First Uranium regains permission to use 80% of its near-term power requirements

(ISIN:CA33744R1029) ("First Uranium" or "the Company") was today advised by
Eskom, South Africa's national power utility that, effective immediately,
energy usage at all mining operations could be resumed to a maximum of 80% of
their average power load requirements. The restriction, imposed as part of the
current phase of dealing with the national energy crisis which began on
January 25, is expected to be relaxed to allow use of 90% of the Company's
power load requirements on Thursday, January 31, 2008. To ensure the continued
safety of our miners, operating activities will be gradually ramped up to the
permitted levels.
    The Company's Ezulwini Mine, an underground uranium and gold mine, is the
only First Uranium operation impacted as a result of this phase of the power
crisis. Given its relatively low power requirements, the tailings recovery
operation at Mine Waste Solutions ("formerly Buffelsfontein Tailings Recovery
Project) have been unaffected by the power cuts.
    At the Ezulwini Mine, which is in a relatively early stage of
development, normal weekly operations are comprised of three days of mining
and four days of shaft rehabilitation. In the interests of health and safety,
the Company temporarily suspended mining operations.
    First Uranium estimates that during the quarter, every day of operations
being shut down would result in the loss of approximately 888 tonnes of ore
processed or approximately 170 ounces of gold production. Thus far, only three
days of production have been lost. Rehabilitation of the Ezulwini Mine shaft
has not been interrupted. The Company believes that this lost production can
be made up once the shaft rehabilitation work is complete.
    The neighbouring third-party plant that toll-mills gold ore for First
Uranium has suspended toll milling for the Ezulwini Mine as a result of its
energy usage restrictions, and it is not clear when this will resume, if at
all. Should the toll-milling plant's energy reduction plan cause toll milling
to be suspended indefinitely, the Ezulwini Mine would stockpile ore until its
own gold plant is commissioned in April 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 acquisition and joint venture

    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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