First Uranium reports results for year ended March 31, 2008

    All amounts are in US dollars unless otherwise noted.

    For a full discussion of results, the Financial Statements and Management
    Discussion & Analysis, please see the Company's website, under "Regulatory Filings"

    TORONTO and JOHANNESBURG, June 11 /CNW/ - First Uranium Corporation
(TSX:FIU, JSE:FUM) (ISIN:CA33744R1029) ("First Uranium" or "the Company")
today announced its financial results for the year ended March 31, 2008
("FY 2008"). First Uranium is currently focused on the rehabilitation and
bringing into production of the Ezulwini underground uranium and gold mine
(the "Ezulwini Mine") and the expansion of Mine Waste Solutions ("MWS"), which
recovers gold, and upon full commissioning of the uranium plant scheduled for
completion by the end of February 2009, uranium by reprocessing surface
tailings from the Buffelsfontein mine.
    References to "FY 2007" refer to the Company's financial year ended
March 31, 2007. References to "Q4 2008" and "Q4 2007" refer to the Company's
three months ending March 31, 2008 and March 31, 2007, respectively.
References to "Q1 2009" refer to the Company's three-month period ending
June 30, 2008.


    During Q4 2008, First Uranium:
    -   produced and sold a total of 9,995 ounces of gold from the Ezulwini
        Mine and MWS at an average selling price of $888 per ounce
    -   generated revenue of $6.4 million from MWS, resulting in $2.8 million
        gross profit, net of total cost of sales (see table "Summary of
        Operating Results")
    -   on March 20, 2008, the South African Department of Minerals and
        Energy consented to an application from Simmer and Jack Mines,
        Limited ("Simmer & Jack") to cede the Ezulwini mining rights from
        Simmer & Jack to the Company's subsidiary, the Ezulwini Mining
        Company (Pty) Limited ("EMC")

    During FY 2008, First Uranium:
    -   produced and sold a total of 35,927 ounces of gold from the Ezulwini
        Mine and MWS at an average selling price of $784 per ounce
    -   generated revenue of $21.4 million from MWS, resulting in
        $4.8 million gross profit, net of total cost of sales (see table
        "Summary of Operating Results")
    -   ended FY 2008 with $164.7 million of cash and cash equivalents on
    -   toll-treated 46,271 tonnes of ore from the Ezulwini Mine at a
        recovered grade of 5.2 grams of gold per tonne, producing
        7,735 ounces of gold
    -   treated a total of 4.1 million tonnes of tailings through the MWS
        gold plant at a recovered grade of 0.22 grams of gold per tonne,
        producing a total of 28,192 ounces of gold at a cash cost of $533 per
        ounce (see note (b) to the table "Summary of Operating Results")

    Subsequent to the end of Q4 2008, First Uranium:
    -   approved a plan and entered into agreements to supplement the power
        supplied by the South African national power utility, Eskom, by
        obtaining and installing diesel-fired generators and a power plant to
        secure a steady supply of electrical power with a total capacity of
        54 megawatts ("MW"), inclusive of existing stand-by units, to the two
        operations until Eskom could be expected to restore a steady,
        reliable supply of electrical power
    -   approved, subject to financing, a plan to build an acid plant at MWS
        to secure a low-cost supply of sulphuric acid, a necessary reagent
        for the production of uranium, from the sulphur contained in the
        pyritic material within the tailings dams, which are already being
        processed for gold
    -   commenced wet commissioning of the Ezulwini 200,000 tonne per month
        gold plant during May 2008
    -   completed the upgrading of the MWS gold plant to increase the design
        capacity from 500,000 tonnes per month to 633,000 tonnes per month
        during May 2008
    -   on June 9, 2008, the Company was notified by Eskom that it will be
        able to increase its supply of power to the Ezulwini Mine from 40 MW
        to 55 MW, which is expected to reduce the Company's requirement and
        cost to generate its own power. Further updates will be provided in
        due course.

