First Uranium receives Directive to Cease Operations at MWS
TORONTO AND JOHANNESBURG, July 25, 2011 /CNW/ --
TORONTO AND JOHANNESBURG, July 25, 2011 /CNW/ - First Uranium
Corporation (TSX: FIU), (JSE: FUM) (ISIN:CA33744R1029) ('First Uranium'
or 'the Company') announced today that the South African National
Nuclear Regulator (the 'NNR') issued a directive to Mine Waste
Solutions to cease deposition of material on all of the existing
tailings storage facilities, including the new life of mine tailings
storage facility, citing alleged issues regarding pipeline maintenance
and non-reporting. The directive may be lifted by the NNR upon the
Company demonstrating its compliance with the terms of the directive.
In the interim, the Company has complied with the directive and
suspended operations. Notwithstanding the above, the Company believes
that it materially complies with the requirements of the NNR Act and as
such will be seeking injunctive relief from the local courts.
About First Uranium Corporation
First Uranium Corporation (TSX:FIU, JSE:FUM) is focused on the
development and operation of gold and uranium projects in South
Africa. The Company's goal is to become a significant low-cost
producer of gold and uranium from its Ezulwini underground mine (the
'Ezulwini Mine') and the Mine Waste Solutions tailings recovery
facility ('MWS'). To expand it production profile, First Uranium has
expanded the capacity of MWS and it is ramping up production at the
Ezulwini Mine and plans to pursue other value-enhancing opportunities
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). 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.
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Scot Sobey
Executive Vice President
Tel: 27 11 278 7001