11/09/2005- Magnum Completes Reactivation

[Franko10 ™]

Magnum Completes Reactivation


09:00 EST Wednesday, November 09, 2005

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 9, 2005) - Magnum Uranium Corp. ("Magnum" or the "Company") (TSX VENTURE:MM) is pleased to announce the receipt of all necessary approvals from the TSX Venture Exchange ("TSXV") in connection with its ongoing reactivation. As a result, Magnum's restructuring is now complete, and it has returned to "Tier 2" status on the TSXV.

Among other things, Magnum has:

a) completed a private placement of $2,500,000 by issuing 5,000,000 units at a price of $0.50 per unit to qualified investors, including an over-allotment of 1,000,000 units due to strong demand for the financing. The units consist of one common share and one-half of one two-year share purchase warrant, where each full warrant may be exercised to acquire an additional common share at a price of $0.75 in year one and at a price of $1.00 in year two. The Company paid finder's fees of $144,375. All securities issued in connection with this private placement are subject to a 4-month hold period;

b) issued 8,488,339 common shares to creditors at a price of $0.50 in connection with the settlement of debts of $4,244,169. The shares issued are subject to a 4-month hold period and are additionally subject to a value escrow agreement which allows for their release in stages over three years;

c) converted outstanding promissory notes aggregating $350,000, plus accrued interest and fees, into 928,689 units of the Company at a deemed price of $0.40 per unit. The units consist of one common share and one common share purchase warrant. Each warrant may be exercised to acquire an additional common share at a price of $0.50 until January 17, 2006. The shares and warrants are not subject to any hold periods; and

d) issued a finder's fee of 240,000 common shares to a consulting geologist in relation to the staking of a uranium property. These shares are subject to a 4-month hold period.

As a result of these transactions, the Company now has a total of approximately 16,700,000 common shares issued and outstanding. Magnum has working capital of approximately $2,300,000 and is well positioned to proceed with its business plan.

Magnum's President & CEO, Mr. Craig Lindsay, stated:

"We are very pleased to announce the reactivation of Magnum to Tier 2 status, and are sincerely appreciative of the support of our shareholders through this process. We look forward to aggressively building our portfolio of uranium properties, and continuing to enhance shareholder value in the process."

The Company

Magnum is a Vancouver-based minerals exploration company focused on the acquisition and development of uranium assets. Currently, the Company's primary exploration assets are located in the Western United States, with properties in Idaho, Utah, and Washington.

ON BEHALF OF THE BOARD

Craig T. Lindsay, President & CEO

This release has been prepared by management.

FOR FURTHER INFORMATION PLEASE CONTACT:

Magnum Uranium Corp.
Craig T. Lindsay
President & CEO
[phone]
[phone] (FAX)
[e-mail]
www.magnumuranium.com
TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.