FIRST URANIUM CORPORATION 
By TORONTO AND JOHANNESBURG - March 6, 2012 - First Uranium Corporation (TSX: FIU.DB) ("FIU" or the "Company") As previously announced on March 2, 2012, FIU entered into agreements with respect to two separate transactions providing for the sale of Mine Waste Solutions and its subsidiaries
("MWS") and its Ezulwini Gold Mine and related assets
("Ezulwini") and its intention to hold shareholder,
debentureholder and noteholder meetings to approve these
transactions (the "Transactions") and a
reorganization of the Company.
On March 5, 2012, FIU announced that all trades in the
Company's outstanding approximately Cdn $150 million
aggregate principal amount of 4.25% Senior Unsecured
Convertible Debentures ("Debentures") due June 30, 2012,
issued pursuant to the Debenture Trust Indenture ("Debenture
Indenture") dated May 3, 2007, would, commencing on March 6,
2012 and until further notice, trade on an interest flat
basis and the Toronto Stock Exchange will not report accrued
interest regarding any such trades to participating
organizations. Accordingly, holders of the Debentures will
receive accrued interest for the period from and including
December 31, 2011 (which was the last interest payment date
on the Debentures) to the close of business on March 2, 2012
(the "Outstanding Interest Obligation").
The Outstanding Interest Obligation will be paid by the
Company upon closing of both the MWS transaction and the
Ezulwini transaction to Debenture holders of record (a date
in the future yet to be determined) as of the closing date of
the Transactions.
If the Transactions are not completed as announced, interest
obligations with respect to the Debentures will be due and
owing as currently specified in the Debenture Indenture.
For further information, please contact
John Hick or Mary
Batoff (416) 306-3072 mary@firsturanium.ca
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, including without limitation,
the statements regarding the proposed transactions with Gold
One International Limited and AngloGold Ashanti Inc. No
assurance can be given that the Company will be successful in
concluding the proposed transactions and achieve the desired
results. Accordingly, readers should not place undue reliance
on forward-looking statements that are included herein,
except in accordance with applicable securities laws.
