| Mon 5 Nov 2007, 16:28 | | FUM - First Uranium Corporation - First Uranium be |
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FUM
FIU
FUM - First Uranium Corporation - First Uranium begins toll treating Gold Ore
from its Ezulwini Mine
FUM - First Uranium Corporation - News Release
FIRST URANIUM CORPORATION
Registration Number: C0777384
ISIN: CA33744R1029
Share code: FUM
("First Uranium" or "the Company")
NEWS RELEASE - November 5, 2007
FIRST URANIUM BEGINS TOLL TREATING GOLD ORE FROM ITS EZULWINI MINE
Toronto and Johannesburg - First Uranium Corporation (TSX:FIU, JSE:FUM)
("First Uranium" or "the Corporation") announced that the Corporation
commenced transporting gold ore from the Ezulwini Mine for toll treatment at
the Randfontein Estates Limited ("REL") Doornkop gold plant at the end of
October 2007.
Based on Ezulwini Mine start-up schedules for mining uranium and gold, the
Corporation expects to ship approximately 5,000 tonnes of ore for toll
treatment in November 2007 and steadily increase the quantity to about 25,000
tonnes per month by April 2008, when the Ezulwini Mine`s own gold plant is
scheduled to be commissioned. For the next six months mill feed grades are
expected to range between 6.5 grams per tonne and 8.0 grams per tonne,
although the average gold grade is initially expected to be lower since
development ore will be processed first.
"Now that we are shipping ore from the Ezulwini Mine, both of our projects are
now in gold production and are contributing to our cash flow", said Gordon
Miller, First Uranium`s President and Chief Executive Officer. "To see the
Ezulwini Mine come into production on schedule is particularly gratifying and
confirms the confidence we have in the ability of our experienced operating
team at this site to meet future milestones on time and on budget. To this
end, they are on track with the start-up milestones for the completion of our
own gold plant next April and our uranium plant in June."
First Uranium`s Ezulwini Mine is an underground uranium and gold mine located
40 kilometres southwest of Johannesburg, South Africa.
REL is located adjacent to the north-west boundary of the Ezulwini Mine and is
a wholly-owned subsidiary of Harmony Gold Mining Company.
Cautionary Language Regarding Forward-Looking Information
This news release contains certain forward-looking statements. Forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of First
Uranium to be materially different from any future results, performance or
achievement expressed or implied by the forward-looking statements. Risks and
uncertainties include, among others, the actual results of the planned
feasibility study for the Buffelsfontein Tailings Recovery Project, the actual
results of additional exploration and development activities, the timing and
amount of estimated future production and the cost thereof, the conclusions of
economic evaluations, failure of plant, equipment or processes to operate as
anticipated, accidents, labour disputes or other risks of the mining industry.
Although First Uranium has attempted to identify important factors that could
cause actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or intended.
It is important to note, that: (i) unless otherwise indicated, forward-looking
statements indicate the Corporation`s expectations as at the date hereof; (ii)
actual results may differ materially from the Corporation`s expectations if
known and unknown risks or uncertainties affect its business, or if estimates
or assumptions prove inaccurate; (iii) the Corporation cannot guarantee that
any forward-looking statement will materialize and, accordingly, readers are
cautioned not to place undue reliance on these forward-looking statements; and
(iv) the Corporation disclaims any intention and assumes no obligation to
update or revise any forward-looking statement even if new information becomes
available, as a result of future events or for any other reason. In addition,
First Uranium is in the development stage and is subject to the risks and
challenges similar to other companies in a comparable stage of development.
The risks include, but are not limited to, certain business, operational and
market risks. For a discussion of the Corporation`s risks please refer to the
Corporation`s Annual MD&A, the 2007 Annual Information Form and other filings,
which are available on the Corporation`s website www.firsturanium.com and on
www.sedar.com or upon request from the Corporation.
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 Mine, and the
construction of the Buffelsfontein Tailings Recovery Project. 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:
Bob Tait, VP Investor Relations at 416 558-3858 or bob@firsturanium.com
Date: 05/11/2007 16:28:01 Produced by the JSE SENS Department.
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