    During Q1 2009, First Uranium plans to:
    -   hoist and stockpile 30,000 tonnes of ore, of which 18,000 tonnes
        would come from gold and uranium bearing ore in the ME reef horizon
        and 12,000 tonnes would come from gold bearing ore in the UE reef
        horizon, resulting in a stockpiled inventory of 157,500 tonnes
    -   2,800 ounces of gold from the existing stockpile of 127,500 tonnes at
        an average recoverable grade of 0.7 grams per tonne
    -   an additional 5,600 ounces of gold from the newly stockpiled
        30,000 tonnes at an average recovery grade of 5.8 grams per tonne
    -   23,760 pounds of uranium from the newly stockpiled 18,000 tonnes of
        ME ore at an average recovery grade of 0.6 kilograms per tonne
    -   continue commissioning the Ezulwini Mine's gold plant, with the first
        50,000 tonne per month module on schedule for production of gold on
        carbon in June 2008 and gold bullion in July 2008
    -   commence final commissioning of the Ezulwini Mine's uranium plant in
        June 2008
    -   process 1.7 million tonnes of tailings through the MWS gold plant at
        a yield of approximately 0.15 grams of gold per tonne, with expected
        production in excess of 8,100 ounces of gold

    "By mining industry standards, we have accomplished a lot in a very short
time," said Gordon Miller, President and Chief Executive Officer of First
Uranium. "At MWS we accelerated our gold production by a year with the
acquisition of a gold plant in June 2007. At the Ezulwini Mine we accelerated
by three months our target to begin commissioning the gold plant, met that
target and are on plan to begin to commission the uranium plant this month.
Meeting our production deadlines sets us apart from many of our competitors
and is noteworthy given the scarcity for steel and cement for construction,
sulphuric acid for uranium production and, in South Africa, electrical power.
    "Risk mitigation has also been a high priority and is designed to ensure
that we meet our future production targets. For example, we have now completed
the majority of the work to stabilize our main shaft against movement of the
surrounding rock in the Western Area Formation, acquired generators to reduce
exposure to any further power shortages in South Africa and, subject to
financing, we are planning to build an acid plant to secure a low-cost supply
of sulphuric acid, which is needed to produce uranium. We believe that by
taking this risk adverse approach, investors will be assured that we can
continue to achieve our goals and be good stewards of their investment in
First Uranium."

    Summary of Operating Results

                                          Q4 2008  Q4 2007  FY 2008  FY 2007
    Gold ounces produced and sold at MWS    7,315        -   28,192        -
    Gold ounces produced and sold at
     Ezulwini Mine                          2,680        -    7,735        -
    Average realized gold price per
     ounce(a)                                 888        -      784        -
    Cash cost per ounce(b)                    455        -      533        -

    (millions of dollars, except
     per share amounts)
    Revenue(c)                                6.4        -     21.4        -
    Cost of sales (excluding
     amortization)(b)                        (3.3)       -    (15.0)       -
    Amortization                             (0.3)       -     (1.6)       -
    Loss for the period                     (26.9)    (2.7)   (22.3)    (7.9)
    Basic and diluted loss per share        (0.21)   (0.02)   (0.18)   (0.08)
    Cash flows utilized by operations       (23.8)   (15.7)    (1.7)   (15.7)
    (a) The average realized gold price per ounce has been calculated on
        total revenue generated from both MWS and the Ezulwini Mine divided
        by the total ounces sold by both operations.
    (b) Cash cost per ounce is the cost directly related to the physical
        activities of producing gold, and include mining, processing and
        other plant costs, third-party refining and smelting costs, marketing
        expense, on-site general and administrative costs, royalties, in-mine
        drilling expenditures that are related to production and other direct
        costs. Sales of by-product metals are deducted from the above in
        computing cash costs. Cash costs exclude depreciation, depletion and
        amortization, corporate general and administrative expense,
        exploration, interest, and pre-feasibility costs and accruals for
        mine reclamation. Cash costs are calculated and presented using the
        "Gold Institute Production Cost Standard" applied consistently for
        all periods presented. The cash costs per ounce stated above only
        include costs relating to MWS.
    (c) Revenue excludes revenue of $2.5 million for Q4 2008 and $6.7 million
        for FY 2008 generated from the Ezulwini Mine that has been credited
        against mine infrastructure costs as the mine is still in a ramp-up
        phase and has not yet achieved commercial levels of production.

