| Fri 26 Feb 2010, 7:50 | | FUM - First Uranium Corporation - Environmental Authorization Reinstated for |
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FUM - First Uranium Corporation - Environmental Authorization Reinstated for
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
Environmental Authorization Reinstated for First Uranium`s MWS Future Tailings
Storage Facility
(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 that they have issued a positive decision on
the amendment application lodged by MWS last year pertaining to the
Environmental Authorization ("EA") for a future Tailings Storage Facility
("TSF") for its Mine Waste Solutions tailings reclamation project ("MWS") near
the town of Stilfontein, North West Province, South Africa. The application was
lodged by MWS on 2 October, 2009, to clarify any possible discrepancies which
may have arisen regarding the project and property descriptions in the
environmental authorization. The amended environmental authorization now
correctly describes the project location, including the site of the TSF south-
east of the town of Stilfontein, and allows MWS to immediately start preparing
for construction of the TSF once financing is in place.
"Now that we have the environmental authorization re-instated we can concentrate
on the process of securing the necessary financing for the construction of this
tailings storage facility at MWS and our plans for ramping up our production at
both operations," said Gordon Miller, President and CEO of First Uranium. "In
the spirit of building a good relationship with the community in which we
operate, we will continue engaging with the authorities and Interested and
Affected Parties in the area regarding the MWS operation."
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 availability,
timing and amount of financing on acceptable terms; 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
26 February 2010
Sponsor: Investec Bank Limited
Date: 26/02/2010 07:50:15 Produced by the JSE SENS Department.
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