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FUM - First Uranium Corporation - AngloGold Ashanti to Acquire Interest in First Uranium from Village Main Reef 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 - July 25, 2011 AngloGold Ashanti to Acquire Interest in First Uranium from Village Main Reef Toronto and Johannesburg - First Uranium Corporation (TSX:FIU), (JSE:FUM) (ISIN:CA33744R1029) ("First Uranium" or "the Company") today announced that AngloGold Ashanti Limited ("AngloGold") reported that it has entered into an agreement to acquire 47,065,916 shares (the "FIU Shares") in First Uranium held by Village Main Reef Limited ("Village"), for CAD$0.60 per share. This equates to a 19.79% interest in First Uranium. Village has also granted to AngloGold lock-up rights and rights of first refusal in respect of Village`s remaining 5.7% equity stake in the Company and approximately ZAR392.8 million principal amount of secured convertible notes issued by Mine Waste Solutions (Proprietary) Limited, a wholly-owned subsidiary of the Company. Following the announcement by Village that it intended to sell its 26% interest, the Company on July 12, 2011 announced that the board of directors of First Uranium constituted a special committee (the "Special Committee") of directors to monitor developments and undertake a strategic review of the Company and its capital structure and to advise on any strategic alternatives that may be in the best interests of First Uranium and its stakeholders. In light of these developments, the Special Committee will be considering the effects on the Company and reviewing regulatory considerations, including in relation to its BEE status. About First Uranium Corporation First Uranium Corporation (TSX:FIU, JSE:FUM) is focused on the development and operation of gold and uranium projects in South Africa. The Company`s goal is to become a significant low-cost producer of gold and uranium from its Ezulwini underground mine (the "Ezulwini Mine") and the Mine Waste Solutions tailings recovery facility ("MWS"). To expand it production profile, First Uranium has expanded the capacity of MWS and it is ramping up production at the Ezulwini Mine and plans to pursue other value-enhancing opportunities in South Africa. For further information, please contact: John W.W. Hick Chairman of the Special Committee Tel: +1 416 306 3072 Scot Sobey Executive Vice President Tel: +27 11 278 7001 Sponsor: Investec Bank Limited www.firsturanium.com Date: 25/07/2011 07:19:00 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
