FUM - First Uranium Corporation - Signs Formal agr
FUM
FIU
FUM - First Uranium Corporation - Signs Formal agreement for the acquisition of
Mine Waste Solutions (Proprietary) Limited
First Uranium Corporation
Share code: FUM
ISIN: CA33744R1029
NEWS RELEASE - May 2, 2007
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES
FIRST URANIUM SIGNS FORMAL AGREEMENT FOR THE ACQUISITION OF MINE WASTE SOLUTIONS
(PROPRIETARY) LIMITED
Toronto, Ontario - First Uranium Corporation (TSX:FIU, JSE:FUM,
CA33744R1029:ISIN) ("First Uranium" or the "Company") today announced that the
Company, through its wholly-owned subsidiary, First Uranium (Proprietary)
Limited, has entered into a definitive agreement in connection with the
previously announced acquisition of Mine Waste Solutions (Proprietary) Limited
("MWS") and its subsidiary Chemwes (Proprietary) Limited. MWS owns and operates
an existing gold mine tailings and re-processing facility adjacent to First
Uranium`s Buffelsfontein tailings recovery project in South Africa.
First Uranium has agreed to issue to the current shareholders of MWS 3,093,980
common shares of the Company as consideration for all of the shares of MWS.
The closing of the transaction is subject to a number of conditions including,
the receipt of required approvals from the South African competition
authorities, the Toronto Stock Exchange, the Johannesburg Stock Exchange, the
South African Reserve Bank and the South African Department of Minerals and
Energy. Subject to receipt of the requisite approvals, the transaction is
expected to close no later than August 31, 2007 with effect as of April 1, 2007.
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.
Cautionary Language regarding Forward-Looking Information
This document may contain or refer to forward-looking information based on
current expectations. Forward-looking statements are subject to significant
risks and uncertainties, and other factors that could cause actual results to
differ materially from expected results. These forward-looking statements are
made as of the date hereof and we assume no responsibility to update or revise
them to reflect new events or circumstances.
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: 02/05/2007 09:11:27 Produced by the JSE SENS Department.
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