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MWNT - Mine Waste Solutions (Proprietary) Limited - First Uranium reports

Release Date: 15/02/2012 09:39
Code(s): JSE MWNT
Wrap Text

MWNT - Mine Waste Solutions (Proprietary) Limited - First Uranium reports financial results for the three and nine months ended December 31, 2011 and cautionary announcement Mine Waste Solutions (Proprietary) Limited (Incorporated in the Republic of South Africa) (Registration number 2000/1443/07) (a wholly-owned subsidiary of First Uranium Corporation) JSE code MWNT ISIN: ZAE000156261 14 February 2012 FIRST URANIUM REPORTS FINANCIAL RESULTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2011 AND CAUTIONARY ANNOUNCEMENT All amounts are in US dollars unless otherwise noted. Johannesburg - Mine Waste Solutions (Proprietary) Limited (JSE:MWNT) (ISIN: ZAE ZAE000156261)("the Company") today announced that its parent company, First Uranium Corporation ("First Uranium" or "the Corporation")(ISIN:CA337744R1029)released its consolidated unaudited financial results for the three and nine month period ended December 31, 2011 ("Q3 2012"). First Uranium`s news release, Q3 2012 Management Discussion & Analysis ("MD&A")and Financial Statements have been posted to the First Uranium website at www.firsturanium.com. Aforementioned MD&A and Financial Statements reports that as previously reported in July 2011, the Board of directors First Uranium empowered a Special Committee 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 interests of First Uranium and stakeholders of First Uranium. This includes reviewing available alternatives for the settlement of the 4.25% unsecured convertible debentures ("Debentures") that mature in June 2012 and alternatives for settlement of the Canadian denominated 7% secured convertible notes issued by First Uranium and the Rand denominated 11% secured convertible notes (the "Rand Notes") issued by the Company (collectively the "Notes") that mature in March 2013. As part of the process, and in response to proposals received from third parties, First Uranium is in negotiations to dispose of its principal assets. If First Uranium is successful in entering into definitive agreements with these third parties and fulfilling all conditions precedent, including obtaining necessary regulatory and stakeholder approvals, the proceeds would enable it to meet its outstanding obligations. In order to address any potential short-term cash constraints, First Uranium is also in negotiations for a short-term bridge lending facility. However, there can be no assurance that these discussions will result in the execution of definitive agreements with regards to these transactions or that these transactions will be consummated within the time frame required to settle the outstanding obligations of the Debentures and the Notes. Noteholders are accordingly advised to use caution when trading in the Company`s Rand Notes until further notice. For further information, please contact: Deon van der Mescht - CEO +27 82 807 0160 deon.vdmescht@firsturanium.com Cautionary Language Regarding Forward-Looking Information This announcement contains and refers to forward-looking information based on current expectations. All other statements other than statements of historical fact included in this release are forward-looking statements (or forward-looking information). The Company`s plans involve various estimates and assumptions and its business and operations are subject to various risks and uncertainties, including without limitation, the successful conclusion of the sale of assets, securing of bridge financing and the outcome of the appeal of the Water Use License by FSE. No assurances can be given that the discussions regarding the sale of assets and bridge financing will result in the execution of definitive agreements or that the transactions will be consummated within the time frame required to settle the outstanding obligation of the Debentures and the Notes. Until definitive agreements are completed and all conditions precedent thereunder are fulfilled, there will still be significant doubt as to the ability of the Company to meet its obligations as they become due and, accordingly the appropriateness of the use of accounting principles applicable to a going concern. For more details on these estimates, assumptions, risks and uncertainties, see the Company`s Pre-Listing Statement available on First Uranium`s website www.firsturanium.com and First Uranium`s recent Annual Information Form and most recent Management Discussion and Analysis 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 15 February 2012 Date: 15/02/2012 09:39:01 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.

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