FIRST URANIUM CORPORATION 
By
Toronto and Johannesburg - First Uranium Corporation
(TSX:FIU.UN), (JSE:FUU) (ISIN:CA33744R5087) ("First Uranium"
or "the Corporation") announced that today the Implementation
Date occurred, as defined in the agreement (the "AGA
Agreement") dated March 2, 2012 for the sale, indirectly, of
all of the shares of Mine Waste Solutions (Proprietary)
Limited ("MWS"), owner of the tailings recovery project in
South Africa, to AngloGold Ashanti Limited.
At this juncture, certain documents relating to the discharge
of the security held for the benefit of the 7% secured
convertible notes due March 31, 2013 (the "Canadian Notes")
issued by First Uranium, the 11% secured convertible notes
due March 31, 2013 (the "Rand Notes") issued by MWS, and the
Gold One US$10 million loan facility, have been registered by
the appropriate deeds office releasing all security in the
MWS assets.
Today, Computershare Trust Company of Canada and
Computershare Investor Services (Proprietary) Inc., as
Purchase Price Stakeholders will pay: (i) to BNY Trust
Company of Canada, as trustee for the holders of the Canadian
Notes, C$110 million, and to GMG Trust Company (SA) (Pty)
Ltd. (or its agent), as trustee for the holders of the Rand
Notes, ZAR418.6 million, (ii) to Gold One, US$10 million plus
accrued interest; (iii) US$25 million to the warranty escrow
agent; and (iv) the balance to First Uranium.
Trading in all of the issued and outstanding Canadian Notes
(Symbol: FIU.NT; ISIN: CA33744RAC66 and CA33744RAD40) of
First Uranium will be halted at the opening of trading on the
TSX on July 31, 2012 (the "Redemption Date") and will be
delisted at the close of business on July 31, 2012.
All of the issued and outstanding Canadian Notes have been
called for redemption on the Redemption Date. The redemption
price for each C$1,000 principal amount of Canadian Notes
held will be C$1,000 (the "Redemption Price") and no interest
is payable.
As the Canadian Notes trade in the book-entry only system of
CDS Clearing and Depository Services Inc., holders need not
take any action in order to receive their Redemption
Price.
MWS has called for the redemption of the Rand Notes and a
separate announcement in respect thereof has been issued on
the JSE Limited's Stock Exchange News Service (SENS).
The Corporation expects that the sale of First Uranium
Limited, owner of the Ezulwini mine, to Gold One
International Limited, will be closed by the end of July
2012.
Mary Batoff: (416) 306-3072, mary@firsturanium.ca
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
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