FIRST URANIUM CORPORATION - FIRST URANIUM SHAREHOLDERS APPROVE ARRANGEMENT WITH ALGOLD RESOURCES LTD.

Release Date: 13/12/2013 17:23
Code(s): FUU
 
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FIRST URANIUM SHAREHOLDERS APPROVE ARRANGEMENT WITH ALGOLD RESOURCES LTD.

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

FIRST URANIUM SHAREHOLDERS APPROVE ARRANGEMENT WITH ALGOLD RESOURCES LTD.

TORONTO, ON, December 13, 2013 – First Uranium Corporation ("First Uranium" or the
"Corporation") (NEX:FIU.H)(JSE:FUU) is pleased to announce that at the annual and special
meeting (the "Meeting") of holders of units of First Uranium (the "Shareholders") held today,
the Shareholders approved the previously announced plan of arrangement (the
"Arrangement") whereby Algold Resources Ltd. ("Algold") will acquire all of the outstanding
units of First Uranium ("FIU Units"). The resolution approving the Arrangement was approved
by approximately 95% of the votes cast by Shareholders present in person or represented by
proxy at the meeting.

The Arrangement remains subject to, among other things, the final approval of the Ontario
Superior Court of Justice. The hearing for the final court order to approve the Arrangement is
scheduled to take place on December 16, 2013, with the effective date of the Arrangement
expected to occur on or about December 19, 2013.

In addition, the Corporation is pleased to announce that the following matters presented for
approval at the Meeting were duly authorized and approved by Shareholders: the election of all
management nominees to the board of directors of the Corporation, the appointment of
PricewaterhouseCoopers Inc. as the auditors of the Corporation for the ensuing year and the
authorization of the directors to fix the remuneration of the auditors.

The South Africa Reserve Bank ("SARB") has advised First Uranium that it has no objection to
institutional investors resident in South Africa accepting the common shares and warrants of
Algold in exchange for the FIU Shares provided that applicable regulations as administered by
the Financial Services Board are adhered to. Institutional investors will be given 12 months to
realign their portfolios should they be in excess of their exchange control foreign exposure
limits as a result of the transaction.

In addition, in the circumstances and as a highly exceptional case, SARB has no objection to
other investors resident in South Africa accepting the common shares and warrants of Algold in
exchange for the FIU Shares.

SARB has also approved the use of the Direct Registration System (“DRS”) which allows for
securities to be held in ‘book entry’ form on the Canadian register of security holders of Algold
maintained by Computershare Investor Services Inc. The Direct Registration System eliminates
the need for shareholders to safeguard and store physical share and warrant certificates and
helps shareholders avoid the significant cost of a surety bond for the replacement of and effort
involved in replacing physical certificates that might be lost, stolen or destroyed. See
“Procedure for Exchange of Securities – Registered Shareholders” in the management
information circular (the “Circular”) of First Uranium dated November 8, 2013 which is available
on Corporation's SEDAR corporate profile page at www.sedar.com.

Further details on the above matters are set forth in the Circular and in the report on voting
results of the Meeting which is also available on SEDAR.

If the Arrangement becomes effective, the FIU Units will be deemed to be exchanged for
securities of Algold and delisted, the details of which are as follows:

ISIN number of the FIU Units                       CA33744R5087
JSE Code                                           FUU
Short name                                         FIUUnit
Last Date to Trade                                 Friday, 13 December 2013
FUU Units suspended on the JSE                     Tuesday, 17 December 2013
Record date                                        Monday, 23 December 2013
RSA Shareholders entitlements recorded
         on Algold register                        Tuesday, 24 December 2013
Listing terminated                                 Tuesday, 24 December 2013
Dispatch date*                                     Thursday, 9 January 2014
* Mailing of certificates and DRS advices

Please note that there will be a restriction on transfers between the Corporation’s Canadian
share register and South African share register commencing at the close of business on Tuesday
17 December 2013.

FOR FURTHER INFORMATION

Please contact:

FIRST URANIUM CORPORATION

Mary Batoff
President and CEO
(416) 306-3072
Sponsor: Investec Bank Limited
Cautionary Statement 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 Circular and 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.

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