VANCOUVER, British Columbia -- Magnum Uranium Corp. ("Magnum") is pleased to announce restated resource estimates on the Deep Gold Deposit and portions of it, which restatement results in a change of less than 0.5% of Magnum's total resources of the deposit. The revised estimate was prepared as a result of: 1) acquiring a 100% interest in the Deep Gold West portion of the deposit (up from the previous 80%) from Uranium One; 2) a new assumption regarding ownership of the eastern portion of the resource previously stated as partially owned by Magnum, but now assumed for this purpose to be 100% owned by Uranium Power Corp. and Uranium One; 3) a change in the tonnage factor used from 15 ft3/ton to 14 ft3/ton resulting in an overall increase of resources; and 4) the addition of Inferred resources on Magnum's Deep Gold West portion of the deposit. An Amended 43-101 Report dated May 21, 2009 entitled "Magnum Uranium Corp.'s Deep Gold Uranium Deposit, Emery County, Utah" authored by Steve R. Sturm C.P.G., a Qualified Person as defined by NI 43-101, details updated resource estimates and addresses the above points.

The original resource estimate regarding the Deep Gold deposit in its entirety, and as described in Magnum's September 18, 2008 news release and detailed in the original 43-101 Technical Report entitled "Deep Gold Uranium Deposit, Emery County, Utah" by Steve R. Sturm C.P.G., March 28, 2008, comprises an Indicated resource of 1,536,900 pounds of U3O8 contained in 282,600 tons at an average grade of 0.272% eU3O8 and an Inferred resource of 78,200 pounds of U3O8 contained in 24,000 tons at an average grade of 0.163% eU3O8. This original estimate comprises a total Indicated and Inferred resource of 1,615,100 pounds U3O8 at an overall average grade of 0.263% eU3O8.

The amended estimate for the entire Deep Gold deposit now comprises an Indicated resource of 1,646,700 pounds of U3O8 contained in 302,800 tons at an average grade of 0.272% eU3O8 and an Inferred resource of 266,100 pounds of U3O8 contained in 37,450 tons at average grade of 0.355% eU3O8. The amended 43-101 estimate provides a revised total resource of 1,912,800 pounds contained in 340,250 tons @ 0.281% U3O8. Most importantly, Magnum's share of this total amended resource, which for estimation purposes is assumed to reside only within the Deep Gold West portion of the deposit and is 100% Magnum-owned, comprises an Indicated resource of 144,600 tons @ 0.229% eU3O8 for 663,400 pounds of U3O8 and an Inferred resource of 37,450 tons @ 0.355% eU3O8 for 266,100 pounds U3O8. This amended estimate comprises a total Indicated and Inferred resource of 929,500 pounds U3O8 contained in 182,050 tons at an overall average grade of 0.255% eU3O8, again all contained within Magnum's 100%-owned Deep Gold West portion of the Deep Gold deposit. Magnum's amended total resource now comprises 929,500 lbs of U3O8 compared to the total resource of 925,000 lbs U3O8 reported in the original March 28th NI 43-101 report, for an increase of 0.5%.

The change in the resource ownership presented in the Report is twofold in nature. First, due to uncertainty with respect to the application of the terms of the original underlying Magnum/EMC JV agreement regarding the San Rafael Property the author of the Report has assumed that Magnum does not own any of the Deep Gold East (Hollie Claims) portion, instead of owning 40% as previously presented. Second, 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 a 2% NSR and Magnum's interest increased from 80% to 100% of the Deep Gold West. As a result of the above, Magnum's total ownership/share of the Deep Gold Deposit now comprises 100% of the Deep Gold West resource (outside the Hollie Claims) and is assumed to be none of the Deep Gold East resource (within the Hollie Claims).

Another factor in changing the resource, as detailed in Sturm's amended Deep Gold 43-101 Technical Report, is the decrease in the tonnage factor from 15 ft3/ton to 14 ft3/ton. The tonnage factor of 14 was used in the calculation based on direct specific gravity measurements of 91 mineralized Salt Wash sandstone plugs from the adjacent Down Yonder deposit. The average specific gravity is 2.37 g/cm3, which translates to a tonnage factor of 13.5. However, a slightly more conservative tonnage factor of 14 was used in the resource calculation. The Down Yonder's host rock and stratigraphic position are the same as those found at the Deep Gold, and as such support using this tonnage factor for the amended Deep Gold resource calculation.

The last factor in changing the resource is the identification of an inferred block of mineralization that was inadvertently omitted from the original 43-101 Technical Report. This oversight has been corrected as this block is now included in the amended resource estimate.

John R. Carden, Ph.D. Lic. 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

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

THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED OF THE CONTENTS HEREIN

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.

¹By virtue of a takeover dated August 10, 2007, Uranium One is now the parent company of EMC (now a wholly owned subsidiary of Uranium One).