| Mon 16 Apr 2007, 9:27 | | FUM - First Uranium - First Uranium`s Ezulwini pro |
|
FUM
FIU
FUM - First Uranium - First Uranium`s Ezulwini prospecting rights
application accepted by South African Department
of minerals and energy
FIRST URANIUM CORPORATION
Registration Number: C0777384
ISIN: CA33744R1029
Share code: FUM
("First Uranium" or "the Company")
NEWS RELEASE - April 16, 2007
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES
FIRST URANIUM`S EZULWINI PROSPECTING RIGHTS APPLICATION ACCEPTED BY SOUTH
AFRICAN DEPARTMENT OF MINERALS AND ENERGY
Toronto and Johannesburg - First Uranium Corporation (TSX:FIU, JSE:FUM)
(ISIN:CA33744R1029) ("First Uranium" or "the Company") today announced that the
South African Department of Minerals and Energy ("DME") has accepted for
consideration the Company`s application in respect of a Prospecting Work Program
(the "Program") on contiguous properties to the north-east and south-east of
First Uranium`s Ezulwini underground uranium and gold mining project in South
Africa.
The initial stages of the Program will test the strike extent of the Middle
Elsburg Reef in an area east of the Ezulwini project. The Program will include
surface diamond drill exploration with drill hole depths of up to 2,000 metres.
Previous exploration drilling conducted in the area by Gencor confirmed the
presence of mineralization along the approximately 20 kilometres of strike
within the prospecting area included in the Program (see map).
The Ezulwini project and the properties which are the subject of the Program are
located in the Witwatersand Basin, which is the largest known gold province in
the world, with deposits having been mined for well over 100 years. Several
groups of reefs have been identified in the area, including the Livingstone
Reefs, the South Reef, the Kimberley Reefs, the Bird Reefs, the Mondeor Reefs,
the Ventersdorp Contact Reef and the Black Reef, as well as the Elsburg Reefs
associated with the Ezulwini project. Within these reefs, a total of nine
economic reef horizons have been mined at depths below surface of between 600
metres and 1,260 metres.
Acceptance by the DME implies that no other parties have made prior application
for the prospecting rights, and that, subject to the Company complying with all
the requirements of the DME, the rights will in due course be granted. However,
the Company must submit the following to the DME to obtain their approval for
the grant of the rights prior to commencing the Program:
the results of a notification and consultation with the surface owners of the
land overlying the Program area by May 13, 2007;
an acceptable Environmental Management Plan by June 12, 2007; and
confirmation of the Company`s qualifying Black Economic Empowerment credentials.
The Program fits within the Company`s strategy to focus its exploration on or
near its current projects in order to leverage the infrastructure of those
projects.
For instance, at Ezulwini the Company is currently working on re-commissioning
the Ezulwini mine with the intention to start hoisting uranium ore and gold
production in October 2007 and is scheduled to complete construction of new
uranium and gold plants by June 2008.
Cautionary Language regarding Forward-Looking Information
This news release contains and refers to forward-looking information based on
current expectations. All other statements other than statements of historical
fact included in this release including, without limitation, statements
regarding processing and development plans and future plans and objectives of
First Uranium are forward-looking statements (or forward-looking information)
that involve various risks and uncertainties. These forward-looking statements
are made as of the date hereof and there can be no assurance that such
statements will prove to be accurate, such statements are subject to significant
risks and uncertainties, and actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward-looking statements that are included
herein, except in accordance with applicable securities laws.
Important factors could cause actual results to differ materially from First
Uranium`s expectations. Such factors include, among others: the actual results
of the planned feasibility studies on First Uranium`s projects; the actual
results of additional exploration and development activities at First Uranium`s
projects; the timing and amount of estimated future production and the costs
thereof; capital expenditures; the costs and timing of the development of First
Uranium`s projects; the availability of any additional capital required to bring
future projects into production; conclusions of economic evaluations; changes in
project parameters as plans continue to be refined; future prices of
commodities; the failure of plant, equipment or processes to operate as
anticipated; accidents; labour disputes; delays in obtaining governmental
approvals, permits or financing or in the completion of development or
construction activities; currency fluctuations, as well as those factors
discussed under "Risk Factors" in First Uranium`s final prospectus dated
December 12, 2006 as filed with securities regulatory authorities in Canada.
Although First Uranium has attempted to identify important factors that could
cause actual results to differ materially, there may be other factors that cause
results not to be as anticipated, estimated or intended.
About First Uranium Corporation
First Uranium Corporation is focused on the development of South African uranium
and gold mines with the goal of becoming a significant producer through the re-
opening and development of the Ezulwini underground mine, and the construction
of the Buffelsfontein tailings recovery facility. First Uranium also plans to
grow production by pursuing acquisition and joint venture opportunities.
First Uranium Corporation
1240-155 University Avenue, Toronto, ON Canada M5H 3B7
www.firsturanium.com
For further information, please contact:
Gordon Miller, President and Chief Executive Officer at +27 11 830 0390 or Bob
Tait, VP Investor Relations at 416 558-3858 or bob@firsturanium.com
Date: 16/04/2007 09:27:22 Produced by the JSE SENS Department.
