First Uranium and Gold One extend date to execute definitive agreement for sale of Ezulwini Mine

TORONTO AND JOHANNESBURG, March 19, 2012 /CNW/ - First Uranium Corporation

(ISIN: CA33744R1029)('FIU' or the 'Company') on March 2, 2012 announced that it entered into a binding letter agreement (the 'Gold One Letter Agreement') providing for the sale of First Uranium Limited, a wholly-owned subsidiary of the Company which owns all of the shares of Ezulwini Mining Company (Proprietary) Limited to Gold One International Limited ('Gold One').  The Gold One Letter Agreement is subject to a number of conditions precedent including entering into a definitive transaction agreement (the 'Transaction Agreement') on or before March 16, 2012.  FIU and Gold One have agreed to extend the date to enter into the Transaction Agreement to on or before March 23, 2012.

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, 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.

First Uranium Corporation

CONTACT: John Hick or Mary Batoff

(416) 306-3072

mary@firsturanium.ca