First Uranium Corporation closes $61,500,000 bought deal private placement financing



    
    All amounts are in Canadian dollars unless otherwise noted.

    /THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT
    INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
    DISSEMINATION IN THE UNITED STATES/
    

    TORONTO and JOHANNESBURG, Feb. 11 /CNW/ - First Uranium Corporation
(TSX:FIU, JSE:FUM) (ISIN:CA33744R1029) ("First Uranium" or the "Company")
announced today that it has completed its previously announced bought deal
private placement of 20,500,000 Units of the Company at a price of $3.00 per
Unit, for gross proceeds of $61,500,000 (the "Offering"). Each Unit consists
of one common share of First Uranium (a "Unit Share") and one-half of one
common share purchase warrant (each full warrant, a "Warrant"), each Warrant
being exercisable to acquire one common share of First Uranium at a purchase
price of $4.15 until February 11, 2011.
    The syndicate for the Offering was led by Macquarie Capital Markets
Canada Ltd. and included RBC Dominion Securities Inc., Scotia Capital Inc. and
National Bank Financial Inc.
    First Uranium will use the gross proceeds from the Offering to fund the
continued development of the Ezulwini Mine and the expansion of the Mine Waste
Solutions tailings recovery operation and for general corporate purposes.
    This news release does not constitute an offer to sell or the
solicitation of an offer to buy any of the Company's securities in the United
States. The Company's securities have not been and will not be registered
under the United States Securities Act of 1933, as amended, (the "1933 Act")
or any state securities laws and may not be offered or sold within the United
States or to U.S. persons unless registered under the 1933 Act and applicable
state securities laws or an exemption from such registration is available.

    About First Uranium Corporation

    First Uranium Corporation (TSX:FIU, JSE:FUM) is focused on the
development of its South African uranium and gold mines with the goal of
becoming a significant low-cost producer through the re-opening and
underground development of the Ezulwini Mine and the expansion of the Mine
Waste Solutions tailings recovery operation. First Uranium also plans to grow
production by pursuing value-enhancing acquisition and joint venture
opportunities in South Africa and elsewhere.

    
    First Uranium Corporation
    1240-155 University Avenue, Toronto, ON Canada M5H 3B7
    www.firsturanium.com
    

    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 including, without limitation,
statements regarding processing and development plans and future plans and
objectives of First Uranium are forward-looking statements (or forward-looking
information) that involve various risks and uncertainties. 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.





For further information:

For further information: Bob Tait, VP Investor Relations at (416)
342-5639 (office), (416) 558-3858 (mobile) or bob@firsturanium.ca

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