First Uranium announces TSX review extension

TORONTO and JOHANNESBURG, July 7 /CNW/ - First Uranium Corporation (TSX:FIU, JSE:FUM) ("First Uranium" or the "Company") (ISIN:CA33744R1029) today received a 30 day extension of their listing review.

On March the 12th 2010, First Uranium announced the terms of the now completed recapitalization financing. The financing relied upon exemptions from the security holder approval requirements of the Toronto Stock Exchange (the "TSX") available in cases of financial hardship. As is the ordinary course in the circumstances, the TSX scheduled a listing review for early July.

As reported on the 18th of June, the new management team at the Ezulwini Mine is focused on completing a detailed "bottom-up" review of the mine plan to ensure that the projected financial results are confirmed.

As a result, First Uranium requested and was granted a 30 day extension which will allow sufficient time for the review of the mine plan and projected financial results to be completed and incorporated into the submission.

About First Uranium Corporation

First Uranium Corporation 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 operations situated in South Africa.

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). No assurance can be given that the forward-looking 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: Jim Fisher, Executive Vice President Corporate Development at [email protected], [phone] (Office), [phone] (Mobile), Suite 1240 - 155 University Avenue, Toronto, Ontario, Canada, M5H 3B7