First Uranium's $150 million of Senior Unsecured Convertible Debentures to be listed for trading



    TORONTO and JOHANNESBURG, Aug. 30 /CNW/ - First Uranium Corporation
(TSX:FIU, JSE:FUM) (ISIN:CA33744R1029) ("First Uranium" or "the Corporation")
today announced that effective September 4, 2007 its $150 million of 4.25%
Senior Unsecured Convertible Debentures (the "Debentures") will be listed for
trading on the Toronto Stock Exchange under the symbol FIU.DB
(CUSIP:33744R AA 0). All dollar amounts referenced in this news release are in
Canadian dollars.
    The Debentures bear interest at a rate of 4.25% per annum payable
semi-annually. The first interest payment was paid on June 30, 2007 in the
amount of $6.753 per $1,000 principal amount of Debentures and represented
accrued interest paid from May 3, 2007 up to, but excluding, June 30, 2007.
The second interest payment will be payable on December 31, 2007 in the amount
of $21.25 per $1,000 principal amount of Debentures and will represent accrued
interest payable from June 30, 2007 up to, but excluding, December 31, 2007.
Interest will be computed on the basis of a 365-day year.
    The Debentures are due June 30, 2012 and were issued on May 3, 2007
pursuant to a private placement. The Debentures are convertible into common
shares of the Company at $16.42 per share, which is equivalent to 60.90 common
shares for each $1,000 principal amount of Debentures.
    The Company intends to use the net proceeds from the sale of the
Debentures:
    
    -   to fund a drilling program and feasibility study in respect of the
        possible expansion of its Ezulwini Mine in South Africa;
    -   together with the net proceeds of the December 2006 initial public
        offering to fund the development of the Company's Ezulwini Mine and
        its Buffelsfontein Tailings Recovery Project, also in South Africa;
        and
    -   for general corporate purposes.
    

    The Company's securities have not been and will not be registered under
the United States Securities Act of 1933, as amended (the "U.S. Securities
Act") or any state securities laws and may not be offered or sold within the
United States or to U.S. Persons unless registered under the U.S. Securities
Act and applicable state securities laws or an exemption from such
registration is available.

    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.

    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 Mine, and the
construction of the Buffelsfontein Tailings Recovery Project. 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
    www.firsturanium.com





For further information:

For further information: Bob Tait, VP Investor Relations at (416)
558-3858 or bob@firsturanium.com

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First Uranium Corporation

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