| Thu 29 Mar 2007, 14:21 | | FUM - First Uranium Corporation - Abridged Pre-Lis |
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JSE
FIU
FUM - First Uranium Corporation - Abridged Pre-Listing Statement
FIRST URANIUM CORPORATION
Registration Number: C0777384
ISIN: CA33744R1029
(Continued under the laws of British Columbia, Canada)
SA Company Registration Number: 2007/009016/10
Share code: FUM
("First Uranium" or "the Company")
ABRIDGED PRE-LISTING STATEMENT
Prepared and issued in terms of the Listings Requirements of the JSE Limited
("JSE") relating to a secondary listing of First Uranium on the JSE
This is not an invitation to the public to subscribe for shares, but is issued
in compliance with the Listings Requirements of the JSE for the purposes of
giving the public information about First Uranium.
This announcement contains the salient information in respect of First Uranium,
which is more fully described in the Pre-listing Statement. For a full
appreciation of the proposed listing of First Uranium Common Shares on the
JSE, the Pre-listing Statement, which is available on request as set out in
paragraph 6 below, should be read in its entirety.
1. INTRODUCTION
The JSE has approved the application for a secondary listing of all the issued
Common Shares (which comprises 121,686,047 Common Shares of no par value,
fully paid) of First Uranium in the "Nonferrous Metals" sector of the JSE
list under the abbreviated name "FIUranium", share code FUM, with effect
from the commencement of business on 30 March 2007.
First Uranium believes a secondary listing of its Common Shares on the JSE can
provide various strategic benefits. The Company wants to enhance South
African investors` awareness of First Uranium over time to facilitate
direct investment by South African residents, in order to enlarge its
investor base and increase trade in its shares.
2. TSX LISTING
2.1. TSX Listing
First Uranium listed on the TSX on 20 December 2006, classified under "Mining",
under the share code "FIU". The Initial Public Offering raised Cdn$ 219,4
million (net of underwriting expenses).
2.2. Nature of business
First Uranium is a resources company focused on the development of uranium and
gold projects in South Africa. The Company`s goal is to become a
significant producer of uranium and gold through the re-opening and
development of the Ezulwini underground mine and the construction of the
Buffelsfontein tailings recovery facility. To expand its production
profile, First Uranium plans to continue to identify and acquire additional
uranium projects in Southern Africa.
3. BUSINESS MODEL
3.1.1. Corporate Strategy
First Uranium`s corporate strategy is as follows:
- develop the Ezulwini and Buffelsfontein uranium and gold projects by
progressing each through specific milestones, including increasing and
upgrading categories of mineral resources and commencing construction
activities, in order that mining and processing operations may commence at
Ezulwini and Buffelsfontein in the near-term and thereafter possibly be
expanded;
- seek sales off-take arrangements at favourable terms with third
parties in respect of any yellowcake produced by the Ezulwini and
Buffelsfontein projects;
- seek additional acquisition, joint venture and/or development
opportunities relating to strategically located uranium prospects and
properties in Southern Africa, including uranium and gold tailings dumps;
and
- capitalize on Simmer & Jack`s recent history of operating in South
Africa, including its management and technical experience, its BEE
credentials and its relationships with government officials and service
providers in South Africa.
3.1.2. Business Strengths
First Uranium believes it can successfully implement its corporate strategy
because of its unique strengths. These strengths include:
- Near-Term Production Mining Projects: First Uranium believes that its
existing uranium and gold projects can be placed into production in the
near-term. The first gold from Ezulwini is expected to be produced by
October 2007 whilst uranium production is expected to begin in June 2008.
The first uranium and gold production from the Buffelsfontein Project are
expected by mid-2008.
- Strategic Commodity Mix and Growth Potential: The Ezulwini and
Buffelsfontein projects involve significant exposure to both uranium and
gold. This has the potential of insulating the projects from negative
swings in uranium or gold prices. First Uranium will have the potential to
adjust its mining plan for the Ezulwini Project towards a more profitable
uranium and gold mix in response to uranium and gold price changes. First
Uranium will also have the flexibility to invest in the modular expansion
of its Ezulwini and Buffelsfontein project facilities in order to respond
to the commodity market environment. In addition, management believes the
development of two uranium plants close to other potentially economically
viable resources as well as the potential for modular plant expansion could
provide First Uranium with an opportunity to increase production by
processing material from third parties and/or acquiring neighbouring
resources.
