AngloGold Ashanti to Acquire Interest in First Uranium from Village Main Reef
Published : July 22, 2011
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Keywords :   Gold | Market | Recovery | South Africa | Uranium |

TORONTO AND JOHANNESBURG, July 22, 2011 /CNW/ - First Uranium Corporation (News - Market indicators), (JSE:FUM) (ISIN:CA33744R1029) ("First Uranium" or "the Company") today announced that AngloGold Ashanti Limited ("AngloGold") reported that it has entered into an agreement to acquire 47,065,916 shares (the "FIU Shares") in First Uranium held by Village Main Reef Limited ("Village"), for CAD$0.60 per share.  This equates to a 19.79% interest in First Uranium. Village has also granted to AngloGold lock-up rights and rights of first refusal in respect of Village's remaining 5.7% equity stake in the Company and approximately ZAR392.8 million principal amount of secured convertible notes issued by Mine Waste Solutions (Proprietary) Limited, a wholly-owned subsidiary of the Company.

Following the announcement by Village that it intended to sell its 26% interest, the Company on July 12, 2011 announced that the board of directors of First Uranium constituted a special committee (the "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 best interests of First Uranium and its stakeholders.  In light of these developments, the Special Committee will be considering the effects on the Company and reviewing regulatory considerations, including in relation to its BEE status.

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.

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

For further information:

John W.W. Hick
Chairman of the Special Committee
Tel:  +1 416 306 3072

Scot Sobey
Executive Vice President
Tel:  +27 11 278 7001

Data and Statistics for these countries : South Africa | All
Gold and Silver Prices for these countries : South Africa | All

First Uranium

PRODUCER
CODE : FIU.TO
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First Uranium is a uranium producing company based in South africa.

First Uranium produces uranium, gold in South Africa.

Its main assets in production are EZULWINI and (MWS) BUFFELSFONTEIN TAILING PROJECT in South Africa.

First Uranium is listed in Canada. Its market capitalisation is CA$ 38.1 millions as of today (US$ 38.7 millions, € 30.9 millions).

Its stock quote reached its highest recent level on December 21, 2007 at CA$ 9.98, and its lowest recent point on May 25, 2012 at CA$ 0.06.

First Uranium has 238 435 000 shares outstanding.

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Financings of First Uranium
3/1/2011Closes $52,000,000 Bought Deal Financing
2/22/2011Announces Terms of Public Equity Offering
Financials of First Uranium
6/6/2011PROVIDES UPDATES ON OPERATIONS AND FINANCIAL RESULTS
2/18/2011Financial Update
2/2/2011announces financial results for the three-months ended Decem...
Project news of First Uranium
8/12/2011(Ezulwini)- Fatality at the Ezulwini mine
1/27/2011((mws) Buffelsfontein Tailing Project)Q3 2011 PRODUCTION RESULTS FOR THE THREE MONTHS ENDED DECEMB...
11/8/2006((mws) Buffelsfontein Tailing Project)2006 Technical report
11/8/2006(Ezulwini)2006 Technical report
Corporate news of First Uranium
9/16/2011subsidiary advises of purported withdrawal of MWS mining rig...
8/29/2011enters Management Agreement with BEE Company
7/22/2011AngloGold Ashanti to Acquire Interest in First Uranium from ...
7/13/2011- Shareholder Update - Board Initiates Strategic Review
4/29/2011SEEKS NOTEHOLDER CONSENT TO AMEND MWS/GOLD WHEATON COMPLETIO...
11/29/2008Gold Wheaton Signs Definitive Agreement With First Uranium C...
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