| Mon 29 Aug 2011, 17:47 | | FUM - First Uranium Corporation - First Uranium enters Management Agreement with |
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FUM
FIU
FUM - First Uranium Corporation - First Uranium enters Management Agreement with
BEE Company
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 29, 2011
First Uranium enters Management Agreement with BEE Company
Toronto and Johannesburg - First Uranium Corporation (TSX:FIU), (JSE:FUM)
(ISIN:CA33744R1029) ("First Uranium" or "the Company") announced today that it
has entered into an agreement with Vulisango Holdings (Proprietary) Limited
("Vulisango"), a Black Economic Empowerment ("BEE") company, for the provision
of certain services, including, assisting the Company in complying with the
Mineral and Petroleum Resources Development Act and assisting and giving
guidance to the Company with regard to its policies in accordance with the
Mining Charter. Vulisango will receive a monthly fee of R400,000 (US$55,200).
The agreement has an indefinite term, but it may be terminated by agreement
between the parties, on a change of control of First Uranium, or, in the event
of a material breach of the agreement, by the non-defaulting party.
In addition to securing Vulisango`s services under the management agreement, the
Company will continue to work with Vulisango in considering options to improve
the Company`s BEE credentials subsequent to the disposal by Village Main Reef of
19.79% of its 25.5% shareholding in First Uranium to Anglo Gold Ashanti as
announced in a news release on July 22, 2011.
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 gold and uranium plants at the Ezulwini Mine and the
ramp-up of production at the Mine Waste Solutions (MWS) tailings recovery
facility following the completion of a significant gold capital expansion
program in May 2011. Both operations are located in South Africa.
For further information, please contact:
John Hick
Special Committee Chairman
+ 1 416 306 3083
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 processing and development plans, and the future plans and
objectives of First Uranium are forward-looking statements (or forward-looking
information) that involve various estimates, assumptions, risks and
uncertainties. In addition, as Village Main Reef has sold a significant portion
of its interest in First Uranium, the Company or its subsidiaries may be
required to issue securities or enter into other arrangements to increase BEE
investment in the Corporation in order to maintain compliance with BEE
requirements as required by the applicable law. For more details on these
estimates, assumptions, risks and uncertainties, see the Company`s most recent
Annual Information Form ("AIF") and Management`s Discussion and Analysis
("MD&A") 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.
Sponsor:
Investec Bank Limited
Date: 29/08/2011 17:47:01 Produced by the JSE SENS Department.
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