- Long Life Mineral Resources: At current market prices for uranium and
gold, the estimated mineral resources at Ezulwini and Buffelsfontein are
sufficient to support gold and uranium processing plants operating at
optimal levels and to sustain medium to long-term mine operations. Based on
the existing mine plan for the Ezulwini Project of 19 years, only
approximately 20% of the project`s resource will be utilized over the term
of the plan. The Buffelsfontein Project is estimated to have sufficient
resources to support a 14 year life of mine plan.
- Existing Infrastructure and Historical Mining Experience: First
Uranium will benefit from existing infrastructure and previous mining
development at both of its Ezulwini and Buffelsfontein projects. The
proposed Ezulwini Project will involve the re-commissioning of a previously
operating mine for which the mine shafts and much of the necessary
infrastructure are already in place. The proposed Buffelsfontein Project
will involve the processing of tailings and will not involve the same level
of construction or operational risk as an underground mine. Management
believes the historical development at both of these projects demonstrates
the viability of the resource base and ultimately reduces the risk in the
development of these projects as compared to an undeveloped greenfield
project. In addition, the existing infrastructure reduces the required
capital expenditure for the initial development of the Ezulwini and
Buffelsfontein projects.
- Attractive Project Economics: Management believes that the economic
returns offered by the projects are attractive. This is a result of the
development costs for Ezulwini being reduced by the existing infrastructure
and the simplified nature of the Buffelsfontein tailings recovery facility.
In addition to the reduced development capital expenditures, First Uranium
will benefit from the revenue contribution from both uranium and gold,
resulting in attractive cash flow margins for both projects.
- Exposure to Current Uranium Prices: As First Uranium is not subject to
any uranium off-take agreements at fixed prices lower than current uranium
spot market prices, it has considerable flexibility in negotiating
marketing and off-take arrangements for its uranium at today`s historically
high uranium prices and on favourable contract terms.
- Management and Board Experience: First Uranium`s management team has
considerable operational experience in South Africa and is supported by an
experienced technical and mining operations team, some of whom have prior
operating experience with the Ezulwini mine. In addition, the Board has a
strong mix of operational, financial and management experience in South
Africa and Canada.
- Strategic Relationship: Simmer & Jack is the majority shareholder of
First Uranium. First Uranium believes that it will benefit from this close
relationship, not only from the management expertise that will be provided
by the officers and directors of Simmer & Jack who will be involved with
First Uranium, but also from Simmer & Jack`s BEE credentials and its
contacts in, and knowledge of, the political, economic and cultural aspects
of, South Africa. In particular, First Uranium believes that the Corporate
Opportunity Agreement with Simmer & Jack will lead to further uranium
exploration and development opportunities and provide First Uranium with a
considerable strategic advantage over many of its potential competitors.
4. OVERVIEW OF ASSETS AND FUTURE PROSPECTS
4.1. Reorganisation of First Uranium
First Uranium acquired certain assets from Simmer & Jack relating to two
proposed uranium and gold projects in South Africa. First Uranium intends,
with the funds available from its Initial Public Offering that closed in
December 2006, and the funds expected to be available under certain debt
facilities that First Uranium is negotiating if and when such facilities
are finalised, to: (i) reopen, develop and rebuild the Ezulwini Project, a
previously operating underground uranium and gold mine, and (ii) develop
and construct the Buffelsfontein Project, a facility for processing the
uranium and gold contained in surface tailings at Buffelsfontein as well as
the tailings from Simmer & Jack`s ongoing mining operations at its
Buffelsfontein and Hartebeesfontein underground gold mines. The Company
also intends to seek additional uranium opportunities in Southern Africa.
