FUM - First Uranium Corporation - First Uranium Corporation Closes $52,000,000

FUM - First Uranium Corporation - First Uranium Corporation Closes $52,000,000  
bought deal financing                                                           
First Uranium Corporation                                                       
(Continued under the laws of British Columbia, Canada)                          
(Registration Number C0777384)                                                  
(South African Registration Number 2007/009016/10)                              
Share code: FUM                                                                 
ISIN: CA33744R1029                                                              
NEWS RELEASE - March 1, 2011                                                    
FIRST URANIUM CORPORATION CLOSES $52,000,000 BOUGHT DEAL FINANCING              
All amounts are in Canadian dollars unless otherwise noted.                     
This news release is intended for distribution in Canada only and is not        
intended for distribution to United States newswire services or dissemination in
the United States.                                                              
Toronto and Johannesburg - First Uranium Corporation (TSX:FIU, JSE:FUM)         
(ISIN:CA33744R1029) ("First Uranium" or the "Company") announced today that it  
has completed its previously announced offering (the "Offering") of 46,000,000  
common shares of First Uranium at a price of $1.00 per share.  The agents also  
exercised in full their over-allotment option to acquire an additional 6,000,000
common shares at a price of $1.00 per share, resulting in the Company selling an
aggregate of 52,000,000 common shares for total gross proceeds of $52,000,000.  
The syndicate for the Offering was led by RBC Capital Markets and included      
Raymond James Ltd., BMO Capital Markets, Macquarie Capital Markets Canada Ltd.  
and Paradigm Capital Inc.                                                       
The Company intends to use the net proceeds from the Offering for:              
                                                                                
    (i) capital expenditures for the Ezulwini Mine,                             
(ii) capital expenditures and rehabilitation work for the MWS Project; and  
    (iii) general corporate purposes.                                           
This news release does not constitute an offer to sell or the solicitation of an
offer to buy any of the Company`s securities in the United States. The Company`s
securities have not been and will not be registered under the United States     
Securities Act of 1933, as amended, (the "1933 Act") or any state securities    
laws and may not be offered or sold within the United States or to U.S. persons 
unless registered under the 1933 Act and applicable state securities laws or an 
exemption from such registration is available.                                  
About First Uranium Corporation                                                 
First Uranium Corporation (TSX:FIU, JSE:FUM) is focused on its goal of becoming 
a significant low-cost producer of uranium and gold 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 in South Africa.  First Uranium also 
plans to grow production by pursuing value-enhancing acquisition and joint      
venture opportunities in South Africa and elsewhere.                            
For further information, please contact:                                        
Julian Gwillim, julian@aprio.co.za                                              
Gail Strauss, gailstrauss@mweb.co.za                                            
Sponsor: Investec Bank Limited                                                  
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 processing and development plans and future plans and objectives of   
First Uranium are forward-looking statements (or forward-looking information)   
that involve various risks and uncertainties. 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                                                            
Date: 02/03/2011 07:25:01 Supplied by www.sharenet.co.za                     
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