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

MWNT - Mine Waste Solutions (Proprietary) Limited - First Uranium secured       
convertible notes to trade interest flat following March 31, 2012 interest      
payment                                                                         
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                                                
FIRST URANIUM SECURED CONVERTIBLE NOTES TO TRADE INTEREST FLAT FOLLOWING        
MARCH 31, 2012 INTEREST PAYMENT                                                 
TORONTO AND JOHANNESBURG - March 5, 2012 -  Noteholders of Mine Waste           
Solutions (Proprietary) Limited (JSE:MWNT) (ISIN: ZAE ZAE000156261)("the        
Company or MWS") are referred to the announcement by First Uranium              
Corporation (TSX: FIU) (JSE: FUM) (ISIN: CA33744R1029) ("FIU" or the            
"Company") released earlier on Sens today informing Noteholders, inter alia,    
that First Uranium has outstanding Secured Convertible Cdn $110 million Notes   
due March 31, 2013 (the "Canadian Notes") issued pursuant to a Canadian note    
indenture dated April 8, 2010 (the "Canadian Note Indenture") and Secured       
Convertible ZAR 418.6 million Notes due March 31, 2013 (the "ZAR Notes" and     
together with the Canadian Notes, the "Notes") issued by MWS pursuant to a      
Rand note indenture dated April 23, 2010 (the "Rand Note Indenture" and         
together with the Canadian Note Indenture, the "Note Indentures").  The         
interest payment for the period from October 1, 2011 up to and including        
March 31, 2012 will be paid in cash on April 2, 2012.  In order to complete     
the Transactions, First Uranium will hold a meeting of the Noteholders (and,    
if required, the shareholders of FIU), with such securityholders required to    
approve amendments to the Note Indentures to agree, inter alia, that no         
interest will accrue after March 31, 2012, assuming the completion of the MWS   
transaction.  If the MWS transaction is not completed as announced, interest    
obligations with respect to the Notes will be due and owing as currently        
specified in the Note Indenture.                                                
The Notes will trade on an interest flat basis from April 2, 2012.              
For further information, please contact                                         
John Hick or Mary Batoff                                                        
(416) 306-3072                                                                  
mary@firsturanium.ca                                                            
Sponsor:Investec Bank Limited                                                   
06 March 2012                                                                   
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 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. For more details on these estimates, assumptions, risks      
and uncertainties, see the Company`s most 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,       
including without limitation, the statements regarding the proposed             
transactions with Gold One International Limited and AngloGold Ashanti Inc.     
No assurance can be given that the Company will be successful in concluding     
the proposed transactions and achieve the desired results. Accordingly,         
readers should not place undue reliance on forward-looking statements that      
are included herein, except in accordance with applicable securities laws.      
Date: 06/03/2012 09:46:54 Supplied by www.sharenet.co.za                     
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