4.2. Projects
4.2.1. Ezulwini Project
The Ezulwini Project involves the recommissioning of an underground uranium and
gold mining operation located approximately 40 kilometres from Johannesburg
on the outskirts of the town of Westonaria in Gauteng Province, South
Africa. The mine previously operated on a care and maintenance basis. The
mine was constructed in the 1960s and reached production of 200,000 tpm in
the same decade. In 2001, mine production at Ezulwini was ceased primarily
as a result of capital constraints compounded by a weak gold and uranium
market environment. The geology of the Ezulwini property includes a number
of reef packages, with the Upper Elsburg and Middle Elsburg reefs being the
primary focus of First Uranium`s mine reopening plans at the Ezulwini
Project. First Uranium`s plans for the development of the Ezulwini Project
include the rehabilitation and re-engineering of the main mine shaft
through the installation of a floating steel tower, de-stressing the area
where the shaft pillar intersects the shaft barrel, and the construction of
uranium and gold processing facilities. First Uranium believes that the
rectification programme will enable the Ezulwini Project to reach a
production output of approximately 130,000 tpm by 2009 and 180,000 tpm by
2012 as both the Upper Elsburg shaft pillar is developed and the Middle
Elsburg uranium and gold section stopes are opened and expanded. The life
of the current mine plan for the Ezulwini Project is 19 years.
The following table is a summary of the estimated mineral resources of the
Ezulwini Project as set out in the Ezulwini Technical Report (as at July
2006):
Measured Tonnes Gold U3O8 Cont.Gold Cont. U3O8
Reef (t 000`s) Grade Grade (oz 000`s) (lb 000`s)
(g/t) (%)
UE Shaft 2,101 7.7 - 520 -
Pillar
Middle 2,450 4.9 0.072 384 3,888
Elsburg
Total 4,551 6.2 n/a 904 3,888
Indicated Tonnes Gold U3O8 Cont.Gold Cont. U3O8
Reef (t 000`s) Grade Grade (oz 000`s) (lb 000`s)
(g/t) (%)
UE Shaft 4,586 6.1 - 900 -
Pillar
Middle 1,370 5.8 0.095 257 2,880
Elsburg
Total 5,956 6.0 n/a 1,157 2,880
Measured + Tonnes Gold U3O8 Cont.Gold Cont.
Indicated (t 000`s) Grade Grade (oz 000`s) U3O8
Reef (g/t) (%) (lb
000`s)
UE Shaft 6,687 6.6 - 1,420 -
Pillar
Middle 3,820 5.2 0.080 641 6,768
Elsburg
Total 10,507 6.1 n/a 2,061 6,768
Inferred Tonnes Gold U3O8 Cont.Gold Cont. U3O8
Reef (t Grade Grade (oz 000`s) (lb 000`s)
000`s) (g/t) (%)
Upper 64,550 5.8 - 12,055 -
Elsburg
Middle 136,910 4.6 0.076 20,074 229,329
Elsburg
Total 201,460 5.0 n/a 32,129 229,329
Notes:
1. CIM definitions were followed for mineral resources.
2. Mineral resources that are not mineral reserves do not have
demonstrated economic viability.
3. Mineral resources in the Upper Elsburg shaft pillar are estimated at a
4.0 g/t cutoff grade.
4. Mineral resources are estimated using an average long-term gold price
of US$500 per ounce, and a US$/R exchange rate of 7.0.
5. A minimum mining width of 1.53 m was used.
6. Rows and columns may not add exactly due to rounding.
7. The Ezulwini Project is 90% owned (indirectly) by First Uranium and
10% owned by Waterpan Mining Consortium. The above resource table
presents 100% of the estimated mineral resources.
In May 2005, Simmer & Jack took initial steps to acquire the Ezulwini Project by
submitting an application for new order mining rights in respect of the
Ezulwini mine. In May 2006, Simmer & Jack received a letter from the DME
stating that the Ezulwini mining right was granted to Simmer & Jack,
subject to complying with certain stated conditions. On December 8, 2006
the Ezulwini mining right was registered to Simmer & Jack. The mining right
has been granted for a 30 year period and may be renewed by the holder for
further periods, each of which may not exceed 30 years provided the holder
is in compliance with applicable laws and the terms and conditions of the
mining right. Simmer & Jack and EMC entered into the Ezulwini Mining
Agreement pursuant to which Simmer & Jack agreed to take all necessary
steps to effect a transfer of the Ezulwini mining right to EMC as soon as
possible, including obtaining all ministerial consent to any such transfer.