    With the acquisition in June 2007 of MWS, an existing tailings treatment
company, First Uranium commenced gold production one year ahead of the
original schedule established at the time of the Company's initial public
offering (the "IPO") in December 2006. MWS sold a total of 7,315 ounces of
gold during Q4 2008 and 28,192 ounces during FY 2008 at an average selling
price of $875 per ounce and $759 per ounce, respectively.
    During FY 2008, MWS processed 1.7 million tonnes of material from its
tailings dams through the MWS gold plant at a cash cost of $533 per ounce,
including 1.6 million tonnes reclaimed during Q4 2008 at a cash cost of
$455 per ounce. The relatively high average cash costs at MWS are primarily
due to the diminishing resources taken from the tailings dams acquired with
the purchase of MWS, which necessitated a low-volume, high-cost mechanical
load and placement operation. In December 2007, the Company completed the
construction of a pipeline from the tailings dams at the Buffelsfontein mine
(the "Buffelsfontein Tailings") to the MWS gold plant. With the transition to
the high-volume, low-cost operations associated with the hydraulic mining of
the Buffelsfontein Tailings, the average cash costs started to decrease and
are expected to decrease further as the throughput to the MWS gold plant
    The Ezulwini Mine sold 2,680 ounces of gold during Q4 2008 and
7,735 ounces of gold during FY 2008 at an average selling price of $884 per
ounce and $869 per ounce, respectively. As the Ezulwini Mine is still in a
ramp-up phase and has not yet achieved commercial levels of production, the
$2.5 million of revenue in Q4 2008 and the $6.7 million of revenue in FY 2008
from the sale of its ore has been credited against mine infrastructure costs
at the Ezulwini Mine, in Property, Plant and Equipment in accordance with
Canadian GAAP.
    The Company had no revenue in FY 2007 as it was developing and preparing
the mining projects for production.
    The Company incurred a loss of $22.3 million in FY 2008 compared to a
loss of $7.9 million in FY 2007. The increase in expenditures year over year
reflects the ramp-up of activities, ongoing project activities, the costs of
corporate offices in Johannesburg and Toronto and other expenses of operating
a public company, which were not applicable for most of FY 2007.
    The cash flows utilized in operating activities during FY 2008 was
primarily used to fund the ongoing expenditures incurred by the Company during
the year that more than offset the gross profit from gold sales. The cash
flows utilized in operating activities during FY 2007 was mainly the result of
a reduction in net receivables from related parties and an increase in
accounts payable and accrued liabilities. The $23.8 million cash flows
utilized in operating activities during Q4 2008 was the result of increased
ongoing expenditures during the quarter as well as the foreign exchange
translation losses incurred during the quarter.
    At the end of FY 2008, First Uranium had total assets of $387.7 million,
total liabilities of $155.3 million and shareholders' equity of
$232.4 million. It had cash and cash equivalents on hand of $164.7 million,
compared to $138.9 million at the end of FY 2007. The Company currently holds
its funds in cash and bank-sponsored guaranteed investment certificates. It
has no exposure to asset-backed commercial paper. The increase in cash and
cash equivalents from the end of FY 2007 was primarily attributable to the net
proceeds of $130.6 million received from the sale of the senior unsecured
convertible debentures in May 2007, offset by $112.7 million of cash utilized
for capital expenditure at the Company's two mining projects during FY 2008.


