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FUM - First Uranium Corporation - Another leading independent proxy advisory
firm recommends First Uranium shareholders support asset sales
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
May 30, 2012
ANOTHER LEADING INDEPENDENT PROXY ADVISORY FIRM RECOMMENDS FIRST URANIUM
SHAREHOLDERS SUPPORT ASSET SALES
TORONTO AND JOHANNESBURG, May 30, 2012 -- Independent proxy advisory firm
Glass, Lewis & Co., LLC recommended today that shareholders of First Uranium
Corporation (TSX:FIU), (JSE:FUM) (ISIN:CA33744R1029) vote in favour of two
asset sales approved by First Uranium`s board of directors.
Glass Lewis concluded in its report that "there is, on balance, sufficient
cause for shareholders to support the contemplated reorganization".
Glass Lewis` advice follows a similar recommendation by Institutional
Shareholder Services (ISS) released May 29, 2012.
As has been previously communicated, First Uranium`s board of directors first
announced on March 2, 2012 the sale, through two subsidiary holding companies,
of its Mine Waste Solutions operation, and the Ezulwini mine, to AngloGold
Ashanti Ltd. and Gold One International Ltd. for $335 million and $70 million
respectively. Both operations are located in South Africa.
First Uranium shareholders are due to consider the proposed transactions at a
special meeting on June 13, 2012.
Responding to the two independent proxy firms` reports, First Uranium`s lead
independent director, John Hick, said: "Gaining support from both Glass Lewis
and ISS underscores the benefits of the transactions. These recommendations
are clear evidence that First Uranium`s board is acting in the best interest
of all shareholders."
The Glass Lewis report says that "the board`s process was sufficiently robust
to ensure that substantially all capable and interested buyers had an
opportunity to express an interest in the assets to be disposed".
Like ISS, Glass Lewis questions the feasibility of other courses of action
proposed by some shareholders: "Given the uncertainties of (the gold and
uranium) markets and the very limited time frame in which First Uranium must
complete a strategic transaction, we do not find the potential benefits of
rejecting the current reorganization in any way mitigate the overwhelming
risks and costs attendant to a bankruptcy proceeding".
First Uranium`s board unanimously recommends that shareholders and debtholders
vote FOR the transactions.
Shareholders and debtholders are reminded to vote their proxy FOR the
transactions and all related proposals before the proxy voting deadline on
Monday, June 11, 2012 at 5:00 p.m. (Toronto time).
If you have any questions about the information contained in the management
information circulars or require assistance with voting your securities,
please contact Kingsdale Shareholder Services Inc. by telephone at 1-866-581-
1571 toll-free in North America, or at 1-416-867-2272 outside of North America
(collect calls accepted), or by email at contactus@kingsdaleshareholder.com.
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.
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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
Limited. 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
For further information:
John Hick or Mary Batoff
(416) 306-3072
mary@firsturanium.ca
Date: 31/05/2012 07:35:01 Supplied by www.sharenet.co.za
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