The Company received regional DME approval on 15 March 2007 in respect of
the transfer application and the application has since been forwarded to
the DME`s head office for ministerial approval. The Company hopes that the
transfer of the Ezulwini mining right will be completed in the second
quarter of 2007. EMC is a 90% indirect subsidiary of First Uranium. Simmer
& Jack will continue, for EMC`s benefit, development work on the Ezulwini
Project, including refurbishment of the Ezulwini shaft in anticipation of
the transfer of the Ezulwini mining right to EMC. In addition, EMC will
continue with the ongoing water pumping required to keep the Ezulwini mine
dry and commence pre-construction planning and structural design work
necessary for the project to the extent permitted under South African laws.
EMC entered into the REL Purchase Agreement with REL in respect of the purchase
by EMC of certain surface and underground assets relating to the Ezulwini
mine, including two shaft headgears and four winders, fans, compressors,
generators and underground equipment as well as the necessary surface
freehold required to operate the mine.
4.2.2. Buffelsfontein Project
The Buffelsfontein Project will be a uranium and gold tailings recovery
operation located in the Western portion of the Witwatersrand Basin
approximately 160 km from Johannesburg. First Uranium plans to conduct
hydraulic mining of nine tailings dumps on the Buffelsfontein property
using high pressure water cannons to slurry the tailings which will then be
pumped to processing plants for the recovery of uranium and gold. First
Uranium will also be entitled to the tailings from the ongoing mining
operations at the nearby BGM Underground Mine operated by BGM, a subsidiary
of Simmer & Jack. First Uranium`s current mine plan for the Buffelsfontein
Project is based on the construction of a gold plant with a 1.8 million tpm
nominal ultimate capacity and a uranium plant with a nominal ultimate
capacity of 200,000 tpm. It is currently intended that the Buffelsfontein
Project will commence as a 20,000 tpd tailings recovery operation which
will grow in stages to be a nominal 60,000 tpd operation after three years,
producing approximately 138,000 oz per year of gold and 950,000 lbs per
year of U3O8 over a 14 year production life. It is currently intended that
the Buffelsfontein Project will process 600,000 tpm by 2008, 1,200,000 tpm
by 2009 and 1,800,000 tpm by 2010.
The following is a summary of the estimated mineral resources contained in the
nine tailings dumps that comprise the Buffelsfontein Project as set out in
the Buffelsfontein Technical Report (as at April 2006):
Measured Tonnes Gold U3O8 Cont. Cont. U3O8
(t 000`s) Grade Grade Gold (lb 000`s)
(g/t) (%) (oz
000`s)
Buffels 2 23,700 0.40 0.0087 301 4,544
Buffels 3 29,400 0.35 0.0103 335 6,674
Buffels 4 16,380 0.38 0.0102 202 3,682
Buffels 5 45,584 0.21 0.0062 306 6,229
Total 115,064 0.31 0.0083 1,144 21,130
Indicated Tonnes Gold U3O8 Cont. Cont. U3O8
(t 000`s) Grade Grade Gold (lb 000`s)
(g/t) (%) (oz
000`s)
Harties 1 92,576 0.32 0.0061 941 12,446
Harties 2 35,640 0.31 0.0058 354 4,556
Harties 5 23,133 0.31 0.0053 228 2,702
Harties 6 14,604 0.22 0.0059 105 1,899
Total 165,953 0.31 0.0059 1,628 21,603
Total
Measured + 281,017 0.31 0.0069 2,772 42,733
Indicated
Inferred
Harties 7 1,740 0.54 0.0243 30 932
Notes:
1. CIM definitions were followed for mineral resources.
2. Mineral resources that are not mineral reserves do not have
demonstrated economic viability.
3. A zero grade cutoff grade was used.
4. Rows and columns may not add exactly due to rounding.
5. Preliminary metallurgical test results indicate that recoveries will
be approximately 27% for uranium and 68% for gold.
