| Wed 17 Mar 2010, 7:30 | | FUM - First Uranium Corporation - First Uranium announces senior management |
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FUM
FIU
FUM - First Uranium Corporation - First Uranium announces senior management
changes
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 - March 16, 2010
FIRST URANIUM ANNOUNCES SENIOR MANAGEMENT CHANGES
Toronto and Johannesburg - First Uranium Corporation (TSX:FIU, JSE:FUM) ("First
Uranium" or the "Company") today announced the resignation of Gordon Miller as
President, CEO and a director of the Corporation. Deon van der Mescht, formerly
CEO of Simmer and Jack Mines, Limited, has been appointed as Interim President
and CEO of the Company.
A mining engineer by profession, Deon van der Mescht has over 25 years`
experience in the South African gold mining industry. Following his tenure as
General Manager of DRD`s Blyvooruitzicht operation, Deon was appointed
Divisional Director of DRDGold`s South African operations in 2003 which included
Buffelsfontein Gold Mine. He joined Simmer and Jack in November 2005 as chief
operating officer and was appointed as the managing director of Simmer and
Jack`s Gold Division early in 2009. In January 2010, he was appointed CEO of
Simmer and Jack. Mr. van der Mescht has resigned from his position as CEO and
as a director of Simmer and Jack.
The board of First Uranium will also be restructured on closing of the Offering
announced on March 11, 2010. Simmer and Jack has the right to appoint three
members to the First Uranium board. If Gold Wheaton subscribes for a minimum of
$10 million of the Notes under the Offering, then Gold Wheaton shall be entitled
to nominate one of the remaining four independent directors.
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About First Uranium Corporation
First Uranium Corporation 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
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 are forward-looking statements (or forward-looking
information). No assurance can be given that the transactions contemplated
herein will be concluded. The Company`s plans involve various estimates and
assumptions and its business and operations are subject to various risks and
uncertainties. For more details on these estimates, assumptions, risks and
uncertainties, see the Company`s most recent Annual Information Form and most
recent Management Discussion and Analysis 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: 17/03/2010 07:30:01 Produced by the JSE SENS Department.
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