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Last updated on April 19, 2014 at 1:20 EDT

First Uranium Board confirms it will seek shareholder approval of sale of the Ezulwini Mine to Gold One

April 24, 2012

All amounts are in US dollars unless otherwise noted.

TORONTO AND JOHANNESBURG, April 24, 2012 /PRNewswire/ – 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.

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

SOURCE First Uranium Corporation


Source: PR Newswire