
of U3O8 contained in 292,900 tons at an average grade of 0.185% eU3O8. Although
historical mining in the district has been conducted using conventional
techniques, the possibility that in-situ recovery (ISR) techniques for
extraction of sandstone hosted uranium at the Down Yonder may be possible. The
following Phase I pre-feasibility study is being conducted to determine if ISR
is technically feasible.


Project activities include a drilling program and aquifer testing program. The
drilling program will include geological and geophysical logging of drill holes
and collecting representative cores for geotechnical and geochemical testing.
Specifically, the drill core samples will be subjected to 'bottle roll'
preparation and extraction procedures. Initially, hydrogen peroxide will be
utilized during the bottle roll procedure as a lixiviant. Analytes to be
evaluated include iron, vanadium, arsenic, selenium, molybdenum and sulfur.
Additionally, representative core samples will be analyzed for vertical and
horizontal permeability, gradation, and density.


The aquifer testing program will consist of installing and developing a
groundwater production well and four observation wells in selected drill holes,
collecting and analyzing groundwater samples, and performing an aquifer pumping
test. The wells will be permitted, designed, completed, developed, and tested in
accordance with the State of Utah Department of Minerals and Geology regulations
and guidelines.


The wells will be designed to evaluate the hydraulic characteristics of the
uranium mineral bearing aquifer within the limited study area. The wells will be
drilled to an average depth of 975 feet where groundwater production is
anticipated to produce water at a rate exceeding 50 gallons per minute. Water
samples will be analyzed to define background water quality characteristics.


Data will be analyzed to determine potential uranium extraction efficiencies as
well as determining if potential environmental concerns may arise from
mobilizing metals in the event ISR technology is deemed to be economically and
technology feasible.


Magnum has entered into a contractual arrangement with R Squared Incorporated
(R2), a respected Denver-based environmental engineering firm, to perform the
ISR feasibility evaluations. R2 will work in conjunction with and under the
supervision of Magnum's qualified management team.


Drilling is anticipated to commence in August and aquifer and laboratory testing
will occur in late September and early October. Preliminary results from the
program are anticipated to be available by the end of October.


"If ISR is technically feasible at San Rafael, it would greatly impact the
economics of the deposit in a positive sense and expedite the production time
horizon of this project," said Magnum President & CEO Craig Lindsay. "Next year,
Magnum will be looking at this same process for our uranium deposits located
near the Smith Ranch in the Powder River Basin sands of Wyoming."


Dr. John R. Carden, Ph.D., P. 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

This news release does not constitute an offer to sell or a solicitation of an
offer to sell any of 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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