    On January 24, 2008, Eskom communicated to the South African mining
industry that the utility could not guarantee power availability and asked the
industry to operate at electrical power levels below historical load
requirements until 2012 (the "Power Situation"). While Eskom has announced
plans to increase the supply of power incrementally in the years leading up to
2012, Eskom also reported that full power availability cannot be guaranteed
until then.
    The Company conducted studies to assess the economic viability of First
Uranium generating its own power at the Ezulwini Mine and MWS for the next
five years to supplement the power supply from Eskom.
    Based on the positive results of the economic studies, the Company
entered into an agreement to purchase a 30 MW power plant (comprised of twelve
2.5 MW generating sets) that is expected to arrive in South Africa during
July 2008, with construction, installation and commissioning to be completed
during December 2008. The Company also agreed to lease diesel generating sets
(1 MW each) with a combined capacity of 10 MW that will be delivered to the
Ezulwini Mine over a three-month period with the first four generating sets
arriving during July 2008, with commissioning by the end of that month. At the
Ezulwini Mine, the Company has also made provision to utilize the existing
14 MW of installed diesel generating capacity should the need arise.
    Reduced availability of electrical power in South Africa has also caused
cutbacks in the operation of smelters and other facilities that produce
sulphuric acid as a byproduct exacerbating an acid market that was already
experiencing tight supplies. In late 2007, the Company commenced test work and
a preliminary technical assessment of the economic viability of constructing
an acid plant to provide the required sulphuric acid for its operations. Based
on the positive results of the assessment, the Company announced in April 2008
plans, subject to financing, to purchase and install at the MWS facility an
"off the shelf" acid plant to produce sulphuric acid to reduce future costs
and secure the supply of acid required for its two uranium and gold mining
    The projected cost of the acid plant is approximately $124 million. Based
on an analysis of pyrite feed-stock potential from the MWS tailings dams, the
technical assessment and a recent market analysis, the Company expects that it
will take 19 months to procure and commission the acid plant with anticipated
production beginning in January 2010. A specification and procurement study
has been initiated and is expected to be completed in August 2008. To date the
Company has not made any capital commitments with regards to the acid plant.
    Until the Company can produce its own acid, it has secured its initial
requirements for sulphuric acid in a market where acid supplies remain very
tight. The Company anticipates that significant acid price increases will
continue in the medium term as acid prices are closely related to the market
for sulphur, which is also indicating tight supply and significant price
    Once the acid plant is completed, the Company plans to direct all of the
pyrite currently produced as waste at the MWS tailings plant to the acid plant
for the production of sulphuric acid, which should eliminate the need to
source acid from third-party vendors. Since the planned production of the acid
would be more than sufficient to supply the projected acid requirements of
both the Ezulwini Mine and MWS, excess acid could be sold into the market at
the then prevailing market rates. In addition, as the production of acid in
the plant would be an exothermic reaction, there is the opportunity to
generate a by-product of approximately 4 MW of power, which would be available
to augment the power supply to MWS.
    The Ezulwini Mine terminated the third-party gold toll-treatment
arrangement at the end of March 2008 in order to start building a stockpile to
be used during the commissioning of the gold plant. The full commissioning of
each of the gold and uranium plants are the next major milestones for the
Ezulwini Mine. The full commissioning of the first 50,000 tonne per month
module of the 200,000 tonne per month gold plant is on schedule for June 2008.
Production of gold bullion is expected in July 2008, three months ahead of the
original schedule at the time of the IPO. The 100,000 tonne per month uranium
plant is on schedule for commissioning in June 2008 and the delivery of its
first shipment of ammonium diuranate ("yellowcake") is expected in
August 2008. Current mine production from the UE section and the ME section is
being stockpiled separately on surface to feed the plants during their
commissioning phases.
    The Company has a toll-treatment agreement with a third party to calcine
the yellowcake, commencing January 2009, to produce uranium oxide for dispatch
to the converters. The Company also entered into an interim off-take agreement
with the third party, for the period from the planned startup of the uranium
plant at the Ezulwini Mine in June 2008 until January 2009, pursuant to which
the third party would purchase First Uranium's yellowcake production at rates
based on the then prevailing spot prices.
    At MWS, commissioning of the introduction of the new material from the
Buffelsfontein tailings to the MWS gold plant is ongoing, with upgrades to
re-pulping of the tailings, the pumping and the plant processes expected to
improve volume, recoveries and costs in the MWS plant.
    An upgrade to accommodate a deposition rate of 1.3 million tonnes of
material per month on the MWS No.5 tailings dam is planned in advance of the
commissioning of the second module of the MWS gold plant and the first two
modules of the uranium plant.
    First Uranium anticipates that the estimated $471 million of capital
required (exclusive of the proposed acid plant) over the remaining life of the
Ezulwini Mine and MWS (including sustaining capital) as well as $40 million
approved for the long-term Ezulwini Expansion Program can be funded from
existing cash and cash equivalents of $164.7 million and from internally
generated cash flow from future sales of gold and uranium at current price
assumptions, along with funds that may be available under a proposed mandate
letter and term sheet with a financial institution for a credit facility.
Discussions in respect of the credit facility and potential lines of credit
are ongoing. The Company plans to fund the proposed acid plant through a
separate project and/or end-user financing arrangement.

