TORONTO and JOHANNESBURG, June 28, 2012 /CNW/ - 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.
SOURCE First Uranium Corporation
For further information:
John Hick or Mary Batoff