Pegasus Resources Inc. announced the appointment of Mr. Mike Magrum, P. Eng, to the Company's Advisory Board. Mike Magrum, P.Eng. is a graduate of the Haileybury School of Mines and the University of Alaska with a degree in Geological Engineering.

His professional career spans almost 50 years working in most commodities, particularly uranium. The work has carried him across North America, Central America and South America. He has also worked extensively in the southern countries in Africa.

Mike is a former president of the Northwest Territories Chamber of Mines and a former director of the Prospectors and Developers Association of Canada (PDAC). He has served in senior management and as a director and officer of a number of Canadian public companies. He was part of the Terra Ventures Inc. team, which was a partner in the Roughrider uranium deposit discovery in the Athabasca Basin in Saskatchewan.

The deposit was bought by Rio Tinto and subsequently acquired by Uranium Energy Corp. He was also the Chief Operating Officer of Xemplar Energy.