| Tue 1 Dec 2009, 8:48 | | FUM - First Uranium Corporation - Update On The Ezulwini Gold Stream Transaction |
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FUM
FIU
FUM - First Uranium Corporation - Update On The Ezulwini Gold Stream Transaction
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
FIRST URANIUM PROVIDES UPDATE ON
THE EZULWINI GOLD STREAM TRANSACTION
All amounts are in US dollars unless otherwise noted.
Toronto and Johannesburg - First Uranium Corporation (TSX:FIU, JSE:FUM)
(ISIN:CA33744R1029) ("First Uranium" or "the Company") today reported on the
status of its definitive agreement with Gold Wheaton (Barbados) Corporation
("GW"), a wholly-owned subsidiary of Gold Wheaton Gold Corp., in respect of the
previously announced transaction (the "Transaction") to raise $50 million from
GW for their right to purchase 7 percent of the estimated 5.8 million ounces of
life-of-mine gold production from the Company`s Ezulwini Mine in South Africa.
The Company has received notification today that the South African Reserve Bank
("SARB") has approved the Transaction. The Company expects that the Transaction
will close on or around December 7, 2009.
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.
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
Sponsor : Investec Bank Limited
1 December 2009
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 production and development plans and future plans and objectives of
First Uranium are forward-looking statements (or forward-looking information)
that involve various risks and uncertainties. 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: 01/12/2009 08:48:14 Produced by the JSE SENS Department.
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