Olma Investments, Stratton Enterprises and Patto Corporate Services to vote in favour of the proposed transactions

TORONTO AND JOHANNESBURG, June 11, 2012 /CNW/ - First Uranium Corporation (TSX: FIU) (JSE: FUM) (ISIN: CA33744R1029) ("FIU" or the "Company") received the following information by way of email today from Mr. Nick Betsky on behalf of Olma Investment Firm, Stratton Enterprises Inc. and Patto Corporate Services,

" Dear Sirs:

RE : increase in the distribution to shareholders, as announced on June 6, 2012

In light of First Uranium Corporation's ("Company") June 6, 2012 announcement of the increased distribution to shareholders to the amount of US$75,9 million or Cdn$0,33 per share, we plan to support the proposed transactions on June 13, 2012 GSM.

We still feel very strongly that the BOD, RBC and management have not acted in the best interest of shareholders but due to the time constraints, at this point we see no other choice but to vote YES.

As you are aware from April 30 letter from our legal counsel, we have commenced preparation for the legal proceedings against the Board.  Should the distribution to the shareholders indeed amount to no less than Cdn$0,33, we agree to discontinue legal actions against the Board.

Olma Investment Firm
Stratton Enterprises Inc
Patto Corporate Services "

The board of directors of FIU met today to determine whether to engage with Kumvest (Pty) Ltd., which announced a highly conditional proposal on June 8, 2012.  On the advice of financial and legal advisors, the board decided there is no basis to proceed with this proposal.

If you have any questions about the information contained in the management information circulars or require assistance with voting your securities, please contact Kingsdale Shareholder Services Inc. by telephone at 1-866-581-1571 toll-free in North America, or at 1-416-867-2272 outside of North America (collect calls accepted), or by email at contactus@kingsdaleshareholder.com.

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

SOURCE First Uranium Corporation

For further information:

John Hick or Mary Batoff
(416) 306‐3072
mary@firsturanium.ca

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First Uranium Corporation

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