| Wed 13 Jul 2011, 7:09 | | FUM - First Uranium Corporation - Shareholder Update - Board Initiates Strategic |
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FUM
FIU
FUM - First Uranium Corporation - Shareholder Update - Board Initiates Strategic
Review
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
July 13, 2011
SHAREHOLDER UPDATE - BOARD INITIATES STRATEGIC REVIEW
Toronto and Johannesburg - First Uranium Corporation (TSX:FIU), (JSE:FUM)
(ISIN:CA33744R1029) ("First Uranium" or "the Company") today announced that,
following the announcement by Village Main Reef that it intends to sell its 26
percent interest in First Uranium, the board of directors of First Uranium has
empowered a special committee of directors to monitor developments and undertake
a strategic review of the Company and its capital structure and to advise on any
strategic alternatives that may be in the interests of First Uranium and
stakeholders in First Uranium.
About First Uranium Corporation
First Uranium Corporation (TSX:FIU, JSE:FUM) is focused on the development and
operation of gold and uranium projects in South Africa. The Company`s goal is
to become a significant low-cost producer of gold and uranium from its Ezulwini
underground mine (the "Ezulwini Mine") and the Mine Waste Solutions tailings
recovery facility ("MWS"). To expand it production profile, First Uranium has
expanded the capacity of MWS and it is ramping up production at the Ezulwini
Mine and plans to pursue other value-enhancing opportunities in South Africa.
For further information, please contact:
John W.W. Hick
Chairman of the Special Committee
Tel: +1 416 306 3072
Mary Batoff
Vice President, Legal
Tel: +1 416 306 3081
email: mary@firsturanium.ca
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). 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.
www.firsturanium.com
Date: 13/07/2011 07:09:05 Produced by the JSE SENS Department.
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