| Tue 18 Dec 2007, 8:04 | | FUM - First Uranium Corporation - First Uranium Acquires The Remaining 10% Of |
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FUM
FIU
FUM - First Uranium Corporation - First Uranium Acquires The Remaining 10% Of
Its Ezulwini Uranium And Gold Mine
First Uranium Corporation
(Continued under the laws of British Columbia, Canada)
(Registration number C0777384)
(South African registration number 2007/009016/10)
Share code: FUM & ISIN: CA33744R1029
First Uranium Corporation
NEWS RELEASE - December 14, 2007
FIRST URANIUM ACQUIRES THE REMAINING 10% OF ITS EZULWINI URANIUM AND GOLD MINE
Toronto, Ontario - First Uranium Corporation (TSX:FIU, JSE:FUM)
(ISIN:CA33744R1029) ("First Uranium" or "the Corporation") today announced that
it has issued 6,141,009 common shares (the "Waterpan Shares") to Waterpan Mining
Consortium ("Waterpan") in connection with the acquisition of the remaining 10%
ownership in Ezulwini Mining Company (Proprietary) Limited ("EMC"), the
Corporation`s subsidiary which owns and operates the Ezulwini Mine.
In the Corporation`s December 12, 2006 initial public offering prospectus, the
Corporation disclosed that it had entered into an agreement with Waterpan which
provided that their minority interest in EMC would be purchased by the
Corporation for the Waterpan Shares after the secondary listing of First
Uranium`s common shares on the Johannesburg Stock Exchange (the "JSE"), which
was completed on March 30, 2007. Concurrent with the closing of today`s
transaction, one million of the Waterpan Shares were sold by way of a private
placement. Waterpan has a contractual agreement to retain the remaining
Waterpan Shares until April 1, 2009, two years after the date of the JSE
listing. The remaining 5,141,009 million Waterpan Shares represent 3.9% of the
130,986,417 common shares of First Uranium outstanding at the closing of today`s
transaction.
The Ezulwini Mine, located 40 kilometres south-west of Johannesburg, is an
underground uranium and gold mine that operated from the early 1960s to 2001.
First Uranium has reopened and rehabilitated the mine and is currently hoisting
and toll milling ore for gold production at a neighbouring gold plant, while
construction of its own gold and uranium plants are expected to be completed and
commissioned in April and June of 2008, respectively.
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:
Bob Tait, VP Investor Relations at 416 558-3858 or bob@firsturanium.com
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.
Date: 18/12/2007 08:04:01 Produced by the JSE SENS Department.
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