In addition, the following is a table summary of the estimated mineral resources
at the Buffelsfontein and Hartebeesfontein underground gold mines operated
by BGM (the "BGM Underground Mine") as set out in the Buffelsfontein
Technical Report (as at April 2006). While the gold resources of the BGM
Underground Mine are for the account of BGM, First Uranium is entitled to
process and extract the tailings from the BGM Underground Mine pursuant to
the Buffelsfontein Tailings and Rights Agreement (as defined below).
Tailings from the BGM Underground Mine are expected to account for 10% of
the Buffelsfontein Project`s uranium circuit feed tonnage and the gold in
the tailings from the BGM Underground Mine is expected to account for 1.7%
of the Buffelsfontein Project`s gold feed.
Measured Tonnes Gold U3O8 Cont. Cont. U3O8
(t 000`s) Grade Grade Gold (lb 000`s)
(g/t) (%) (oz
000`s)
Measured 22,700 10.3 0.019 7,533 9,720
Indicated 13,450 8.7 0.019 3,764 5,510
Total
Measured + 36,150 9.7 0.019 11,298 15,230
Indicated
Inferred 11,400 8.5 - 3,095 -
Notes:
1. CIM definitions were followed for mineral resources.
2. Mineral resources that are not mineral reserves do not have
demonstrated economic viability.
3. Mineral resources were estimated at a cutoff grade of 2.0 g/t Au.
4. A minimum width of 1.3 m was used in the Buffelsfontein underground
mine and 1.2 m in the Hartebeesfontein underground mine.
5. Rows and columns may not add exactly due to rounding.
6. While no metallurgical test work was conducted by Simmer & Jack or
First Uranium, based on historical data depicting the flotation of
underground ore, it is assumed that a 20% to 22% weight recovery to a
flotation concentrate will yield 50% U3O8 recovery into a concentrate
with a grade of 270 g/t U3O8.
BGM currently holds an old order mining right in respect of mining gold at the
BGM Underground Mine but not for the mining of the gold and uranium in the
tailings dumps at Buffelsfontein. BGM has already filed with the DME the
Prospecting Right Application for a prospecting right with respect to
uranium and other minerals in the Buffelsfontein property and tailings
dumps in order to secure its priority to such a right. The application has
been accepted, and is currently being reviewed by the DME. BGM has also
filed with the DME an application to convert its old order mining right for
Buffelsfontein into a new order mining right (BGM`s old order mining right
would have expired if application to convert it to a new order right was
not made by April 30, 2009). If and when this conversion application is
approved, BGM intends to file with the DME one or more applications (which,
together with the foregoing conversion application, are collectively
referred to herein as the "Buffelsfontein Conversion Application") to: (i)
amend, with effect from the date of conversion, the new order mining right
to include the authority to mine for uranium underground and for gold,
uranium and other minerals in respect of the tailings; (ii) divide the new
order mining right, if granted, into two separate new order mining rights -
one in respect of the mining for gold, uranium and other minerals at the
BGM Underground Mine and the other, the Buffelsfontein Tailings Mining
Right, in respect of the mining of the gold, uranium and other minerals in
the Buffelsfontein tailings dumps; and (iii) cede the Buffelsfontein
Tailings Mining Right, if granted, to FUSA, an indirect subsidiary of First
Uranium. If and when the Buffelsfontein Conversion Application is approved
in full, BGM plans to withdraw its Prospecting Right Application as it
would at that point be no longer necessary. While the Company currently
anticipates that the DME`s review of the Buffelsfontein Conversion
Application will be completed in 2007, no assurance can be provided as to
the timing of this process.
To the best of the knowledge and belief of the directors of First Uranium and
BGM there are no facts of which they are aware that would preclude the
approval of the conversion of the BGM old order mining right or the grant
of the prospecting right in terms of the Mineral and Petroleum Resources
Development Act, 2002. However, the final decision rests with the Minister
of Minerals and Energy in terms of the said act.
