| Tue 29 Jan 2008, 7:06 | | FUM - First Uranium`s Ezulwini Mine Impacted By South African Power Cuts: |
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FUM
FIU
FUM - First Uranium`s Ezulwini Mine Impacted By South African Power Cuts:
Tailing Recovery Operation Unaffected
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 - January 28, 2008
FIRST URANIUM`S EZULWINI MINE IMPACTED BY SOUTH AFRICAN POWER CUTS: TAILING
RECOVERY OPERATION UNAFFECTED.
Toronto, Ontario and Johannesburg, South Africa - (TSX:FIU, JSE:FUM) ("First
Uranium" or "the Company") was advised on Friday, January 25, 2008 by South
Africa`s national power utility that electric power could not be guaranteed to
any of South Africa`s mining operations.
In the interests of health and safety, the Company temporarily suspended
operations at the Ezulwini Mine. Limited operations (shaft rehabilitation,
ventilation and water pumping) at Ezulwini were continued through the suspension
period and are expected to be ongoing. At this startup stage for the Ezulwini
Mine, it is estimated that for every operation day lost during the quarter
ending March 31, 2008, First Uranium would expect to lose an average of 888
tonnes of ore processed and approximately 170 ounces of gold produced. Given
their relatively low power requirements, the tailings recovery operations at
Mine Waste Solutions have been unaffected by the power cuts.
President and CEO of First Uranium, Gordon Miller said, "First Uranium, together
with the mining industry, is currently working with South Africa`s national
power utility to minimize the long-term impact of the power cuts on its South
African operations. Indications are that the power disruptions are temporary and
that normal supplies may resume in the near future."
About First Uranium Corporation
First Uranium 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: 29/01/2008 07:06:09 Produced by the JSE SENS Department.
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