Magnum Initiates Drill Program and Announces Earn-In of 100% Interest in San Rafael Project

Magnum Uranium Corp. ("Magnum") (TSX VENTURE:MM) is pleased to announce the
commencement of a six to ten hole drill program at its San Rafael Project
located near Green River in Emery County, Utah. The current drill program is
targeted at the Jackrabbit Zone, an area of uranium mineralization that was
identified during a Magnum drill program conducted in 2007 (see News Release
dated August 10, 2007). Of the fifteen holes drilled in the area, seven of the
holes intersected ore-grade mineralization, including SR-3-07 with 6.5 feet of
0.907% eU3O8, SR-13-07 with 5.0 feet of 0.212% U3O8, and SR-11-07 with 2.5' of
0.418% eU3O8. Collectively, the seven holes align to define a northeast-trending
mineralized zone that currently is 2,600 feet long and open on both ends. The
objective of the current drill program is to expand the known mineralization
through step-out drilling on mineralized holes that are open-ended.


Additionally, Magnum is pleased to announce that it has now earned a 100%
interest in both the San Rafael Uranium Project and the Wild Buck Uranium
Project (the "Joint Venture") from its partner, Energy Metals Corp. ("EMC"), a
subsidiary of Uranium One Inc. Under a Primary Option, Magnum earned an initial
undivided 65% interest in Joint Venture by completing US$1.0 million in work
expenditures comprising Phase I and Phase II drill programs at San Rafael in
fiscal 2007 and by issuing 600,000 Magnum common shares. Magnum subsequently
exercised a Secondary Option to earn an additional 15% interest in the Joint
Venture by issuing an additional 250,000 common shares (see Magnum News Release
dated February 12, 2008). 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 under 10%, at which
time their interest was automatically further reduced to a 2% royalty interest
in both properties.


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 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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