Magnum Uranium Announces High-Grade Drill Results From the Down Yonder Deposit Portion of Its San Rafael Project

Magnum Uranium Corp. ("Magnum" or the "Company") (TSX VENTURE:MM) is pleased to
announce high-grade drilling results from the Down Yonder Deposit portion of its
San Rafael Uranium Project, Emery County, Utah. Magnum has earned an 80%
interest in this joint venture property from its partner, Energy Metals Corp., a
subsidiary of Uranium One Inc. (see Magnum news release dated February 12,
2008).


High-grade results from the drilling, generally greater than 0.100% eU3O8, are
listed in the table below. The objective of the drill program was to step out on
and in-fill the known mineralized horizon(s) at Down Yonder in order to add
additional pounds of uranium to the existing NI 43-101 compliant resource. A
total of 32,732 feet in 30 holes was drilled between April 11 and September 6,
2008, with spot coring conducted through the mineralized horizon(s). Of the 30
holes drilled, uranium mineralization grading greater than 0.010% eU3O8 was
encountered in 22 holes, with 10 holes containing high-grade intercepts grading
greater than 0.100% eU3O8. Some of the more notable intercepts include DY-24-08
with 3.5 feet of 0.338% eU3O8 (includes 2.0 feet of 0.587% eU3O8), hole DY-28-08
with 5.0 feet of 0.255% eU3O8 (includes 3.5 feet of 0.348% eU3O8), hole DY 30 08
with 2.5 feet of 0.279% eU3O8, and hole DY-43-08 with 7.0 feet of 0.113% eU3O8.
The results will be used to update and further increase the NI 43-101 compliant
Down Yonder Resource, which comprises an Indicated mineral resource of 729,100
pounds of U3O8 contained in 199,100 tons at an average grade of 0.183% eU3O8 and
an additional Inferred mineral resource of 1,071,100 pounds of U3O8 contained in
292,900 tons at an average grade of 0.185% eU3O8 (see Magnum news release dated
March 25, 2008). The new resource estimate is forthcoming and will be released
as soon as new specific gravity measurements, check assays performed on core by
Energy Laboratories, Inc., Casper, Wyoming, and QA/QC work are completed.




DOWN YONDER URANIUM PROJECT 
Significant High-Grade Drill Results 

-----------------------------------------------------------------
               From         To   Thickness       Grade       U308
Drill Hole    (feet)     (feet)      (feet)   (% eU308)  (lbs/ton)
-----------------------------------------------------------------
DY-22A-08     970.5'     971.5'        1.0'      0.259%      5.18
-----------------------------------------------------------------
DY-23-08      968.5'     972.5'        4.0'      0.063%      1.26
           includes   includes
              969.5'     972.0'        2.5'      0.092%      1.84
-----------------------------------------------------------------
DY-24-08      963.5'     967.0'        3.5'      0.338%      6.76
           includes   includes
              964.5'     966.5'        2.0'      0.587%     11.74
-----------------------------------------------------------------
DY-26-08      963.5'     965.5'        2.0'      0.200%      4.00
-----------------------------------------------------------------
DY-27-08      965.5'     966.5'        1.0'      0.101%      2.02
-----------------------------------------------------------------
DY-27A-08     954.0'     955.5'        1.5'      0.143%      2.86
-----------------------------------------------------------------
DY-28-08      973.0'     978.0'        5.0'      0.255%      5.10
           includes   includes
              973.0'     976.5'        3.5'      0.348%      6.96
-----------------------------------------------------------------
DY-29-08      963.0'     964.0'        1.0'      0.189%      3.78
              968.0'     972.5'        4.5'      0.113%      2.26
           includes   includes
              968.0'     970.0'        2.0'      0.205%      4.10
-----------------------------------------------------------------
DY 30 08      976.5'     980.5'        4.0'      0.141%      2.82
           includes   includes
              978.5'     981.0'        2.5'      0.279%      5.58
-----------------------------------------------------------------
DY-40-08      976.0'     987.5'       11.5'      0.056%      1.12
           includes   includes
              980.5'     984.5'        4.0'      0.093%      1.86
-----------------------------------------------------------------
DY-43-08      980.0'     987.0'        7.0'      0.113%      2.26
           includes   includes
              980.0'     983.5'        3.5'      0.172%      3.44
-----------------------------------------------------------------
DY-45-08      968.0'     969.5'        1.5'      0.125%      2.50
-----------------------------------------------------------------



Drilling was conducted by Bob Beeman Drilling Company of Moab, Utah, and Century
Geophysical, Moab, Utah, performed the down-hole logging for gamma, spontaneous
potential (SP), and resistivity. In situ uranium grade, expressed as equivalent
U3O8 ("eU3O8"), was 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 Minerals Corp.
during their historic exploration and mining operations conducted there.


Magnum's San Rafael Uranium Project is located approximately 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. Mineralization
comprising the Down Yonder Deposit is typical of that found throughout the San
Rafael District, which is classically known as the peneconcordant,
channel-controlled, trend-type hosted in upper Salt Wash Member sandstone of the
Upper Jurassic Morrison Formation. Historically, the District produced over 4.0
million pounds of uranium and 5.4 million pounds of vanadium.


John R. Carden, Ph.D., P. Geo., a Qualified Person (QP) as defined by National
Instrument 43-101, is responsible for the technical information contained 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

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.