Another leading Independent Proxy Advisory Firm recommends First Uranium shareholders support asset sales

TORONTO AND JOHANNESBURG, May 30, 2012 /PRNewswire/ - Independent proxy advisory firm Glass, Lewis & Co., LLC recommended today that shareholders of First Uranium Corporation (TSX:FIU), (JSE:FUM) (ISIN:CA33744R1029) vote in favour of two asset sales approved by First Uranium's board of directors.

Glass Lewis concluded in its report that "there is, on balance, sufficient cause for shareholders to support the contemplated reorganization".

Glass Lewis' advice follows a similar recommendation by Institutional Shareholder Services (ISS) released May 29, 2012.

As has been previously communicated, First Uranium's board of directors first announced on March 2, 2012 the sale, through two subsidiary holding companies, of its Mine Waste Solutions operation, and the Ezulwini mine, to AngloGold Ashanti Ltd. and Gold One International Ltd. for $335 million and $70 million respectively. Both operations are located in South Africa.

First Uranium shareholders are due to consider the proposed transactions at a special meeting on June 13, 2012.

Responding to the two independent proxy firms' reports, First Uranium's lead independent director, John Hick, said: "Gaining support from both Glass Lewis and ISS underscores the benefits of the transactions. These recommendations are clear evidence that First Uranium's board is acting in the best interest of all shareholders."

The Glass Lewis report says that "the board's process was sufficiently robust to ensure that substantially all capable and interested buyers had an opportunity to express an interest in the assets to be disposed".

Like ISS, Glass Lewis questions the feasibility of other courses of action proposed by some shareholders: "Given the uncertainties of (the gold and uranium) markets and the very limited time frame in which First Uranium must complete a strategic transaction, we do not find the potential benefits of rejecting the current reorganization in any way mitigate the overwhelming risks and costs attendant to a bankruptcy proceeding".

First Uranium's board unanimously recommends that shareholders and debtholders vote FOR the transactions.

Shareholders and debtholders are reminded to vote their proxy FOR the transactions and all related proposals before the proxy voting deadline on Monday, June 11, 2012 at 5:00 p.m. (Toronto time).

If you have any questions about the information contained in the management information circulars or require assistance with voting your securities, please contact Kingsdale Shareholder Services Inc. by telephone at  1-866-581-1571 toll-free in North America, or at 1-416-867-2272 outside of North America (collect calls accepted), or by email at [email protected].

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 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, including without limitation, the statements regarding the proposed transactions with Gold One International Limited and AngloGold Ashanti Limited. 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