    Cautionary Language Regarding Forward-Looking Information

    This news release contains certain forward-looking statements.
Forward-looking statements include but are not limited to those with respect
to the availability of electrical power, the addition of owner-operated power
generation, prices for uranium and gold, prices for power, availability and
prices for sulphuric acid, the estimation of mineral resources and reserves,
the realization of estimated pyrite content in the MWS tailings, the
realization of mineral reserve estimates, the timing and amount of estimated
future production, costs of production, capital expenditures, costs and timing
of development of new deposits, success of exploration activities, permitting
time lines, currency fluctuations, requirements for additional capital,
availability of financing on acceptable terms, government regulation of mining
operations, environmental risks, unanticipated reclamation expenses, title
disputes or claims and limitations on insurance coverage and the timing and
possible outcome of pending litigation. In certain cases, forward-looking
statements can be identified by the use of words such as "goals", "targets",
"plans", "expects", "is expected", "deadlines", "anticipates", or "believes"
or variations of such words and phrases, or state that certain actions, events
or results "could", "would", "should" or "will" be taken, occur or be
achieved. Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of First Uranium to be materially different from
any future results, performance or achievement expressed or implied by the
forward-looking statements. Such risks and uncertainties include, among
others, the actual results of current exploration activities, conclusions of
economic evaluations, changes in project parameters as plans continue to be
refined, possible variations in grade and ore densities or recovery rates,
failure of plant, equipment or processes to operate as anticipated, accidents,
labour disputes or other risks of the mining industry, delays in obtaining
government approvals or financing or in completion of development or
construction activities, risks relating to the integration of acquisitions, to
international operations, to prices of uranium and gold. Although First
Uranium has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause actions,
events or results not to be as anticipated, estimated or intended. It is
important to note, that: (i) unless otherwise indicated, forward-looking
statements indicate the Company's expectations as at the date of this news
release; (ii) actual results may differ materially from the Company's
expectations if known and unknown risks or uncertainties affect its business,
or if estimates or assumptions prove inaccurate; (iii) the Company cannot
guarantee that any forward-looking statement will materialize and,
accordingly, readers are cautioned not to place undue reliance on these
forward-looking statements; and (iv) the Company disclaims any intention and
assumes no obligation to update or revise any forward-looking statement even
if new information becomes available, as a result of future events or for any
other reason.
    In making the forward-looking statements in this news release, First
Uranium has made several material assumptions, including but not limited to,
the assumption that: (i) consistent supply of sufficient power will be
available to develop and operate the projects as planned; (ii) approvals to
transfer or grant, as the case may be, mining rights will be obtained;
(iii) metal prices, exchange rates and discount rates applied in the
preliminary economic assessments are achieved; (iv) mineral resource estimates
are accurate; (v) the technology used to develop and operate its two projects
has, for the most part, been proven and will work effectively; (vi) that
labour and materials will be sufficiently plentiful as to not impede the
projects or add significantly to the estimated cash costs of operations; (vii)
that Black Economic Empowerment ("BEE") investors will maintain their interest
in the Company and their investment in the Company's common shares to a
sufficient level to continue to support the Company's compliance with 2014 BEE
requirements; and (viii) that the innovative work on stabilizing the main
shaft at the Ezulwini Mine will be successful in maintaining a safe and
uninterrupted working environment until 2024.

    Review by Board of Directors

    The First Uranium Board of Directors, on the recommendation of its Audit
Committee, has approved the contents of this disclosure.

    Conference Call

    First Uranium will conduct a conference call with investors to discuss
the information in this news release at 10:00 a.m. local Toronto time and
4:00 p.m. local Johannesburg time on Wednesday, June 11, 2008. The conference
call will be available simultaneously to all interested investors and news
    Callers may dial 1 800 319-4610 (Canada and the US) or 0800 200 648
(South Africa). Callers from other international locations may call
+1 604 638-5340 (Canada) or +27 11 535 3600 (South Africa). The call will be
webcast at and an
archive will be available through the same link shortly after the live event
for 90 days.
    A replay of the conference call will be available for 30 days. To access
the replay, callers may dial 1 800 319-6413 (Canada and the US). Callers from
other international locations may access the replay by dialing +1 604 638-9010
(Canada). Access to the replay will require the code 2128, followed by the
pound sign.

    About First Uranium Corporation

    First Uranium Corporation (TSX:FIU, JSE:FUM) is focused on the
development of its South African uranium and gold mines with the goal of
becoming a significant low-cost producer through the re-opening and
underground development of the Ezulwini Mine and the expansion of the Mine
Waste Solutions 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

    First Uranium Corporation
    Consolidated Balance Sheets
    As at March 31, 2008 and 2007

                                                          2008          2007
    (Unaudited)                                        US$'000       US$'000


    Current assets
    Cash and cash equivalents                          164,739       138,914
    Accounts receivable                                  9,720         1,713
    Inventories                                          2,808           292
    Receivables from related party                           -         6,763
                                                       177,267       147,682

    Non-current assets
    Property, plant and equipment                      204,650        30,954
    Asset retirement funds                               4,847         2,791
    Loan to related party                                  978             -
                                                       210,475        33,745

    Total assets                                       387,742       181,427


    Current liabilities
    Accounts payable and accrued liabilities            24,303         5,702
    Payables to related party                              541             -
                                                        24,844         5,702

