First Uranium Corporation - Shareholder Update - Board Initiates Strategic Review

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Jul 12, 2011, 10:07 ET

TORONTO and JOHANNESBURG, July 12, 2011 /PRNewswire/ - First Uranium Corporation (TSX:FIU), (JSE:FUM) (ISIN:CA33744R1029) ("First Uranium" or "the Company") today announced that, following the announcement by Village Main Reef that it intends to sell its 26 percent interest in First Uranium, the board of directors of First Uranium has empowered a 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 interests of First Uranium and stakeholders in First Uranium.

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

SOURCE First Uranium Corporation