FUSA entered into the Buffelsfontein Tailings and Rights Agreement with BGM and
Simmer & Jack pursuant to which, among other things:
- BGM has covenanted to take all necessary steps to obtain all
ministerial approvals required for the items requested in the
Buffelsfontein Conversion Application in order to effect the transfer of
the Buffelsfontein Tailings Mining Right to FUSA as soon as possible;
- BGM has agreed to sell to FUSA upon FUSA`s receipt of the
Buffelsfontein Tailings Mining Right, the Buffelsfontein and
Hartebeesfontein tailings dumps as well as certain property required for
construction of the proposed processing plants, and grant to FUSA a right
to the tailings arising from BGM`s ongoing mining operations at the BGM
Underground Mine; and
- BGM will grant a servitude to FUSA for access and egress to BGM`s
Buffelsfontein property to enable FUSA, its employees, consultants, agents
and subcontractors access for purposes of constructing, servicing and
operating the uranium and gold processing plants and tailings pipelines to
be built by FUSA.
FUSA commenced a variety of pre-development activities relating to the
Buffelsfontein Project to the extent permitted by South African laws while
waiting for the review and approval of the Buffelsfontein Conversion
Application, including pre-construction planning and structural design
work.
4.3. Independent Economic Analysis
Scott Wilson RPA was retained by First Uranium to complete a review and prepare
technical reports on the Ezulwini and Buffelsfontein projects in compliance
with the standards prescribed by the Canadian Securities Regulatory
authorities pursuant to National Instrument 43-101 - Standards of
Disclosure for Mineral Projects ("NI 43-101"). As part of its review, Scott
Wilson RPA carried out an independent economic evaluation of the Ezulwini
and Buffelsfontein projects, summarized as follows:
4.3.1. Ezulwini Project
Based on the assumptions set out in the Ezulwini Technical Report(including $500
per ounce gold, $40 per lb of U3O8 and an exchange rate of $1.00 - ZAR
7.40), Scott Wilson RPA calculated the undiscounted after-tax cash flow for
the Ezulwini Project as $663 million over the mine life and the net present
value as $367 million, $258 million and $203 million, respectively, on the
basis of discount rates of 5%, 8% and 10% respectively.
4.3.2. Buffelsfontein Project
Based on the assumptions set out in the Buffelsfontein Technical
Report(including $500 per ounce gold, $40 per pound U3 O8 and an exchange
rate of $1.00 - ZAR 7.40), Scott Wilson RPA calculated the undiscounted
after-tax cash flow for the Buffelsfontein Project as $427 million over the
mine life and the net present value as $274 million, $211 million and $178
million, respectively, on the basis of discount rates of 5%, 8% and 10%
respectively.
The above economic analysis is based, in part, on inferred resources, and is
preliminary in nature. Inferred resources are considered too geologically
speculative to have mining and economic considerations applied to them and
to be categorized as mineral reserves. There is no certainty that the
reserves development, production and economic forecasts on which this
preliminary assessment is based, will be realized.
5. SECONDARY LISTING ON THE JSE
The JSE has approved the application for a secondary listing of the 121 686 047
issued Common Shares of First Uranium in the "Nonferrous Metals" sector of
the JSE list under the abbreviated name "FIUranium", share code "FUM", with
effect from the commencement of business on Friday, 30 March 2007.
6. DIRECTORS AND MANAGEMENT OF FIRST URANIUM
The following tables sets out, for each of the Company and its material
subsidiaries` directors and senior management, the person`s name, age,
citizenship, business address, position with the Company and principal
occupation/function:
Directors:
Name, age and Business address Principal Occupation
citizenship and First Uranium
function
Gordon Trevlyn Miller 5 Press Avenue, President and Chief
(45)(1)(5)(6)South Selby Johannesburg, Executive Officer of
Africa South Africa First Uranium
Chief Executive
Officer of Simmer &
Jack
Director of FUSA
Director of EMC
James Patrick William 5 Press Avenue, Chief Operating
Fisher, (51) (1)(6)South Selby Johannesburg, Officer of First
Africa South Africa Uranium
Director FUSA
Director of EMC
Nigel Rennie Grant 5 Press Avenue, Non-Executive
Brunette,(53)(1)(4)(7)So Selby Johannesburg, Chairman of
uth Africa South Africa First Uranium
Non-Executive
Chairman of Simmer &
Jack
George Donald Faught, Suite 1240, Director of First
(57) (2)(5)(7)Canada 155 University Uranium
Avenue, President and Chief
Toronto, Ontario, Executive Officer of
Canada Aberdeen
International Inc.
