| Thu 27 Mar 2008, 8:32 | | FUM - First Uranium Receives Consent To Transfer The Mining Right For The |
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FUM
FIU
FUM - First Uranium Receives Consent To Transfer The Mining Right For The
Ezulwini Mine From Its Parent Simmer And Jack Mines
News Release
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
NEWS RELEASE - March 27, 2008
FIRST URANIUM RECEIVES CONSENT TO TRANSFER THE MINING RIGHT FOR THE EZULWINI
MINE FROM ITS PARENT SIMMER AND JACK MINES
Toronto, Ontario and Johannesburg, South Africa - (TSX:FIU, JSE:FUM)
(ISIN:CA33744R1029) First Uranium Corporation ("First Uranium" or "the Company")
today announced that it has received notice from the South African Department of
Minerals and Energy (the "DME") that the DME has consented to the cession of the
new order mining right for the Ezulwini Mine from Simmer and Jack Mines, Limited
("Simmer & Jack") to Ezulwini Mining Company (Pty) Ltd. ("EMC"), a wholly-owned
subsidiary of First Uranium. Located 40 kilometres south-west of Johannesburg,
the Ezulwini Mine is a uranium and gold mine that was reopened in 2006.
"Securing the consent of the DME for the transfer of the mining right to EMC is
excellent news," said Gordon Miller, President and CEO of First Uranium. "The
DME`s consent is the result of us successfully satisfying the requirements of
the Mineral and Petroleum Resources Development Act, including an audit of the
Company`s environmental and health programs and its social and labour plans, a
review of the Company`s compliance with Black Economic Empowerment requirements
and the submission of an acceptable mining plan."
Under the mining right granted to Simmer & Jack, First Uranium`s parent company,
EMC is nearing completion of the refurbishment of the main shaft at the Ezulwini
Mine and began hoisting ore in September 2007. EMC began producing gold on a
toll-milling basis in October 2007, although on a limited basis since January
2008 due to the power constraints at the neighbouring plant where the ore was
being milled. EMC is on schedule to start up its own gold plant in April 2008
and its own uranium plant in June 2008.
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 value enhancing acquisition and joint venture
opportunities in South Africa and elsewhere.
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: 27/03/2008 08:32:50 Produced by the JSE SENS Department.
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