FUM - First Uranium Corporation - First Uranium and Gold One extend date

FUM - First Uranium Corporation - First Uranium and Gold One extend date        
for fulfillment of conditions precedent                                         
First Uranium Corporation                                                       
(Continued under the laws of Ontario, Canada)                                   
(Registration number 2082276)                                                   
(South African registration number 2007/009016/10)                              
Share code:  FUM   ISIN: CA33744R1029                                           
FIRST URANIUM AND GOLD ONE EXTEND DATE FOR FULFILLMENT OF CONDITIONS            
PRECEDENT                                                                       
TORONTO AND JOHANNESBURG - June 29, 2012 - First Uranium Corporation (TSX:      
FIU) (JSE: FUM) (ISIN: CA33744R1029) ("FIU" or the "Company") announced on      
April 2, 2012 that it had signed a binding Sale of Shares and Claims            
Agreement (the "Gold One Acquisition Agreement") for the sale of 100% of        
the issued shares of, and all shareholders` claims against, First Uranium       
Limited (Cyprus), which holds 100% of the issued shares of, and all             
shareholders` claims against, Ezulwini Mining Company (Pty) Limited, to         
Gold One International Limited ("Gold One") for total consideration of US$      
70 million (the "Gold One Transaction").                                        
The Gold One Acquisition Agreement is subject to a number of conditions         
precedent, which, include that the acquisition of all the shares of Mine        
Waste Solutions (Pty) Limited by AngloGold Ashanti Limited from First           
Uranium (the "AGA Transaction") be implemented in accordance with its           
respective terms, and are required to be fulfilled or waived on or before       
June 29, 2012.                                                                  
In order to provide sufficient time for the AGA Transaction to be               
implemented, which is expected to occur on or before July 24, 2012, Gold        
One and First Uranium have agreed to extend the date to satisfy the             
conditions precedent to the Gold One Transaction to July 31, 2012.  Other       
than the conditions precedent associated with the implementation of the AGA     
Transaction, the material conditions precedent to the Gold One Transaction      
have been satisfied or waived, including all of the regulatory approvals to     
the extent required.                                                            
About First Uranium Corporation                                                 
First Uranium Corporation operates the Ezulwini Mine, an underground mining     
operation, and Mine Waste Solutions, a tailings recovery facility. Both         
operations are situated in South Africa.                                        
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                                                            
29 June 2012                                                                    
Date: 29/06/2012 07:57:01 Supplied by www.sharenet.co.za                     
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