| Fri 16 Sep 2011, 16:32 | | FUM/MWNT - First Uranium Corporation/Mine Waste Solutions (Proprietary) |
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FUM MWNT
FIU MWNT
FUM/MWNT - First Uranium Corporation/Mine Waste Solutions (Proprietary)
Limited - First Uranium subsidiary advises of purported withdrawal of MWS
mining right
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
Mine Waste Solutions (Proprietary) Limited
(Incorporated in the Republic of South Africa)
(Registration number2000/1443/07)
(a wholly owned subsidiary of First Uranium Corporation)
JSE code MWNT, ISIN: ZAE000156261
("Mine Waste Solutions", "MWS" or "the Company")
NEWS RELEASE - September 16, 2011
FIRST URANIUM SUBSIDIARY ADVISES OF PURPORTED WITHDRAWAL OF MWS MINING
RIGHT
Toronto and Johannesburg - First Uranium Corporation (TSX:FIU), (JSE:FUM)
(ISIN:CA33744R1029) ("First Uranium" or "the Company") today announced
that it has received a letter from the South African Minister of Mineral
Resources purporting to "withdraw" the new order mining right to Mine Waste
Solutions ("MWS"), in terms of Section 23 of the Mineral and Petroleum
Resources Development Act 28 of 2002 ("the MPRDA").
We have been consistently advised by our South African Counsel and maintain
the opinion that under current South African mining legislation,
reclamation activities such as MWS are not classified as a mining project
and therefore do not require a mining right.
The MPRDA does not make provision for the "withdrawal" of a mining right.
The MPRDA does make provision for the authorities to take other actions in
relation to mining rights provided due process is followed. This includes
the serving of notice of the intended action and provides for an
opportunity for the recipient to respond, none of which took place in this
instance.
The notice received is fatally defective and correspondence to this effect
has been sent to the Minister. The Minister has therefore been requested
to withdraw the letter.
The Company awaits the Minister`s response. Depending on the Minister`s
response, shareholders are advised that legal action may be required in
order to protect MWS` rights.
ends
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
Scot Sobey
Executive Vice President
Tel: +27 11 278 7001
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: 16/09/2011 16:32:29 Produced by the JSE SENS Department.
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