FUM - First Uranium Update

FUM - First Uranium Update                                                      
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                                           
FIRST URANIUM UPDATE                                                            
15 June 2011, Toronto and Johannesburg, (TSX:FIU)(JSE: FUM): First Uranium      
Corporation ("First Uranium") has provided its headline loss and diluted        
headline loss, each on a per share basis, together with an itemised             
reconciliation between the loss for the year and the headline loss used in the  
calculation for the year ended 31 March 2011, as announced on 6 June 2011, as   
required by paragraph 18.19(c) of the JSE Limited`s Listing Requirements for    
dual listed companies.                                                          
HEADLINE LOSS RECONCILIATION                                                    
(in thousands of US dollars)                      2011       2010               
Loss for the year                                   (69,873)  (92,178)          
Plus:                                                                           
Impairment of columns at uranium plant              1,482     -                 
Headline loss for the year                          (68,391)  (92,178)          
HEADLINE AND DILUTED HEADLINE LOSS PER COMMON SHARE                             
(in thousands of US dollars)                         2011     2010              
Headline and diluted headline                       (0.37)    (0.56)            
loss per share of ($)                                                           
is calculated based on headline loss for the year   (68,391)  (92,178)          
of (`000)                                                                       
and a weighted average number of common shares      185,256   164,234           
outstanding of (`000)                                                           
For the years ended March 31, 2011 and 2010 no share options were included in   
the diluted common shares calculation for headline loss per share purposes      
because they were anti-dilutive.                                                
The impact of the conversion of the Debentures issued on May 3, 2007 and the    
Notes issued on April 26, 2010 have been excluded from the diluted common shares
computation because they are anti-dilutive for earnings per share purposes.     
ends                                                                            
About First Uranium Corporation                                                 
First Uranium Corporation 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 (MWS) tailings recovery       
facility, both operations situated in South Africa. First Uranium also plans to 
grow production by pursuing value-enhancing acquisition and joint venture       
opportunities in South Africa and elsewhere.                                    
www.firsturanium.com                                                            
Date: 15/06/2011 10:07:01 Supplied by www.sharenet.co.za                     
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