| Tue 31 Aug 2010, 16:04 | | FUM - First Uranium Corporation - News release |
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FUM
FIU
FUM - First Uranium Corporation - News release
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: CA 33744R1029
NEWS RELEASE - August 31, 2010
First Uranium Temporarily Closes Ezulwini Uranium Plant for Column Replacement
Toronto and Johannesburg - First Uranium Corporation (TSX:FIU, JSE:FUM)
(ISIN:CA33744R1029) ("First Uranium" or "the Company") today announced that
it has temporarily closed its Ezulwini Uranium plant to replace two columns in
the Ion Exchange section, following a structural failure on a loading column.
The plant will be closed while two columns are designed, manufactured, installed
and commissioned. The work is expected to be complete by year end. The
anticipated overall impact on the Company`s cash flow, loss in uranium sales and
rescheduled capital is US$1.2 million. The operation of the gold plant is not
affected.
"This is an important issue that must be addressed. At the same time, it also
provides a timely opportunity for us to undertake the necessary repairs that
will restore the plant to safe and efficient operation," said Deon van der
Mescht, President and CEO. "As our production build up at Ezulwini is at an
early stage, the overall impact to the repair will be minimal."
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 located in South Africa.
Contact Information
Jim Fisher
Executive Vice President, Corporate Development
1-416-342-5636
1240-155 University Avenue
Toronto, Ontario, Canada
M5H 3B7
jim@firsturanium.ca
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. Readers should
not place undue reliance on forward-looking statements that are included
herein, except in accordance with applicable securities laws.
www. firsturanium.com
31 August 2010
Sponsor: Investec Bank Limited
Date: 31/08/2010 16:04:01 Produced by the JSE SENS Department.
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