FUM - First Uranium Corporation - First Uranium board confirms it will seek

FUM - First Uranium Corporation - First Uranium board confirms it will seek     
shareholder approval of sale of the Ezulwini Mine to Gold One                   
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                                           
24 April 2012                                                                   
FIRST URANIUM BOARD CONFIRMS IT WILL SEEK SHAREHOLDER APPROVAL OF SALE OF THE   
EZULWINI MINE TO GOLD ONE                                                       
All amounts are in US dollars unless otherwise noted.                           
TORONTO and JOHANNESBURG, April 24, 2012 /CNW/ - First Uranium Corporation      
(TSX:FIU), (JSE:FUM) (ISIN:CA33744R1029) ("First Uranium" or "the Corporation") 
announced that the Board of Directors today confirmed that it would proceed to  
seek shareholder approval of the previously announced agreement ("Gold One      
Agreement") to sell the Ezulwini Mine to Gold One International Limited ("Gold  
One").  A special meeting of the shareholders of the Corporation will be held on
June 13, 2012 to consider the Gold One Agreement and the agreement ("AngloGold  
Agreement") to sell Mine Waste Solutions to AngloGold Ashanti Limited           
("AngloGold").                                                                  
The Corporation had received an unsolicited non-binding expression of interest  
from Waterpan Mining Corporation ("WMC") and Transalloys (Pty) Ltd.             
("Transalloys"), to acquire the Ezulwini Mine, subject to a number of conditions
precedent, including the opportunity to have 90 days from May 1, 2012 to        
undertake a due diligence review of the business. Following that due diligence  
exercise, WMC and Transalloys envisaged being in a position to make a definitive
offer by August 1, 2012.                                                        
After receiving the advice of its financial and legal advisors, the Board of    
Directors determined that it remains committed to the terms of the Gold One     
Agreement and will permit the shareholders of the Corporation to determine      
whether to accept or reject the proposed sale of Ezulwini at the upcoming       
meeting of shareholders.  The Corporation anticipates that an information       
circular containing details of the Gold One Agreement, the AngloGold Agreement  
and other matters relating to a capital reorganization, will be sent to         
shareholders on or before May 15, 2012.                                         
About First Uranium Corporation                                                 
First Uranium Corporation (TSX:FIU, JSE:FUM) operates the Ezulwini Mine, an     
underground mining operation, and Mine Waste Solutions (MWS), a tailings        
recovery facility.  Both operations are situated in South Africa.               
For further information, please contact:                                        
John Hick                                                                       
Tel: +1 416 669 9968                                                            
Mary Batoff                                                                     
Tel: +1 416 306 3081                                                            
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 Corporation`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 Corporation`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. Accordingly, readers should not place undue     
reliance on forward-looking statements that are included herein, except in      
accordance with applicable securities laws.                                     
www.firsturanium.com                                                            
Date: 25/04/2012 07:11:01 Supplied by www.sharenet.co.za                     
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