FIRST URANIUM CORPORATION - First Uranium announces financial results for the three months ended June 30, 2013

Release Date: 12/08/2013 17:15
Code(s): FUU
 
Wrap Text
First Uranium announces financial results for the three months ended June 30, 2013

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

12 August 2013

First Uranium announces financial results for the three months ended June 30,
2013.

For the Management Discussion & Analysis and Financial Statements please refer to
the Corporation’s website at www.firsturanium.com. All amounts are in US dollars
(“$”), except where otherwise indicated.


Toronto and Johannesburg – First Uranium Corporation (NEX:FIU.H) (JSE:FUU)
(ISIN:CA33744R5047) (“First Uranium” or “the Corporation”) today announced its
financial results for the three months ended June 30, 2013.

 Abbreviation   Period                                Abbreviation   Period
 Q1 2013        April 1, 2012 - June 30, 2012         Q1 2014        April 1, 2013 - June 30, 2013
 Q2 2013        July 1, 2012 - September 30, 2012     Q2 2014        July 1, 2013 - September 30, 2013
 Q3 2013        October 1, 2012 - December 31, 2012   Q3 2014        October 1, 2013 - December 31, 2013
 Q4 2013        January 1, 2013 - March 31, 2013      Q4 2014        January 1, 2014 - March 31, 2014
 FY 2013        April 1, 2012 - March 31, 2013        FY 2014        April 1, 2013 - March 31, 2014


Corporate Overview

During Q1 2013, First Uranium had 238,434,935 Units trading on the NEX (FIU.H). The
Corporation also has a secondary listing on the JSE Limited and the Units trade under
the symbol FUU. Each Unit is currently comprised of 77.3 Class A Special Shares and 1
Class B Common Shares.

The Corporation is considering 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 remaining creditors), as well as investigating alternatives, which may
include the prospect for a business combination or sale of the Corporation. If no viable
alternatives are available to the Corporation, 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.
Summary of Financial Results

The Corporation reported a profit from its continuing operations of $0.03 million in Q1
2014 (Q1 2013: loss of $10.3 million).

Prior to the disposal of its discontinued operations in Q2 2013, the Corporation
reported profits from its discontinued operations of $34.4 million in Q1 2013,
comprised of $31.1 million from Mine Waste Solutions and $3.3 million from the
Ezulwini Mine. The primary driver for the profit in Q1 2013 was the derivative income
related to the gold stream transactions compared to the derivative expense recognized
in previous reporting periods.

During Q1 2014, the Corporation utilized $0.5 million of its remaining cash on ongoing
corporate expenses. During Q1 2013, the Corporation (including its discontinued
operations) generated $4.1 million cash from its operations and utilized $3.6 million on
capital projects and other investing activities related to its discontinued operations.

As at June 30, 2013, the Corporation’s current assets were $4.6 million (March 31,
2013: $4.6 million) and its current liabilities amounted to $1.3 million (March 31, 2013:
$1.3 million), consisting of a $1.0 million tax payable provision and $0.4 million of trade
and other payables.

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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