VANCOUVER, B.C. - Magnum Uranium Corp. ("Magnum" or the "Company") is pleased to announce that it has completed, ahead of schedule, the terms of its Joint Venture agreement with Energy Metals Corporation (a subsidiary of Uranium One Inc.) on the 6,000 acre San Rafael property located in the San Rafael District of Emery County, Utah, and the 360 acre Wild Buck property located in Converse County, Wyoming. The terms of the Joint Venture were announced in a press release dated December 5, 2006. As a result, Magnum now owns an undivided 80% interest in these two mineral properties.

Under a Primary Option, Magnum earned an initial undivided 65% interest in the properties by completing US$1.0 million in work expenditures and issuing 600,000 Magnum common shares. Magnum's aggressive 2007 Phase I and II drill programs at San Rafael enabled the Company to secure its 65% interest approximately 3 years ahead of schedule. Magnum subsequently exercised a Secondary Option to earn an additional 15% interest in the Joint Venture by issuing an additional 250,000 common shares.

The San Rafael Property contains several historic drill-defined deposits as previously announced and has commissioned Laurence Pancoast, P.Geo., to complete NI 43-101 resource reports that will be released over the next few months. Additionally, Magnum is in the process of permitting an aggressive 2008-2009 drilling program with the Utah Department of Oil, Gas and Mining and with the Bureau of Land Management. The Company is currently in the process of conducting a Cultural Resource Evaluation in conjunction with this permitting. Details of the drilling program will be released as they become available.

ON BEHALF OF THE BOARD

"Craig T. Lindsay"
President & CEO

For additional information please contact:
Tel: 604.683.2505 Fax: 604.683.2506
E-mail: info@magnumuranium.com

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This new release does not constitute and offer to sell or a solicitation of any 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.