First Uranium and Gold One extend date for fulfillment of conditions precedent

TORONTO and JOHANNESBURG, June 28, 2012 /CNW/ - First Uranium Corporation (TSX: FIU) (JSE: FUM) (ISIN: CA33744R1029) ("FIU" or the "Company") announced on April 2, 2012 that it had signed a binding Sale of Shares and Claims Agreement (the "Gold One Acquisition Agreement") for the sale of 100% of the issued shares of, and all shareholders' claims against, First Uranium Limited (Cyprus), which holds 100% of the issued shares of, and all shareholders' claims against, Ezulwini Mining Company (Pty) Limited, to Gold One International Limited ("Gold One") for total consideration of US$ 70 million (the "Gold One Transaction").

The Gold One Acquisition Agreement is subject to a number of conditions precedent, which, include that the acquisition of all the shares of Mine Waste Solutions (Pty) Limited by AngloGold Ashanti Limited from First Uranium (the "AGA Transaction") be implemented in accordance with its respective terms, and are required to be fulfilled or waived on or before June 29, 2012.

In order to provide sufficient time for the AGA Transaction to be implemented, which is expected to occur on or before July 24, 2012, Gold One and First Uranium have agreed to extend the date to satisfy the conditions precedent to the Gold One Transaction to July 31, 2012.  Other than the conditions precedent associated with the implementation of the AGA Transaction, the material conditions precedent to the Gold One Transaction have been satisfied or waived, including all of the regulatory approvals to the extent required.

About First Uranium Corporation

First Uranium Corporation operates the Ezulwini Mine, an underground mining operation, and Mine Waste Solutions, a tailings recovery facility. Both operations are situated 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, including without limitation, the statements regarding the proposed transactions with Gold One International Limited and AngloGold Ashanti Limited. Accordingly, readers should not place undue reliance on forward-looking statements that are included herein, except in accordance with applicable securities laws.

www.firsturanium.com

SOURCE First Uranium Corporation