RE: news is out on productionNEWS RELEASE – January 27, 2011Q3 2011 PRODUCTION RESULTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2010 AND AN INDEPENDENT TECHNICAL REVIEW OF THE EZULWINI LIFE OF MINE MODEL
All amounts are in US dollars unless otherwise noted.
Q3 2011 PRODUCTION HIGHLIGHTS
MINE WASTE SOLUTIONS
? Higher gold sales reported
? Expected gold output at MWS on track for 72,000 ounces for fiscal year 2011
? MWS continues to deliver on planned production with plant and tailings expansion projects on-track for completion in May 2011 and on schedule for the re-structured Gold Wheaton Completion Test
EZULWINI MINE
? Highest-ever quarterly gold sales
? Expected gold output for fiscal 2011 at Ezulwini Mine downgraded from 80,000 ounces to 70,000 ounces as a result of important maintenance work with respect to Ezulwini Mine’s shaft system undertaken during December 2010, with further adjustments to the shaft system planned for completion in April 2011
? Progress in respect of the design, manufacture and installation of the two columns in the Ion Exchange section of the uranium plant at Ezulwini Mine on track for commissioning by the end of March 2011
Toronto and Johannesburg: First Uranium Corporation (TSX:FIU, JSE:FUM) (ISIN:CA33744R1029) ("First Uranium" or "the Company") today announced that during the three months ended December 31, 2010 ("Q3 2011"), 21,040 ounces of gold were sold from production from the Mine Waste Solutions’ tailings recovery project ("MWS") in South Africa, and 19,477 ounces of gold were sold from production from the Ezulwini Mine. This represents quarter-on-quarter increases in gold sales of 12% and 29%, respectively.In the same quarter last year, MWS sold 21,099 ounces of gold while Ezulwini Mine sold 8,315 ounces.