| Fri 6 Nov 2009, 8:05 | | FUM - First Uranium Corporation - First Uranium Continues To Operate And Ramp |
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FUM
FIU
FUM - First Uranium Corporation - First Uranium Continues To Operate And Ramp
Up Production At Its Mine Waste Solutions Tailing Recovery Operation
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 CONTINUES TO OPERATE AND RAMP UP PRODUCTION AT ITS MINE WASTE
SOLUTIONS TAILING RECOVERY OPERATION
(Toronto and Johannesburg) - First Uranium Corporation (TSX:FIU, JSE:FUM)
(ISIN:CA33744R1029) ("First Uranium" or "the Company") reports, that contrary
to a recent report in the South African media, gold production and
construction of future gold and uranium plant modules continue unabated at the
Company`s Mine Waste Solutions tailings recovery operation ("MWS") in South
Africa. The Company has, however, temporarily suspended its work in
preparation of the site for a new Tailings Storage Facility ("TSF"), which is
designed to accommodate future tailings deposition capacity requirements.
After granting an authorization to proceed with the new TSF, regulators have
withdrawn that authorization pending further discussions with the Company.
First Uranium takes seriously the near-term issues facing the Company
regarding environmental authorization of its TSF. The Company continues to
act in accordance with widely accepted mining practices in the regulators`
jurisdiction and is optimistic that the withdrawal will be lifted. Having
the approval to proceed with a new tailings deposition site is vital to
ensuring the significant economic benefit for the region that is expected to
stem from MWS and to the future stability of approximately 5,000 jobs at MWS
and neighbouring companies.
This new TSF has been designed to significantly reduce the environment impact
of mining in the area and to improve the site`s visual appeal as the new TSF
is planned to have:
- a more environmentally benign impact than the existing tailings sites as
a significant amount of certain metals and minerals present in the
existing tailings, such as uranium, pyrite and sulphur are to be removed
during re-processing of these tailings;
- reduced risk of erosion as the side slopes that will be built at a lower
gradient and gradually vegetated as the facility is built;
- contours that will be more rounded to blend with the surrounding natural
landscape;
- systems that will recycle and reuse the water used to transport the
tailings to the new site wherever possible; and
- been built on impermeable soils, unlike the porous dolomites which host
much of the historical tailings.
The older tailings deposits, that the TSF is replacing, are to be
rehabilitated once the tailings from each such deposit are reprocessed.
While the Company engages in appropriate discussions with public officials to
address any and all queries that have arisen regarding the TSF, First Uranium
continues to remain focused on its operations at both MWS and the Ezulwini
Mine.
"First Uranium remains confident that this interruption in the development of
the TSF will not diminish the Company`s ability to execute its mine plans at
both of its gold and uranium assets," explained Gordon Miller, President and
CEO of First Uranium. "As with the development of all mines, there are
operational issues to overcome. However, we anticipate that this development
with the new tailings storage facility will, in hindsight, be characterized as
one example in a series of challenges that, once overcome, have brought two
exceptional assets into full, long-life production."
About First Uranium Corporation
First Uranium Corporation (TSX:FIU, JSE:FUM) is focused on its goal of
becoming a significant low-cost producer of uranium and gold through the
expansion of the underground development to feed the new uranium and gold
plants at the Ezulwini Mine and through the expansion of the plant capacity of
the Mine Waste Solutions tailings recovery facility, both operations situated
in South Africa. First Uranium also plans to grow production by pursuing
value-enhancing acquisition and joint venture opportunities in South Africa
and elsewhere.
For further information, please contact:
Bob Tait, Vice President, Investor Relations at bob@firsturanium.ca
+1 416 342-5639 (office) or +1 416 558-3858 (mobile)
1240-155 University Avenue, Toronto, ON M5H 3B7
Cautionary Language Regarding Forward-Looking Information
This news release contains and refers to forward-looking information based on
current expectations. All other statements other than statements of
historical fact included in this release including, without limitation,
statements regarding the timing and amount of estimated future production,
processing and development plans and future plans and objectives of First
Uranium are forward-looking statements (or forward-looking information) that
involve various estimates, assumptions, risks and uncertainties. For more
details on these estimates, assumptions, risks and uncertainties, see the
Company`s most recent Annual Information Form on file with the Canadian
provincial securities regulatory authorities on SEDAR at www.sedar.com. These
forward-looking statements are made as of the date hereof and there can be no
assurance that such statements will prove to be accurate, such statements are
subject to significant risks and uncertainties, and actual results and future
events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements that are included herein, except in accordance with applicable
securities laws.
Date: 06/11/2009 08:05:01 Produced by the JSE SENS Department.
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