VANCOUVER, B.C. - Magnum Uranium Corp. ("Magnum") is pleased to announce the commencement of a Phase II drilling program at its San Raphael Uranium Project, Emery County, Utah. Magnum is in the process of earning an 80% undivided interest in this property from its joint venture partner, Energy Metals Corporation (recently acquired by Uranium One Inc.). The planned Phase II drilling comprises fourteen (14) rotary holes totaling 11,600 feet, with cored intervals through projected ore horizons. Six (6) of the holes will be drilled within a potentially mineralized zone referred to as the "North Jackrabbit". The North Jackrabbit lies just north of and parallel to the main "Jackrabbit Zone" where Magnum Phase I drilling identified a 2,660-foot-long, northeast-trending zone of ore-grade mineralization that remains open on both ends and will require further drilling to define its full extent (see Magnum News Release dated August 10, 2007). The eight remaining holes will be drilled on the western half of the "Deep Gold" uranium deposit area to test for multiple zones of high-grade mineralization discovered by Pioneer Uravan in the early 1980's.

Craig Lindsay, President & CEO of Magnum, noted: "The San Raphael Project is emerging as an important part of Magnum's development plans in the Colorado Plateau region. Our Phase I drill program encountered strong uranium mineralization in 7 of 15 holes, including one hole that encountered 6.5 feet grading 0.908% eU3O8. Upon completion of this second round of drilling, we intend to initiate an aggressive drill program in 2008 to confirm and expand known uranium mineralization. Two companies have announced plans to recommence milling at existing conventional uranium processing facilities in Utah, and as a result mill feed will be in high demand. We intend to capitalize on this demand by moving the San Raphael Project towards production as soon as possible."

Uranium mineralization on the property occurs in high-grade zones hosted by an upper sandstone unit within the Salt Wash Member of the Jurassic Morrison Formation. Bob Beeman Drilling Company of Moab, Utah is conducting the drilling using a Gardner/Denver Model 15W conventional air rotary drill-rig, and Jet West Geophysical Services, LLC, of Farmington, New Mexico is conducting the down-hole logging for gamma-ray, spontaneous potential (SP), and resistivity data. Magnum has received all the necessary and required permits from the U.S. Bureau of Land Management and the Utah Division of Oil, Gas and Minerals to conduct the drilling.

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

About Magnum

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, as well as in Canada's Athabasca Basin.


ON BEHALF OF THE BOARD
"Craig T. Lindsay"
President & CEO

For additional information please contact:
Tel: 604.683.2507 Fax: 604.683.2506
E-mail: info@magnumuranium.com

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