Magnum Drills Bulk Tonnage Mineralization at Marysvale

Magnum Uranium Corp. ("Magnum" or the "Company") (TSX VENTURE:MM) is pleased to
announce results of a recently completed exploration drilling program at its
Marysvale Uranium Property, Piute County, Utah. Drilling was conducted from
October 22 to October 31, 2008 to test a large 850-foot-wide by 1,570-foot-long
coherent soil-gas radon anomaly delineated by StrataModel Inc. in August 2007
and for the presence of bulk-tonnage intrusive-hosted uranium mineralization
(see Magnum news release dated October 18, 2007 for further details). Two of
Magnum's three reverse circulation angle holes drilled across the southern
portion of the anomaly were successful in intercepting thick zones of uranium
mineralization hosted by quartz monzonite (see Table below), thus verifying the
presence of bulk-tonnage mineralization. The soil-gas radon anomaly covers an
area of approximately 22 acres and lies in the central portion of Magnum's 782
acre claim block at the southern end of the core of the historic Marysvale
Uranium District. Approximately 1.8 million pounds of uranium contained in
material averaging 0.075% U3O8 have been produced from the District.


Drilling totals 1,730 feet spread between three holes, the results of which are
shown in the table below. Drill hole MP-4-08 intercepted 105 feet of 0.028 %
eU3O8, the thickest interval encountered in the program. Included within this
interval is 27.5 feet of material grading 0.064% eU3O8, which further contains
4.5 feet of material grading 0.159% eU3O8. Drill hole MP-3-08 intercepted a
71-foot-thick interval grading 0.018% eU3O8, which also includes 11.5 feet of
material grading 0.029% eU3O8. Numerous, additional, 1-foot- to 4-feet-thick
intervals of low-grade (0.010 - 0.032% eU3O8) were encountered in both holes.
The northern portion of the radon anomaly as well as areas of the claim block
located northwest and along the trend of the anomaly are covered by a layer of
rhyolite and remain untested. Magnum geologists are currently reviewing the
data, with possible additional exploration in the planning phases.




MARYSVALE URANIUM PROJECT
Drill Results

--------------------------------------------------------------------
                                                          Drill Hole
Drill           From          To   Thickness       Grade       Depth
Hole           (feet)      (feet)      (feet)   (% eU3O8)      (feet)
--------------------------------------------------------------------
               440.5'      511.5'       71.0'      0.018%
MP-3-08     includes    includes                                 530'
               459.0'      470.5'       11.5'      0.029%
--------------------------------------------------------------------
               457.5'      562.5'      105.0'      0.028%
            includes    includes
MP-4-08        468.0'      495.5'       27.5'      0.064%        600'
            includes    includes
               471.0'      475.5'        4.5'      0.159%
--------------------------------------------------------------------
MP-5-08          N/A         N/A         N/A        None         600'
--------------------------------------------------------------------



Drilling was performed by Diversified Drilling LLC, Missoula, Montana using a
reverse circulation DLD 1000 track rig. Century Geophysical Corporation of
Tulsa, Oklahoma conducted the down-hole gamma-ray logging, resistivity, and
delineation survey work. The gamma portion of the down-hole logging tool was
calibrated to the uranium content by probing standardized test pits located in
Grand Junction, Colorado. Samples of the radioactive cuttings from the RC holes
are being sent to Energy Laboratories Inc., Casper, Wyoming to define the
equilibrium of equivalent uranium, as determined by gamma-ray logging, versus
the chemical uranium content for the same interval. Magnum received permission
to conduct the drilling from the U.S. Bureau of Land Management and the Utah
Division of Oil, Gas and Minerals in October 2008.


John R. Carden Ph.D., P. Geo., a Qualified Person (QP) as defined by National
Instrument 43-101, is responsible for the technical information in this release.


About Magnum

Magnum is a Vancouver-based 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, as well as 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 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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