First Uranium acquires the remaining 10% of its Ezulwini Uranium and Gold Mine

    TORONTO, Dec. 14 /CNW/ - First Uranium Corporation (TSX:FIU, JSE:FUM)
(ISIN:CA33744R1029) ("First Uranium" or "the Corporation") today announced
that it has issued 6,141,009 common shares (the "Waterpan Shares") to Waterpan
Mining Consortium ("Waterpan") in connection with the acquisition of the
remaining 10% ownership in Ezulwini Mining Company (Proprietary) Limited
("EMC"), the Corporation's subsidiary which owns and operates the Ezulwini
    In the Corporation's December 12, 2006 initial public offering
prospectus, the Corporation disclosed that it had entered into an agreement
with Waterpan which provided that their minority interest in EMC would be
purchased by the Corporation for the Waterpan Shares after the secondary
listing of First Uranium's common shares on the Johannesburg Stock Exchange
(the "JSE"), which was completed on March 30, 2007. Concurrent with the
closing of today's transaction, one million of the Waterpan Shares were sold
by way of a private placement. Waterpan has a contractual agreement to retain
the remaining Waterpan Shares until April 1, 2009, two years after the date of
the JSE listing. The remaining 5,141,009 million Waterpan Shares represent
3.9% of the 130,986,417 common shares of First Uranium outstanding at the
closing of today's transaction.
    The Ezulwini Mine, located 40 kilometres south-west of Johannesburg, is
an underground uranium and gold mine that operated from the early 1960s to
2001. First Uranium has reopened and rehabilitated the mine and is currently
hoisting and toll milling ore for gold production at a neighbouring gold
plant, while construction of its own gold and uranium plants are expected to
be completed and commissioned in April and June of 2008, respectively.

    About First Uranium Corporation

    First Uranium Corporation 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 acquisition and joint
venture opportunities.

    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

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