To view the PDF file, sign up for a MySharenet subscription.

FUM - First Uranium Corporation - First Uranium enters Management Agreement with

Release Date: 29/08/2011 17:47
Code(s): FUM
Wrap Text

FUM - First Uranium Corporation - First Uranium enters Management Agreement with BEE Company 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: CA 33744R1029 NEWS RELEASE - August 29, 2011 First Uranium enters Management Agreement with BEE Company Toronto and Johannesburg - First Uranium Corporation (TSX:FIU), (JSE:FUM) (ISIN:CA33744R1029) ("First Uranium" or "the Company") announced today that it has entered into an agreement with Vulisango Holdings (Proprietary) Limited ("Vulisango"), a Black Economic Empowerment ("BEE") company, for the provision of certain services, including, assisting the Company in complying with the Mineral and Petroleum Resources Development Act and assisting and giving guidance to the Company with regard to its policies in accordance with the Mining Charter. Vulisango will receive a monthly fee of R400,000 (US$55,200). The agreement has an indefinite term, but it may be terminated by agreement between the parties, on a change of control of First Uranium, or, in the event of a material breach of the agreement, by the non-defaulting party. In addition to securing Vulisango`s services under the management agreement, the Company will continue to work with Vulisango in considering options to improve the Company`s BEE credentials subsequent to the disposal by Village Main Reef of 19.79% of its 25.5% shareholding in First Uranium to Anglo Gold Ashanti as announced in a news release on July 22, 2011. 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 gold and uranium plants at the Ezulwini Mine and the ramp-up of production at the Mine Waste Solutions (MWS) tailings recovery facility following the completion of a significant gold capital expansion program in May 2011. Both operations are located in South Africa. For further information, please contact: John Hick Special Committee Chairman + 1 416 306 3083 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 processing and development plans, and the future plans and objectives of First Uranium are forward-looking statements (or forward-looking information) that involve various estimates, assumptions, risks and uncertainties. In addition, as Village Main Reef has sold a significant portion of its interest in First Uranium, the Company or its subsidiaries may be required to issue securities or enter into other arrangements to increase BEE investment in the Corporation in order to maintain compliance with BEE requirements as required by the applicable law. For more details on these estimates, assumptions, risks and uncertainties, see the Company`s most recent Annual Information Form ("AIF") and Management`s Discussion and Analysis ("MD&A") 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. Sponsor: Investec Bank Limited Date: 29/08/2011 17:47:01 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.

Share This Story