First Uranium convertible note financing update

/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/

(all amounts are in Canadian dollars unless otherwise indicated)

TORONTO and JOHANNESBURG, March 30 /CNW/ - First Uranium Corporation (TSX:FIU, JSE:FUM) (ISIN:CA33744R1029) ("First Uranium" or the "Company") today states that the previously-announced private placement offering (the "Offering") for a minimum of $125 million and maximum of $150 million in senior secured convertible notes due March 31, 2013 (the "Notes") is expected to close in escrow on or around April 8, 2010, not March 31, 2010, as previously disclosed. The date has been changed to allow time for receipt of regulatory approvals and the registration of the security documents.

The proceeds will be held in escrow until the earlier of: i) the close of business on April 30, 2010 (EDT) or ii) the date the escrow release conditions are satisfied including receipt of required South African regulatory approvals, the registration of the security documents and the meeting of other standard closing requirements. If the escrow conditions are completed as contemplated, the Notes will accrue interest from the date of the escrow closing. However, if the escrow conditions are not met by April 30, 2010, investors will have the right to put the bond and receive par, without any accrued interest. The Company anticipates that it will be able to meet the escrow release conditions prior to April 30, 2010.

These securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold in the United States unless an exemption from registration is available. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities in the United States.

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 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 transactions contemplated herein will be concluded. The Company's plans involve various estimates and assumptions and its business and operations are subject to various risks and uncertainties. For more details on these estimates, assumptions, risks and uncertainties, see the Company's most recent Annual Information Form and most recent Management Discussion and Analysis on file with the Canadian provincial securities regulatory authorities on SEDAR at www.sedar.com. 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: Bob Tait, Vice President, Investor Relations at [email protected], [phone] (office) or [phone] (mobile), 1240-155 University Avenue, Toronto, ON, M5H 3B7