WHEATON COMPLETION TEST
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TORONTO AND JOHANNESBURG, May 3 /CNW/ - First Uranium Corporation (TSX:
FIU) (JSE: FUM) (ISIN:CA33744R1029) ("First Uranium" or the "Company") announced that it has successfully obtained the requisite consent of
noteholders of the 7.00% Secured Convertible Notes due March 31, 2013
(the "Convertible Notes") and the 11.00% Secured Convertible Notes due March 31, 2013 (the "Rand Notes") to amend the technical completion test under the Gold Wheaton Chemwes
Purchase Agreement (the "Agreement") whereby First Uranium would have
the option, but not the obligation, to satisfy the key criteria
component of the technical completion test during the "steady state
period" as defined in the Agreement. The solicitation of consent of
holders of the Convertible Notes and Rand Notes was announced by news
release on April 26, 2011.
The amendment will provide First Uranium with the opportunity to satisfy
the technical completion test in a shorter time frame. It will also
provide the Company with greater flexibility to optimize the mine plan
and complete the ramp-up of the expanded gold plant efficiently, to the
benefit of First Uranium and Franco Nevada Corporation, which recently
acquired Gold Wheaton.
Holders of the Convertible Notes and the Rand Notes representing
approximately 75 percent of the voting rights of all of the outstanding
Convertible Notes and the Rand Notes consented to the proposed
amendment.
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 uranium and gold plants
at the Ezulwini Mine, and through the expansion of the plant capacity
of the Mine Waste Solutions tailings recovery facility, both located 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 including,
without limitation, statements regarding the timing and amount of
estimated future production, processing and development plans and
future plans and objectives of First Uranium are forward-looking
statements (or forward-looking information). Forward-looking
statements are made as of the date hereof and involve various estimates
and assumptions, and known and unknown risks and uncertainties and
other factors that may cause the actual results, performance or
achievements of First Uranium to be materially different from any
future results, performance or achievement expressed or implied by the
forward-looking statements. Accordingly, readers should not place undue
reliance on forward-looking statements that are included herein, except
in accordance with applicable securities laws. Such risks and
uncertainties include, among others, conclusions of economic
evaluations, changes in project parameters as plans are refined,
possible variations in grade and ore densities or recovery rates, the
failure of plant, equipment or processes to operate as anticipated, the
outcome of litigious matters and regulatory processes, including the
appeal of the integrated water use license for the TSF. For more
details on these estimates, assumptions, risks and uncertainties, see
the Company's most recent Annual Information Form on file with the
Canadian provincial securities regulatory authorities on SEDAR at >www.firsturanium.com
For further information: Deon van der Mescht, CEO & President c/o Janette Brandt at janette.brandt@firsturanium.com or Mary Batoff, Vice President, Legal & Secretary mary@firsturanium.ca +1 (416) 342-5635
