Corporate Profile

First Uranium Corporation (TSX:FIU, JSE:FUM) is actively pursuing 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 Mine Waste Solutions tailings recovery operation ("MWS"), both located in South Africa. First Uranium also plans to grow production by pursuing value-enhancing opportunities in South Africa and elsewhere.

KEY ATTRIBUTES

Low cost:

• Dual commodity mix—by mining uranium and gold together at both projects, the Company expects to become a very low-cost mine operator
• Brownfield underground mine—the Ezulwini Mine began in the 1960s and left a legacy of existing infrastructure, well-developed underground mine, with an extensive and well known ore body
• Low-cost tailings recovery operation—hydraulic mining of surface materials allows for low-cost mining
• the senior management team of the Company has extensive experience in mining these types of deposits and in this mining jurisdiction, and, in the case of the Ezulwini Mine, direct experience with this site under previous ownership

Near-term operator:

• Began to account for gold sales at MWS with the acquisition of a gold plant ("Phase 1A") in June 2007
• Sold some gold from the Ezulwini Mine for toll-treatment at a neighbouring plant in October 2007 through January 2008
• Began to smelt gold at the Ezulwini Mine for delivery to a refinery in November 2008
• Started up the uranium plant at the Ezulwini Mine April 2009
• Started up the second gold plant module (part of "Phase 1B") at MWS in September 2009
• To commision the first two modules of the uranium plant (the remainder of "Phase 1B") at MWS by January 2010
• To start up the third gold plant module ("Phase 2") at MWS by June 2010

EXCHANGE LISTINGS 

Last Updated: November 3, 2009