First Uranium commences uranium production and provides production update for quarter ended March 31, 2009

    All amounts are in US dollars unless otherwise noted.

    TORONTO and JOHANNESBURG, May 22 /CNW/ - First Uranium Corporation
(TSX:FIU, JSE:FUM) (ISIN:CA33744R1029) ("First Uranium" or "the Company")
today announced that the commissioning of the uranium plant at the Company's
South African underground uranium and gold mine, the Ezulwini Mine
("Ezulwini"), has been completed and uranium production has commenced.
    The Company also reported its production results for the fiscal quarter
ended March 31, 2009 ("Q4 2009"), during which the Company processed 1,693,000
tonnes of reclaimed tailings at its Mine Waste Solutions tailings recovery
project ("MWS") and milled 108,622 tonnes of gold ore from low-grade
stockpiles at Ezulwini. Gold sold during the quarter totaled 10,471 ounces at
MWS and 4,261 ounces at Ezulwini.
    For the fiscal year ended March 31, 2009 ("FY 2009"), the Company
processed 6,995,000 tonnes of reclaimed tailings at MWS and milled 232,715
tonnes of ore at Ezulwini. Gold sold during FY 2009 totaled 42,857 ounces at
MWS and 10,796 ounces at Ezulwini. Comparative production and sales results at
MWS for FY 2009 are compared to those for the fiscal year ending March 31,
2008 ("FY 2008") in the following table. There was no commercial production at
Ezulwini in FY 2008.

    Quarterly Production Results
                        Q1 2009  Q2 2009  Q3 2009  Q4 2009  FY 2009  FY 2008
    Tonnes of ore
     reclaimed (000s)     1,665    1,839    1,798    1,693    6,995    4,053
    Average gold
     grade (g/t)            .16      .20      .21      .19      .19      .22
    Gold reclaimed (oz)   8,530   11,821   12,235   10,513   43,099   28,192
    Gold sold (oz)        7,741   12,118   12,581   10,471   42,857   28,094

    Tonnes of ore
     hoisted             24,238   42,465   30,892   29,039  126,634   46,620
    Tonnes of ore
     milled                   -   44,014   80,079  108,622  232,715        -
    Gold sold (oz)            -      124    6,411    4,267   10,802    5,055
    Note: At Ezulwini, in FY 2008 all the ore was toll-treated at a gold
          plant at a neighbouring mine.

    As previously announced, in the three-month period ending December 31,
2008 ("Q3 2009") the Company decided to allocate the majority of the mine
access time at Ezulwini to the completion of the shaft rehabilitation work.
The shaft rehabilitation project has gone according to plan, no longer
interferes with the development of the mine and the extraction of ore and
allows for the hoist to operate at the optimal speed for the current
production profile. The extraction sequence for de-stressing the shaft pillar
is proceeding according to the desired design specifications.
    Following the completion of the shaft rehabilitation work, the amount of
tonnes hoisted at Ezulwini began to increase compared to Q3 2009 due to
increased mining activity. In Q4 2009, Ezulwini sold 4,267 ounces of gold,
contributing to the total gold sold by the Company during FY 2009 of 10,802
ounces compared to a plan of 19,001 ounces. The lower gold sales were
primarily due to the decreased mining activity and the processing of the
low-grade surface stockpile at Ezulwini, while the shaft rehabilitation work
was being completed.
    At MWS, decreased throughput, grade and recovery during Q4 2009 were
primarily due to a lower feed grade and higher clay content, combined with
intermittent work stoppages due to unusually severe thunderstorms during the
recently ended rainy season. The MWS gold sold in FY2009 was 42,857 ounces
compared to plan of 45,461 ounces.
    Gordon Miller, President and CEO of First Uranium commented, "We are now
a member of a select group of companies that are producing uranium and among
an even smaller group of uranium miners that are so far unencumbered by
contracts or partnerships with nuclear utilities or government agencies.
Although we have experienced some start-up delays in commissioning our
operations, I continue to be impressed by what the First Uranium team has been
able to achieve in a very short time; producing gold at both operations and
our initial uranium production at Ezulwini."
    In mid-June 2009 First Uranium expects to announce its annual audited
financial results for its fiscal year ended March 31, 2009, which will include
an update on plant construction at both operations.

    About First Uranium Corporation

    First Uranium Corporation (TSX:FIU, JSE:FUM) is focused on its goal of
becoming a significant low-cost producer of uranium and gold through the
expansion of the underground development to feed the new uranium and gold
plants at the Ezulwini Mine and through the expansion of the plant capacity of
the Mine Waste Solutions tailings recovery facility, both in South Africa.
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

    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

Organization Profile

First Uranium Corporation

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890