    Non-current liabilities
    Senior unsecured convertible debentures             99,880             -
    Future tax liability                                10,649             -
    Asset retirement obligations                        19,901         5,377
                                                       130,430         5,377

    Share capital                                      215,935       182,673
    Equity portion of senior unsecured
     convertible debentures                             46,504             -
    Contributed surplus                                  7,008         2,460
    Contribution from parent                               153             -
    Accumulated deficit                                (37,132)      (14,785)
                                                       232,468       170,348

    Total liabilities and shareholders' equity         387,742       181,427

    First Uranium Corporation
    Consolidated Statements of Operations and Deficit and Comprehensive Loss
    For the years ended March 31, 2008 and 2007

                                                          2008          2007
    (Unaudited)                                        US$'000       US$'000

    Revenue                                             21,429             -
    Cost of sales                                      (16,580)            -

    Gross Profit                                         4,849             -

    Other income                                         2,738            27

    General, consulting and administrative
     expenditures                                      (15,573)       (3,262)
    Stock-based compensation                            (5,125)       (2,460)
    Pumping, feasibility and rehabilitation costs       (5,343)         (871)
                                                       (26,041)       (6,593)

    Operating loss before the undernoted               (18,454)       (6,566)
    Interest income                                     14,847         3,433
    Interest expense                                    (5,782)         (162)
    Accretion expense on convertible debentures         (8,485)            -
    Accretion expense on asset retirement
     obligations                                          (896)            -
    Foreign exchange losses                             (2,611)       (4,612)

    Loss before income taxes                           (21,381)       (7,907)
    Income tax charge                                     (966)          (21)
    Loss for the year                                  (22,347)       (7,928)
    Accumulated deficit at the beginning
     of the year                                       (14,785)       (6,857)
    Accumulated deficit at the end of the year         (37,132)      (14,785)

    Basic and diluted loss per common share (US$)        (0.18)        (0.08)
    Weighted average number of basic and diluted
     common shares outstanding ('000)                  126,096        97,522


    Loss for the year                                  (22,347)       (7,928)

    Comprehensive loss                                 (22,347)       (7,928)

    First Uranium Corporation
    Consolidated Statements of Cash Flows
    For the years ended March 31, 2008 and 2007

                                                          2008          2007
    (Unaudited)                                        US$'000       US$'000

    Loss for the year                                  (22,347)       (7,928)
    Changes not affecting cash:
      - Interest income                                   (194)         (666)
      - Interest expense                                 1,579           162
      - Accretion expense on convertible debentures      8,485             -
      - Accretion expense on asset retirement
         obligations                                       896           244
      - Amortization on property, plant and equipment    1,781            14
      - Stock-based compensation                         5,125         2,460
    Loss after interest and non-cash items              (4,675)       (5,714)
    Expenses in respect of asset retirement fund             -            80
    Expenses in respect of asset retirement
     obligations                                        (1,841)            -
    Movement in working capital:
      - Increase in inventories                         (1,107)         (292)
      - Increase in accounts receivable                 (7,740)       (1,570)
      - Decrease (increase) in net receivables
         from/payables to related parties                7,304        (9,880)
      - Increase in accounts payable and accrued
         liabilities                                     6,336         1,633
    Cash flows utilized in operating activities         (1,723)      (15,743)

    Additions to property, plant and equipment        (112,751)      (24,270)
    Increase in asset retirement fund                     (109)         (103)
    Net cash movement on acquisition of MWS              1,248             -
    Cash outflow from investing activities            (111,612)      (24,373)

    Issuance of senior unsecured convertible
     debentures net of issue costs                     130,561             -
    Bridging loan to facilitate Waterpan transaction    42,377             -
    Repayment of bridging loan pursuant to
     Waterpan transaction                              (42,377)            -
    Proceeds from exercise of share options              1,063             -
    Proceeds from issuance of common shares
     net of issue costs                                      -       178,470
    Cash inflow from financing activities              131,624       178,470

    Net effect of exchange rate changes on
     cash held in foreign currencies                     7,536             -


    Net increase in cash and cash equivalents
     for the year                                       25,825       138,354

    Cash and cash equivalents, beginning of the year   138,914           560

    Cash and cash equivalents, end of the year         164,739       138,914

For further information:

For further information: Bob Tait, VP Investor Relations, at (416)
342-5639 (office), (416) 558-3858 (mobile) or

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