FIRST URANIUM COMMISSIONS TAILINGS STORAGE FACILITY AT MINE WASTE SOLUTIONS AND URANIUM PRODUCTION RECOMMENCES AT EZULWINI MINE
TORONTO AND JOHANNESBURG, April 19 /CNW/ --
TORONTO AND JOHANNESBURG, April 19 /CNW/ - First Uranium Corporation
(TSX: FIU) (JSE: FUM) (ISIN:CA33744R1029) ('First Uranium' or 'the
Company') is pleased to announce that its wholly-owned subsidiary, Mine
Waste Solutions ('MWS'), has commissioned its tailings storage facility
('TSF'), one month ahead of schedule, while production of yellow-cake
from the re-commissioned uranium plant has commenced at the Ezulwini
Mine.
Mine Waste Solutions
First Uranium's President and CEO, Deon van der Mescht, said, 'The
commissioning of the new TSF is a major milestone as it secures the
future of the MWS project, allowing it to re-treat 15 tailings dams for
the gold and uranium content over the 15 year life of the operation'.
The ability to re-treat the historical tailings dams also secures
significant social benefits, which will accrue to the surrounding
community. The removal of these old dumps will reduce the salt load on
the Vaal River by up to 50% compared to current levels. Additionally,
the removal of gold and uranium as well as other sources of pollution
will improve the quality of the groundwater, while rehabilitation of
the associated footprint areas will realize land that can be utilized
for alternative sustainable development initiatives such as housing,
industrial development and grazing.
Mr. van der Mescht added, 'The commissioning of the new life of mine TSF
enables the 3(rd) gold module at MWS to commence gold production and, whilst some
commissioning components remain, the project is fundamentally complete
and we can look forward to an incrementally lowered risk as well as low
cost returns as MWS's track record has already proven'.
The 15 dormant tailings dams are spread over an area of roughly 300
square kilometres, and their eventual retreatment will contribute
significantly to the environmental clean-up of the area.
Ezulwini Mine
In March 2011, it was announced that First Uranium had commenced the
re-commissioning of the Ezulwini Mine's uranium plant on schedule
following the modification program on the Ion Exchange ('IX') columns.
During the period of refurbishment, the Company has upgraded and
modified elements of the plant design, aimed at improving performance
to achieve better recovery rates. The Company re-commenced yellow cake
production on Tuesday, April 12, 2011, and production build-up to
planned levels is expected to occur over the next few weeks.
About First Uranium Corporation
First Uranium Corporation (TSX:FIU, JSE:FUM) is focused on its goal of
becoming a low-cost producer of gold and uranium 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 located 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 including,
without limitation, statements regarding the timing and amount of
estimated future production, processing and development plans and
future plans and objectives of First Uranium are forward-looking
statements (or forward-looking information). Forward-looking
statements are made as of the date hereof and involve various estimates
and assumptions, and know and unknown risks and uncertainties and other
factors that may cause the actual results, performance or achievements
of First Uranium to be materially different from any future results,
performance or achievement expressed or implied by the forward-looking
statements. Accordingly, readers should not place undue reliance on
forward-looking statements that are included herein, except in
accordance with applicable securities laws. Such risks and
uncertainties include, among others, conclusions of economic
evaluations, changes in project parameters as plans are refined,
possible variations in grade and ore densities or recovery rates, the
failure of plant, equipment or processes to operate as anticipated, the
outcome of litigious matters and regulatory processes, including the
appeal of the integrated water use license for the TSF. For more
details on these estimates, assumptions, risks and uncertainties, see
the Company's most recent Annual Information Form on file with the
Canadian provincial securities regulatory authorities on SEDAR at
www.sedar.com.
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Julian Gwillim, julian@aprio.co.za
Gail Strauss, gailstrauss@mweb.co.za