Magnum Uranium Announces High-Grade Phase II Drill Results from San Rafael Project



    MM (TSX-V)

    VANCOUVER, Jan. 17 /CNW/ - Magnum Uranium Corp. ("Magnum" or the
"Company") is pleased to announce high-grade results from Phase II drilling at
its San Rafael Uranium Project, Emery County, Utah. As of the completion of
this round of drilling, Magnum has met the work expenditure commitments
required to earn an undivided 65% interest in this property from its joint
venture partner, Energy Metals Corp. (see Magnum news release dated
December 5, 2006).
    The objective of the Phase II drill program was to step-out on existing
mineralized zones and discover new areas of additional high-grade uranium
mineralization similar to those defining past resources and areas previously
mined by Atlas Uranium and others. Magnum's Phase II program comprises 15
rotary drill holes, totaling approximately 12,000 feet, with spot coring
through some of the mineralized zones.

    
                         SAN RAFAEL URANIUM PROJECT
                     Significant Phase II Drill Results

                    From          To        Thickness     Grade        U3O8
    Drill Hole     (feet)       (feet)       (feet)     (% eU3O8)    Lbs/Ton
    -------------------------------------------------------------------------
    SR-09-07       495.0'       499.0'         4.0'       0.448%        9.6

    SR-10-07       506.0'       509.0'         3.0'       0.176%        3.5

    SR-14-07       506.5'       507.5'         1.0'       0.121%        2.4

    SR-15-07       800.5'       804.5'         4.0'       0.470%        9.4
                   813.5'       814.5'         1.0'       0.125%        2.5

    SR-22-07       825.5'       826.5'         1.0'       0.139%        2.8

    SR-24-07       773.5'       776.5'         3.0'       0.066%        2.1

    SR-25-07       838.0'       842.0'         4.0'       0.161%        3.2

    SR-27-07       827.0'       831.0'         4.0'       0.356%        7.1

    SR-29-07       842.0'       843.5'         1.5'       0.124%        2.5
    

    Six of the holes totaling 3,549 feet were drilled into a mineralized zone
referred to as the "North Jackrabbit", including SR-9-07 with 4.0 feet of
0.448% eU3O8 and SR-10-07 with 3.0 feet of 0.176% eU3O8. The North Jackrabbit
Zone lies just north of the open ended, 2,600-foot-long, northeast-trending
Jackrabbit Zone of high-grade mineralization previously identified during the
Phase I drilling (see news release dated August 10, 2007). The other 9
remaining holes, which total 8,450 feet and include SR-15-07 with 4.0 feet of
0.470% eU3O8, SR-27-07 with 4.0 feet of 0.356% of eU3O8, and SR-25-07 with
4.0 feet of 0.161% eU3O8, were drilled into the western half of the "Deep
Gold" uranium deposit to test for multiple zones of high-grade mineralization
discovered by Pioneer Uravan in the early 1980's.
    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. Probe work was performed by Century Geophysical and Jet West
Geophysical Services. In situ uranium grade, expressed as equivalent U3O8
("eU3O8"), is calculated using uranium industry standard techniques for gamma
log interpretation. Down-hole gamma log interpretation has historically been
found to be an accurate representation of in situ grades for uranium
mineralization in the San Rafael District as established by Atlas Uranium
Corp. during their exploration and mining operations conducted in the
District.
    The San Rafael Uranium Project is located 10 miles west of Green River,
Utah. The area was the site of mining and exploration for uranium and vanadium
from the mid-1950's until the early 1980's. Uranium mineralization in this
District occurs as Trend-type Deposits within paleo-stream channels in the
Salt Wash Member of the Jurassic Morrison Formation. Historically, the
District produced over 4.0 million pounds of uranium and 5.4 million pounds of
vanadium. Magnum has commissioned an external qualified geologist to perform
43-101 compliant reports on the three historic drill-defined resources on the
property (the Down Yonder, Deep Gold, and 4484 deposits). These reports will
be released as they are completed.
    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

    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 of 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.





For further information:

For further information: Tel: (604) 683-2505, Fax: (604) 683-2506,
E-mail: info@magnumuranium.com

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MAGNUM URANIUM CORP.

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