TORONTO and JOHANNESBURG, South Africa, March 27 /CNW/ - (TSX:FIU,
JSE:FUM) (ISIN:CA33744R1029) First Uranium Corporation ("First Uranium" or
"the Company") today announced that it has received notice from the South
African Department of Minerals and Energy (the "DME") that the DME has
consented to the cession of the new order mining right for the Ezulwini Mine
from Simmer and Jack Mines, Limited ("Simmer & Jack") to Ezulwini Mining
Company (Pty) Ltd. ("EMC"), a wholly-owned subsidiary of First Uranium.
Located 40 kilometres south-west of Johannesburg, the Ezulwini Mine is a
uranium and gold mine that was reopened in 2006.
"Securing the consent of the DME for the transfer of the mining right to
EMC is excellent news," said Gordon Miller, President and CEO of First
Uranium. "The DME's consent is the result of us successfully satisfying the
requirements of the Mineral and Petroleum Resources Development Act, including
an audit of the Company's environmental and health programs and its social and
labour plans, a review of the Company's compliance with Black Economic
Empowerment requirements and the submission of an acceptable mining plan."
Under the mining right granted to Simmer & Jack, First Uranium's parent
company, EMC is nearing completion of the refurbishment of the main shaft at
the Ezulwini Mine and began hoisting ore in September 2007. EMC began
producing gold on a toll-milling basis in October 2007, although on a limited
basis since January 2008 due to the power constraints at the neighbouring
plant where the ore was being milled. EMC is on schedule to start up its own
gold plant in April 2008 and its own uranium plant in June 2008.
About First Uranium Corporation
First Uranium is focused on the development of South African uranium and
gold mines with the goal of becoming a significant producer through the
re-opening and development of the Ezulwini underground mine, and the
construction of the Buffelsfontein tailings recovery facility. 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
This document may contain or refer to forward-looking information based
on current expectations. Forward-looking statements are subject to significant
risks and uncertainties, and other factors that could cause actual results to
differ materially from expected results. These forward-looking statements are
made as of the date hereof and we assume no responsibility to update or revise
them to reflect new events or circumstances.
For further information:
For further information: Bob Tait, VP Investor Relations at (416)
558-3858, or firstname.lastname@example.org