First Uranium Corporation - Shareholder Update Regarding Water Tribunal Hearing

TORONTO AND JOHANNESBURG, Dec. 1, 2011 /PRNewswire/ - First Uranium Corporation (Toronto: FIU.TO) (JSE: FUM) (ISIN: CA33744R1029) ("First Uranium" or the "Company") has announced that the South African Water Tribunal ("the Tribunal") met on December 1, 2011 to hear the appeal by the Federation for a Sustainable Environment ("FSE") to suspend the Water Use Licence which was issued to Mine Waste Solutions ("MWS") by the Department of Water Affairs in June 2010.

The Tribunal has advised that all parties will be informed once a decision on the matter had been made, although no timeframe was indicated. Shareholders will be informed of the outcome accordingly. MWS continues to operate under the terms of its valid Water Use Licence.

About First Uranium Corporation

First Uranium Corporation (TSX:FIU, JSE:FUM) is focused on its goal of becoming a low-cost producer of gold and uranium through the expansion of the underground development to feed the new gold and uranium plants at the Ezulwini Mine and the ramp-up of production at the Mine Waste Solutions (MWS) tailings recovery facility following the completion of a significant gold capital expansion program in May 2011. Both operations are located in South Africa.

Cautionary Language Regarding Forward-Looking Information

This document may contain or refer to forward-looking information based on current expectations. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. These forward-looking statements are made as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.

www.firsturanium.com

SOURCE First Uranium Corporation