| Fri 26 Feb 2010, 9:26 | | FUM - First Uranium Corporation - First Uranium Update On Strategic Alternatives |
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FUM
FIU
FUM - First Uranium Corporation - First Uranium Update On Strategic Alternatives
Process
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 - February 26, 2010
FIRST URANIUM UPDATE ON STRATEGIC ALTERNATIVES PROCESS
Toronto and Johannesburg - First Uranium Corporation (TSX:FIU, JSE:FUM)
(ISIN:CA33744R1029) ("First Uranium" or "the Company") reported today that
although the MWS environmental authorisation (EA) has been reinstated, it is
important to reiterate previously disclosed information that the withdrawal of
the EA impacted the Company`s access to additional funding and has severely
compromised the Company`s financial condition.
Also, as reported previously, a special committee of the Board of Directors (the
"Special Committee") has been actively assessing strategic alternatives and has
been engaged in negotiations with several potential strategic investors who have
been invited to submit investment proposals. None of the proposals received to
date are acceptable.
The Special Committee, through its advisors, is continuing negotiations with
these and other potential strategic transactions. Despite these efforts, which
are ongoing, no assurance can be given that the Company will be successful in
concluding an acceptable transaction.
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 availability, amount and timing of financing on reasonable terms,
the timing and receipt of required permits, 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.
26 February 2010
Sponsor: Investec Bank Limited
Date: 26/02/2010 09:26:02 Produced by the JSE SENS Department.
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