| Wed 20 Jan 2010, 8:25 | | FUM - First Uranium Corporation - Environmental authorization unexpectedly |
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FUM
FIU
FUM - First Uranium Corporation - Environmental authorization unexpectedly
withdrawn from First Uranium`s MWS Future Tailings Storage Facility
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 - January 20, 2010
Environmental Authorization Unexpectedly Withdrawn
from First Uranium`s MWS Future Tailings Storage Facility
Company seeks greater clarification from NWDACE
(Toronto and Johannesburg) -First Uranium Corporation (TSX:FIU, JSE:FUM)
(ISIN:CA33744R1029) ("First Uranium" or "the Company") has been notified
by the North West Provincial Government`s Department of Agriculture,
Conservation, Environment and Rural Development ("NWDACE") of their
decision to withdraw the Company`s environmental authorization ("EA")
for a new Tailings Storage Facility ("TSF") designed to accommodate
future tailings deposition capacity requirements at the Company`s MWS
tailings recovery project in South Africa.
NWDACE`s decision to withdraw the EA was unexpected, as the Company
had, in December 2009, secured the withdrawals of two of three previously
filed third-party appeals. First Uranium had been advised that the third
appeal would also be withdrawn.
"The Company is currently seeking clarification from NWDACE`s regarding
their apparent decision, before undertaking any action," said Gordon Miller,
President and CEO of First Uranium. "We will keep shareholders informed
as more information becomes available."
As previously disclosed, MWS received a positive record of decision ("RoD")
from NWDACE in July 2009 to construct the TSF. After the RoD was received,
three appeals were then lodged by interested third parties with the offices
of the Member of the Executive Council (the "MEC") for the Northwest Province.
In reaction to the appeals, the MEC subsequently advised MWS that the RoD was
being suspended pending the outcome of the appeal process governed by the
National Environmental Management Act ("NEMA"). In October 2009, NWDACE
notified MWS that they intended to withdraw the RoD. MWS submitted its
response on November 5, 2009 to NWDACE, recommending a retrospective
authorization process under NEMA to address NWDACE`s issues.
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.
Important factors could cause actual results to differ materially from First
Uranium`s expectations. Such factors include, among others: the timing and
amount of estimated future production and the costs thereof; the failure of
plant, equipment or processes to operate as anticipated; accidents; labour
disputes; delays in obtaining governmental approvals, as well as those
factors discussed under "Risk Factors" in First Uranium`s Annual Information
Form dated June 29, 2009 as filed with securities regulatory authorities
in Canada. Although First Uranium has attempted to identify important
factors that could cause actual results to differ materially, there may
be other factors that cause results not to be as anticipated, estimated
or intended.
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
Date: 20/01/2010 08:25:01 Produced by the JSE SENS Department.
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