FIRST URANIUM CORPORATION - First Uranium announces financial results for the three and nine months ended December 31, 2012

First Uranium announces financial results for the three and nine months ended December 31, 2012

First Uranium Corporation
(Continued under the laws of Ontario, Canada)
(Registration number 2082276)
(South African registration number 2007/009016/10)
Share code: FUU ISIN: CA33744R5087

14 February 2013

First Uranium announces financial results for the three and nine months ended
December 31, 2012.

For the Management Discussion & Analysis and Financial Statements please refer to
the Corporation’s website at www.firsturanium.com.

Toronto and Johannesburg – First Uranium Corporation (NEX TSX-V:FIU.H) (JSE:FUU)
(ISIN:CA33744R5047) (“First Uranium” or “the Corporation”) today announced its
financial results for the three and nine months ended December 31, 2012.

 Abbreviation   Period                                Abbreviation   Period
 Q1 2012        April 1, 2011 - June 30, 2011         Q1 2013        April 1, 2012 - June 30, 2012
 Q2 2012        July 1, 2011 - September 30, 2011     Q2 2013        July 1, 2012 - September 30, 2012
 Q3 2012        October 1, 2011 - December 31, 2011   Q3 2013        October 1, 2012 - December 31, 2012
 Q4 2012        January 1, 2012 - March 31, 2012      Q4 2013        January 1, 2013 - March 31, 2013
 FY 2012        April 1, 2011 - March 31, 2012        FY 2013        April 1, 2012 - March 31, 2013
 2012 YTD       April 1, 2011 - December 31, 2011     2013 YTD       April 1, 2012 - December 31, 2012


Summary

Following the disposal of First Uranium’s principal assets in Q2 2013 and the
repayment of all of its debt and other obligations, other than Cdn$4.5 million related
to the 4.25% unsecured convertible debentures (the “Debentures”) during Q2 2013,
the Corporation made an initial distribution (the “Distribution”) on October 1, 2012
of Cdn$0.125 (ZAR1.05) per unit to shareholders of the Corporation, totaling $30.3
million, in the form of a redemption of 12.5 Class A Special Shares at a price per
share of Cdn$0.01 (ZAR0.08402).

On January 22, 2013 and February 1, 2013, respectively, the escrow funds related to
the sale of MWS to AngloGold Ashanti Limited (“AGA”) ($25 million) and the sale of
the Ezulwini Mine to Gold One International Limited (“Gold One”) ($5 million), was
released to the Corporation.

On January 28, 2013, the Corporation repaid the remaining amount (Cdn$4.5 million)
due under the Trust Indenture for the Debentures.

The Board of the Corporation will determine, subject to the establishment of a reserve
for any continuing and contingent obligations of the Corporation, an additional
amount to be distributed to the holders of the Units. It is the Corporation’s present
intention, subject to the requirements of the stock exchanges, to effect an additional
distribution to shareholders by the end of March 2013.

The Corporation will also consider the most efficient and orderly way in which to
distribute to the shareholders all remaining property of the Corporation (after
payment of the Corporation’s creditors). The Corporation may then proceed to be
wound up and dissolved. However, the Board has not made any decisions with
respect to the windup and dissolution at this time.

Results for Q3 2013

The Corporation reported losses from its continuing operations of $0.6 million and
$20.7 million in Q3 2013 (Q3 2012: $14.3 million) and 2013 YTD (2012 YTD: $42.4
million), respectively.

Prior to the disposal of its discontinued operations in Q2 2013, the Corporation
reported a profit from its discontinued operations of $108.6 million in 2013 YTD,
compared to losses of $98.1 million in Q3 2012 and $131.4 million in 2012 YTD. The
primary drivers for the improvements over comparative periods were the $78.9
million profit on disposal of the Corporation’s principal assets during Q2 2013 along
with the derivative income related to the discontinued operations’ Gold Stream
Transactions of $35.0 million recognized in Q1 2013 compared to a derivative expense
recognized in Q3 2012 and 2013 YTD of $83.7 million and $19.0 million, respectively.

The Corporation (including discontinued operations) utilized $0.9 million and $11.0
million cash from its operations in Q3 2013 (Q3 2012: $4.0 million) and 2013 YTD
(2012 YTD: $5.9 million). Prior to the disposal of its discontinued operations in Q2
2013, the Corporation utilized $6.9 million during 2013 YTD (2012 YTD: $30.1 million)
on capital projects at its discontinued operations. For Q3 2012, $7.7 million was
utilized on capital projects at its discontinued operations. During Q2 2013, the
Corporation raised $388.4 million cash proceeds from the disposal of its principal
assets and used a substantial portion of the cash proceeds raised ($317.3 million) to
settle the Cdn$110 million Canadian Notes ($109.0 million), the ZAR418.6 million
Rand Notes ($51.5 million), the $10 million Gold One loan facility and Cdn$145.5
million ($146.8 million) of the Cdn$150 million principal amount of Debentures
outstanding. During Q3 2013 the Corporation utilized $30.3 million of the remaining
proceeds to pay the Distribution as discussed under the Summary section of this news
release to the Corporation’s shareholders.

As at December 31, 2012, current assets were $34.6 million (March 31, 2012: $4.2
million), of which $30.0 million was restricted cash. The restricted cash related to the
deferred payments pursuant to the sales transactions.
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The Corporation’s current liabilities amounted to $6.2 million at the end of Q3 2013
(March 31, 2012: $268.8 million) and consisted of $4.5 million related to the
maximum principal amount remaining outstanding of the Debentures, $1.5 million tax
payable provision and $0.3 million trade and other payables. The $4.5 million liability
related to the Debentures was settled in full on January 28, 2013.

Non-IFRS Measures

The Corporation believes that in addition to conventional measures prepared in accordance with IFRS,
the Corporation and certain investors and analysts use certain other non-IFRS financial measures to
evaluate the Corporation's performance including its ability to generate cash flow and profits from its
operations. The Corporation has included certain non-IFRS measures in this document. Non-IFRS
measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be
comparable to similar measures employed by other companies. The data is intended to provide
additional information and should not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. Readers are advised to read all IFRS accounting
disclosures presented in the Corporation’s Financial Statements for more detail.

For further information, please contact:
Mary Batoff, +1 416 306 3072 or mary@firsturanium.ca

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 is 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




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