Simmer and Jack Reviewing Financing Options

TORONTO and JOHANNESBURG, June 4 /CNW/ - First Uranium Corporation (TSX:FIU, JSE:FUM) (ISIN:CA33744R1029) ("First Uranium" or the "Company") today announced that Simmer and Jack Mines, Limited, ("Simmer & Jack") has announced that Simmer & Jack is currently investigating alternatives to its proposed rights offer of R360 million secured convertible redeemable bonds in Simmer & Jack, including the listing and sale of a portion of the R463.9 million (C$62.7 million) secured convertible notes issued by Mine Waste Solutions (Proprietary) Limited ("MWS Rand Notes") and purchased by Simmer & Jack as part of the First Uranium's recapitalization financing. The listing and potential sale of a portion of the MWS Rand Notes by Simmer & Jack is being considered solely for the purpose of raising capital required by Simmer & Jack and to minimize dilution of Simmer & Jack shareholders.

Simmer & Jack expects to have reached a decision relating to the manner in which it will raise funds on or around June 22, 2010. Simmer & Jack's requirements to raise capital will have no affect on First Uranium's recently completed recapitalization refinancing.

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: Jim Fisher, EVP Corporate Development, email: [email protected], [phone], 1240-155 University Avenue, Toronto, ON, M5H 3B7