CORRECTION FROM SOURCE: Magnum Issues Revised NI 43-101-Compliant Uranium Resource on the Deep Gold Portion of Its San Rafael Pr

Magnum Uranium Corp. ("Magnum") (TSX VENTURE:MM) is pleased to announce that it
has completed, and filed with SEDAR, a National Instrument Policy 43-101 ("NI
43-101") Mineral Resource Technical Report for the "Deep Gold" deposit portion
of its San Rafael Uranium Property, Emery County, Utah. The Deep Gold Mineral
Resource Report estimates an indicated mineral resource of 1,536,900 pounds of
U3O8 contained in 282,600 tons at an average grade of 0.272% eU3O8 and an
additional inferred mineral resource of 78,200 pounds of U3O8 contained in
24,000 tons at an average grade of 0.163% eU3O8. Ownership percentages of the
Deep Gold Resource are subject to the terms of the joint venture agreement
outlined in the NI 43-101 document. The following table is a summary of the
Indicated and Inferred resource using a 0.20 G x T cutoff (2.5 feet of 0.080%
eU3O8):




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                                                Average Grade
Category              Pounds U3O8        Tons         % eU3O8    Pounds/Ton
---------------------------------------------------------------------------
Indicated Resource      1,536,900     282,600           0.272          5.44
---------------------------------------------------------------------------
Inferred Resource          78,200      24,000           0.163          3.26
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                        1,615,100     306,600           0.263          5.27
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The NI 43-101 table above provides an Indicated and Inferred resource estimate
of 1,615,100 pounds at an overall average grade of 0.263% eU308. Average grades
of historic NI 43-101 non-compliant resource estimates performed by Atlas
Minerals in 1984 and 1985 using Pioneer Uravan drilling results from 1979-1981
and Atlas follow-up and expansion drilling results from 1984 and 1985 are close
to those given in the table above, generally in the 0.25% to 0.30% range. The
reader is cautioned that these historic grade estimates are not qualified under
and do not meet current NI 43-101 guidelines, and Magnum is not treating them as
such; they are mentioned here for historic information and reference purposes
only.


The Deep Gold NI 43-101 Mineral Resource Technical Report was prepared by Steve
R. Sturm, A.I.P.G. Cert. Prof. Geol. #08776, who is a Qualified Person under
National Instrument Policy 43-101. Mr. Sturm's experience spans a period of
nearly 30 years, mostly pertaining to uranium and coal exploration, as well as
ground water evaluations. Mr. Sturm is particularly experienced in uranium
exploration having been employed by Cotter Corporation as an exploration and
uranium mine geologist; and coal exploration and mine development with BHP, Rio
Tinto, Cyprus Minerals, and Arch Coal Company where he served as consulting
exploration and mine geologist.


The Deep Gold is one of a number of known uranium deposits contained within
Magnum's larger 6,000 acre San Rafael Uranium Project area that comprises a
joint venture with Energy Metals Corp. (a subsidiary of Uranium One Inc.) and
which Magnum has earned an 80% interest in (see press release dated Feb. 12,
2008). The Deep Gold Mineral Resource Report covers that portion of the deposit
as it is known to exist in Section 23, T21S, R14E, where it occurs as the
probable down-dip extension of Atlas Minerals' historic Snow Mine. The Snow
produced 650,292 pounds of U3O8 from 173,330 tons of material at an average
grade of 0.188% U3O8 between 1973 and 1982 (Wilbanks, 1982). The Deep Gold
deposit area comprises approximately 5% of Magnum's entire San Rafael land
holdings, the western part of which constitutes the core of the historic San
Rafael Uranium Mining District near Green River, Utah.


Methodology and Mineral Resource Estimation

Mineralization at the Deep Gold deposit is typical of peneconcordant,
channel-controlled trend type mineralization hosted in Salt Wash Member
sandstone of the Jurassic Morrison Formation. The new resource estimate is based
on historic exploration drill holes completed by senior mining and/or
exploration companies, Pioneer Uravan and Atlas Minerals. Historically, it is
estimated that approximately 288,000 feet of drilling, comprising all rotary
holes, was conducted on the Deep Gold deposit, with 235,788 feet in 247 holes
drilled by Pioneer Uravan and 52,295 feet in 52 holes drilled by Atlas Minerals
during the late 1970's through mid 1980's. Magnum owns this exploration drilling
data, which includes drill hole gamma logs and drill hole location maps that
report and detail mineralized zones broken out by 0.1-foot intervals. Also in
Magnum's possession are numerous historical Atlas Minerals internal company
memos, resource estimate reports and resource spreadsheets, and in-house memos
detailing underground mining costs and economic scenarios (in 1984 dollars)
pertaining to sinking either a shaft to mine the deposit or accessing it through
Atlas' nearby Probe Mine shaft. Historically, the San Rafael Uranium District
was mined by conventional underground methods, producing over 4 million pounds
of uranium and 5.4 million pounds of vanadium.


In the Mineral Resource Report, uranium grade is expressed as weight percent
eU3O8, which is defined as a radiometric equivalent calculated from calibrated
natural gamma geophysical logs. Radiometric equilibrium was assumed based on the
history of the district. For the mineral resource estimates, polygons were
constructed around every hole containing mineralization with a G x T value of
greater than or equal to 0.20. Polygons were constructed so that their sides
were half the distance to the nearest hole. Resulting individual polygons define
the area of influence surrounding each hole. For indicated mineral resources,
drill spacing between holes is about 100 feet. For inferred resources, the
mineralized trend is not fully defined or bracketed by drilling, but is
reasonable given the transmissivity of the host rock and the amount of drilling
performed, that mineralization extends beyond the portion of the last hole
defined by assays.


John R. Carden, Ph.D., P. Geo., a Qualified Person as defined by National
Instrument Policy 43-101, is responsible for the technical information contained
in this news 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 Utah, Wyoming, New Mexico, and Idaho, and in Canada's Athabasca
Basin.


ON BEHALF OF THE BOARD

Craig T. Lindsay, President & CEO

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.