| Wed 25 Apr 2012, 7:11 | | FUM - First Uranium Corporation - First Uranium board confirms it will seek |
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FUM
FIU
FUM - First Uranium Corporation - First Uranium board confirms it will seek
shareholder approval of sale of the Ezulwini Mine to Gold One
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
24 April 2012
FIRST URANIUM BOARD CONFIRMS IT WILL SEEK SHAREHOLDER APPROVAL OF SALE OF THE
EZULWINI MINE TO GOLD ONE
All amounts are in US dollars unless otherwise noted.
TORONTO and JOHANNESBURG, April 24, 2012 /CNW/ - First Uranium Corporation
(TSX:FIU), (JSE:FUM) (ISIN:CA33744R1029) ("First Uranium" or "the Corporation")
announced that the Board of Directors today confirmed that it would proceed to
seek shareholder approval of the previously announced agreement ("Gold One
Agreement") to sell the Ezulwini Mine to Gold One International Limited ("Gold
One"). A special meeting of the shareholders of the Corporation will be held on
June 13, 2012 to consider the Gold One Agreement and the agreement ("AngloGold
Agreement") to sell Mine Waste Solutions to AngloGold Ashanti Limited
("AngloGold").
The Corporation had received an unsolicited non-binding expression of interest
from Waterpan Mining Corporation ("WMC") and Transalloys (Pty) Ltd.
("Transalloys"), to acquire the Ezulwini Mine, subject to a number of conditions
precedent, including the opportunity to have 90 days from May 1, 2012 to
undertake a due diligence review of the business. Following that due diligence
exercise, WMC and Transalloys envisaged being in a position to make a definitive
offer by August 1, 2012.
After receiving the advice of its financial and legal advisors, the Board of
Directors determined that it remains committed to the terms of the Gold One
Agreement and will permit the shareholders of the Corporation to determine
whether to accept or reject the proposed sale of Ezulwini at the upcoming
meeting of shareholders. The Corporation anticipates that an information
circular containing details of the Gold One Agreement, the AngloGold Agreement
and other matters relating to a capital reorganization, will be sent to
shareholders on or before May 15, 2012.
About First Uranium Corporation
First Uranium Corporation (TSX:FIU, JSE:FUM) operates the Ezulwini Mine, an
underground mining operation, and Mine Waste Solutions (MWS), a tailings
recovery facility. Both operations are situated in South Africa.
For further information, please contact:
John Hick
Tel: +1 416 669 9968
Mary Batoff
Tel: +1 416 306 3081
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 Corporation`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 Corporation`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: 25/04/2012 07:11:01 Produced by the JSE SENS Department.
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