| Wed 4 May 2011, 7:24 | | FUM - First Uranium Obtains Noteholder Consent to Amend MWS/Gold Wheaton |
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FUM
FIU
FUM - First Uranium Obtains Noteholder Consent to Amend MWS/Gold Wheaton
completion test
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
FIRST URANIUM OBTAINS NOTEHOLDER CONSENT TO
AMEND MWS/GOLD WHEATON COMPLETION TEST
May 3, 2011, Toronto and Johannesburg: First Uranium Corporation (TSX:FIU)
(JSE:FUM) (ISIN:CA33744R1029) ("First Uranium" or the "Company") announced
that it has successfully obtained the requisite consent of noteholders of
the 7.00% Secured Convertible Notes due March 31, 2013 (the "Convertible
Notes") and the 11.00% Secured Convertible Notes due March 31, 2013 (the
"Rand Notes") to amend the technical completion test under the Gold Wheaton
Chemwes Purchase Agreement (the "Agreement") whereby First Uranium would
have the option, but not the obligation, to satisfy the key criteria
component of the technical completion test during the "steady state period"
as defined in the Agreement. The solicitation of consent of holders of the
Convertible Notes and Rand Notes was announced by news release on April 26,
2011.
The amendment will provide First Uranium with the opportunity to satisfy the
technical completion test in a shorter time frame. It will also provide the
Company with greater flexibility to optimize the mine plan and complete the
ramp-up of the expanded gold plant efficiently, to the benefit of First
Uranium and Franco Nevada Corporation, which recently acquired Gold Wheaton.
Holders of the Convertible Notes and the Rand Notes representing
approximately 75 percent of the voting rights of all of the outstanding
Convertible Notes and the Rand Notes consented to the proposed amendment.
For further information, please contact:
Deon van der Mescht, CEO & President
c/o Janette Brandt at janette.brandt@firsturanium.com
or
Mary Batoff, Vice President, Legal & Secretary
mary@firsturanium.ca
+1 (416) 342-5635
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 known 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
3 May 2011
Sponsor: Investec Bank Limited
Date: 04/05/2011 07:24:01 Produced by the JSE SENS Department.
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