FUM - First Uranium Corporation - Shareholder update regarding Water Tribunal

FUM - First Uranium Corporation - Shareholder update regarding Water Tribunal   
hearing                                                                         
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                                           
SHAREHOLDER UPDATE REGARDING WATER TRIBUNAL HEARING                             
TORONTO and JOHANNESBURG, December 1, 2011 - First Uranium Corporation (Toronto:
FIU.TO) (JSE: FUM) (ISIN: CA33744R1029) ("First Uranium" or the "Company") has  
announced that the South African Water Tribunal ("the Tribunal") met on December
1, 2011 to hear the appeal by the Federation for a Sustainable Environment      
("FSE") to suspend the Water Use Licence which was issued to Mine Waste         
Solutions ("MWS") by the Department of Water Affairs in June 2010.              
The Tribunal has advised that all parties will be informed once a decision on   
the matter had been made, although no timeframe was indicated. Shareholders will
be informed of the outcome accordingly. MWS continues to operate under the terms
of its valid Water Use Licence.                                                 
For further information, please contact:                                        
Investor queries: Gail Strauss - gailstrauss@mweb.co.za                         
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.               
Cautionary Language Regarding Forward-Looking Information                       
This document may contain or refer to forward-looking information based on      
current expectations. Forward-looking statements are subject to significant     
risks and uncertainties, and other factors that could cause actual results to   
differ materially from expected results. These forward-looking statements are   
made as of the date hereof and we assume no responsibility to update or revise  
them to reflect new events or circumstances.                                    
www.firsturanium.com                                                            
Date: 02/12/2011 07:12:01 Supplied by www.sharenet.co.za                     
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