| Wed 20 Apr 2011, 7:29 | | FUM - First Uranium Corporation - Commissioning of tailings storage facility |
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FUM
FIU
FUM - First Uranium Corporation - Commissioning of 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 - April 20, 2011
FIRST URANIUM COMMISSIONS TAILINGS STORAGE FACILITY AT MINE WASTE SOLUTIONS
AND URANIUM PRODUCTION RECOMMENCES AT EZULWINI MINE
April 19, 2011, Toronto and Johannesburg: First Uranium Corporation (TSX:FIU)
(JSE:FUM) (ISIN:CA33744R1029) ("First Uranium" or "the Company") is pleased to
announce that its wholly-owned subsidiary, Mine Waste Solutions ("MWS"), has
commissioned its tailings storage facility ("TSF"), one month ahead of schedule,
while production of yellow-cake from the re-commissioned uranium plant has
commenced at the Ezulwini Mine.
Mine Waste Solutions
First Uranium`s President and CEO, Deon van der Mescht, said, "The commissioning
of the new TSF is a major milestone as it secures the future of the MWS project,
allowing it to re-treat 15 tailings dams for the gold and uranium content over
the 15 year life of the operation".
The ability to re-treat the historical tailings dams also secures significant
social benefits, which will accrue to the surrounding community. The removal of
these old dumps will reduce the salt load on the Vaal River by up to 50%
compared to current levels. Additionally, the removal of gold and uranium as
well as other sources of pollution will improve the quality of the groundwater,
while rehabilitation of the associated footprint areas will realize land that
can be utilized for alternative sustainable development initiatives such as
housing, industrial development and grazing.
Mr. van der Mescht added, "The commissioning of the new life of mine TSF enables
the 3rd gold module at MWS to commence gold production and, whilst some
commissioning components remain, the project is fundamentally complete and we
can look forward to an incrementally lowered risk as well as low cost returns as
MWS`s track record has already proven".
The 15 dormant tailings dams are spread over an area of roughly 300 square
kilometres, and their eventual retreatment will contribute significantly to the
environmental clean-up of the area.
Ezulwini Mine
In March 2011, it was announced that First Uranium had commenced the re-
commissioning of the Ezulwini Mine`s uranium plant on schedule following the
modification program on the Ion Exchange ("IX") columns. During the period of
refurbishment, the Company has upgraded and modified elements of the plant
design, aimed at improving performance to achieve better recovery rates. The
Company re-commenced yellow cake production on Tuesday, April 12, 2011, and
production build-up to planned levels is expected to occur over the next few
weeks.
For further information, please contact:
Julian Gwillim, julian@aprio.co.za
Gail Strauss, gailstrauss@mweb.co.za
Sponsor:Investec Bank Limited
About First Uranium Corporation
First Uranium Corporation (TSX:FIU, JSE:FUM) is focused on its goal of becoming
a low-cost producer of gold and uranium 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.
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 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). Forward-looking statements
are made as of the date hereof and involve various estimates and assumptions,
and know and unknown risks and uncertainties and other factors that may cause
the actual results, performance or achievements of First Uranium to be
materially different from any future results, performance or achievement
expressed or implied by the forward-looking statements. Accordingly, readers
should not place undue reliance on forward-looking statements that are included
herein, except in accordance with applicable securities laws. Such risks and
uncertainties include, among others, conclusions of economic evaluations,
changes in project parameters as plans are refined, possible variations in grade
and ore densities or recovery rates, the failure of plant, equipment or
processes to operate as anticipated, the outcome of litigious matters and
regulatory processes, including the appeal of the integrated water use license
for the TSF. 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.
www.firsturanium.com
Date: 20/04/2011 07:29:01 Produced by the JSE SENS Department.
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