Robert Michael Franklin, Suite 1240, Director of First
(60)(2)(3)(8) 155 University Uranium
Canada Avenue, President of
Toronto, Ontario, Signalta Capital
Canada Corporation
Patrick Charles Evans, Suite 1240, Director of First
(51) (3)(4)(8)United 155 University Uranium
States of America Avenue, President and Chief
Toronto, Ontario, Executive Officer of
Canada Mountain Province
Diamonds Inc.
John Walter Wallen Hick, Suite 1240, Director of First
(57) (2)(3)(4)(8)Canada 155 University Uranium
Avenue, Chairman and
Toronto, Ontario, director of Silver
Canada Eagle Mines Inc.
Senior management:
Gerhardus Jacobs, 5 Press Avenue, Chief Financial
(45)(1)(5)South Africa Selby Johannesburg, Officer of Simmer &
South Africa Jack
Chief Financial
Officer of First
Uranium
John Sembie Danana, (49) 5 Press Avenue, Vice President,
South Africa Selby Johannesburg, Business
South Africa Transformation of
First Uranium
Director of FUSA
Director of EMC
Scot Sobey (31) 5 Press Avenue, Vice President,
South Africa Selby Johannesburg, Business Development
South Africa of First Uranium
Robert Tait (51) Suite 1240, Vice President,
Canada 155 University Investor Relations
Avenue, of First Uranium
Toronto, Ontario,
Canada
Mary Batoff (45) Suite 1240, Vice President,
Canada 155 University Legal and Secretary
Avenue, of First Uranium
Toronto, Ontario,
Canada
Ari Rasempe Letshuba 5 Press Avenue, Director of FUSA
Kgomongwe (60) Selby Johannesburg, Director of EMC
South Africa South Africa
Graham Peter Wanblad 5 Press Avenue, Director of FUSA
(65) Selby Johannesburg,
South Africa South Africa
John de Villiers Berry 5 Press Avenue, Director of FUSA
(56) Selby Johannesburg, Director of EMC
South Africa South Africa
Jacob Mtonga (49) 5 Press Avenue, Metallurgical
South Africa Selby Johannesburg, manager of FUSA
South Africa
Chopper van der Bijl 5 Press Avenue, General manager of
(59) Selby Johannesburg, EMC
South Africa South Africa
Notes:
1. Each of Mr. Miller, Mr. Jacobs and Mr. Brunette are officers and/or
directors of Simmer & Jack. Mr. Fisher held certain senior officer
positions with Simmer & Jack commencing in February 2006. Simmer & Jack
holds approximately 67.2% of the issued and outstanding Common Shares of
First Uranium.
2. Mr. Franklin, Mr. Hick and Mr. Faught serve on the Audit Committee for
First Uranium.
3. Mr. Hick, Mr. Evans and Mr. Franklin serve on the Compensation
Committee for First Uranium.
4. Mr. Evans, Mr. Hick and Mr. Brunette serve on the Corporate Governance
and Nominating Committee for First Uranium.
5. Mr. Miller and Mr. Jacobs currently serve as senior officers of both
First Uranium and Simmer & Jack and intend to allot 50% of their time to
the affairs of First Uranium and 50% of their time to the affairs of Simmer
& Jack. Mr. Fisher intends to allot 100% of his time to the affairs of
First Uranium.
6. Executive Director
7. Non Executive Director
8. Independent Non Executive Director
7. COPIES OF THE PRE-LISTING STATEMENT
Copies of the Pre-listing Statement (in English only) can be obtained during
normal business hours from 30 March 2007, for a period of 14 days, from the
Company at 5 Press Avenue, Selby, Johanesburg, 2001.
29 March 2007
Investment Bank and Sponsor:
Investec Bank Limited
Auditors:
PricewaterhouseCoopers LLP
Technical advisor:
Scott Wilson Roscoe Postle Associates Inc.
Attorneys:
Routledge Modise
Date: 29/03/2007 14:21:00 Produced by the JSE SENS Department.
