First Uranium receives an unsolicited non-binding expression of interest for the Ezulwini Mine

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 on April 17, 2012, First Uranium received an unsolicited expression of interest from Waterpan Mining Corporation ("WMC") and Transalloys (Pty) Ltd. ("Transalloys"), to acquire the Corporation's 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. The non-binding proposal suggested the acquirors would consider an advance of $10 million of the $80 million proposed purchase price to the Corporation as a form of short term bridge financing, however such advance would not be considered until after the completion of the due diligence exercise and no other terms with respect to such bridge financing were provided for in the letter. The non-binding proposal would extend the time period to approve the transaction beyond the June 30, 2012, maturity date of the Corporation's C$150 million aggregate principal amount of 4.25% senior unsecured convertible debentures. There could be no assurance that, if the proposal were accepted, a definitive offer would be made nor at what price the final offer would be made nor that a definitive agreement could be successfully negotiated and closed.

WMC and Transalloys had previously indicated an interest in making an offer for the Ezulwini Mine, but as with the current expression of interest, it was non-binding, highly conditional and did not provide for any bridge financing. Furthermore, the earlier non-binding proposal was for $70 million and was subject to a lengthy due diligence review and the preparation of a definitive agreement.

The Board of Directors of the Corporation will be meeting to consider the latest expression of interest.

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