First Uranium announces Implementation of Sale of MWS to AngloGold Ashanti and Redemption of 7% Secured Convertible Notes and the 11% Secured Convertible Rand Notes

TORONTO AND JOHANNESBURG, July 20, 2012 /CNW/ - First Uranium Corporation (TSX:FIU.UN), (JSE:FUU) (ISIN:CA33744R5087) ("First Uranium" or "the Corporation") announced that today the Implementation Date occurred, as defined in the agreement (the "AGA Agreement") dated March 2, 2012 for the sale, indirectly, of all of the shares of Mine Waste Solutions (Proprietary) Limited ("MWS"), owner of the tailings recovery project in South Africa, to AngloGold Ashanti Limited.

At this juncture, certain documents relating to the discharge of the security held for the benefit of the 7% secured convertible notes due March 31, 2013 (the "Canadian Notes") issued by First Uranium, the 11% secured convertible notes due March 31, 2013 (the "Rand Notes") issued by MWS, and the Gold One US$10 million loan facility, have been registered by the appropriate deeds office releasing all security in the MWS assets.

Today, Computershare Trust Company of Canada and Computershare Investor Services (Proprietary) Inc., as Purchase Price Stakeholders will pay: (i) to BNY Trust Company of Canada, as trustee for the holders of the Canadian Notes, C$110 million, and to GMG Trust Company (SA) (Pty) Ltd. (or its agent), as trustee for the holders of the Rand Notes, ZAR418.6 million, (ii) to Gold One, US$10 million plus accrued interest; (iii) US$25 million to the warranty escrow agent; and (iv) the balance to First Uranium.

Trading in all of the issued and outstanding Canadian Notes (Symbol: FIU.NT; ISIN:  CA33744RAC66 and CA33744RAD40) of First Uranium will be halted at the opening of trading on the TSX on July 31, 2012 (the "Redemption Date") and will be delisted at the close of business on July 31, 2012.

All of the issued and outstanding Canadian Notes have been called for redemption on the Redemption Date.  The redemption price for each C$1,000 principal amount of Canadian Notes held will be C$1,000 (the "Redemption Price") and no interest is payable.

As the Canadian Notes trade in the book-entry only system of CDS Clearing and Depository Services Inc., holders need not take any action in order to receive their Redemption Price.

MWS has called for the redemption of the Rand Notes and a separate announcement in respect thereof has been issued on the JSE Limited's Stock Exchange News Service (SENS).

The Corporation expects that the sale of First Uranium Limited, owner of the Ezulwini mine, to Gold One International Limited, will be closed by the end of July 2012.

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 Corporation'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 Corporation'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 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.

SOURCE First Uranium Corporation

For further information:

Mary Batoff: (416) 306‐3072,

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