| Share code: | FUM | ISIN: CA33744R1029 | | | |
| FIRST URANIUM UPDATE |
| 15 June 2011, Toronto and Johannesburg, (TSX:FIU)(JSE: FUM): First Uranium |
| Corporation ("First Uranium") has provided its headline loss and diluted |
| headline loss, each on a per share basis, together with an itemised |
| reconciliation between the loss for the year and the headline loss used in the |
| calculation for the year ended 31 March 2011, as announced on 6 June 2011, as |
| required by paragraph 18.19(c) of the JSE Limited\'s Listing Requirements for |
| dual listed companies. |
| HEADLINE LOSS RECONCILIATION |
| (in thousands of US dollars) | 2011 | 2010 |
| Loss for the | year | | | (69,873) | (92,178) |
| Plus: | | | | | |
| Impairment of columns at uranium plant | | 1,482 | - |
| Headline loss for | the year | | (68,391) | (92,178) |
| HEADLINE AND | DILUTED HEADLINE LOSS PER COMMON SHARE | | |
| (in thousands of US dollars) | | 2011 | 2010 |
| Headline and | diluted headline | | (0.37) | (0.56) |
| loss per share of ($) |
| is calculated based on headline loss for the year | | (68,391) | (92,178) |
| of (`000) | | | | | |
| and a weighted average number of common shares | | 185,256 | 164,234 |
| outstanding of (`000) |
| For the years ended March 31, 2011 and 2010 no share options were included in |
| the diluted common shares calculation for headline loss per share purposes |
| because they were anti-dilutive. |
| The impact of the conversion of the Debentures issued on May 3, 2007 and the |
| Notes issued on April 26, 2010 have been excluded from the diluted common shares |
| computation because they are anti-dilutive for earnings per share purposes. |
| ends | | | | | |
| About First Uranium Corporation |
| First Uranium Corporation is focused on its goal of becoming a low-cost producer |
| of gold and uranium through the expansion of the underground development to feed |
| the new uranium and gold plants at the Ezulwini mine and through the expansion |
| of the plant capacity of the Mine Waste Solutions (MWS) tailings recovery |
| facility, both operations situated in South Africa. First Uranium also plans to |
| grow production by pursuing value-enhancing acquisition and joint venture |
| opportunities in South Africa and elsewhere. |
| www.firsturanium.com |
| Date: 15/06/2011 10:07:01 Produced by the JSE SENS Department. |
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