First Uranium announces financial results for the three and twelve months ended March 31, 2012-1

(TSX:FIU), (JSE:FUM) (ISIN:CA33744R1029) ("First Uranium" or "the Corporation") today announced total gold sales for its financial year ended March 31, 2012 ("FY 2012") of 146,445 ounces of gold – a marginal increase on the 142,630 ounces sold at the end of March 31, 2011 ("FY 2011"). This was primarily due to the 21% decrease in gold production out of the Ezulwini Mine, granite crushing plant which off-set the 19% increase in gold sales out of Mine Waste Solutions ("MWS"). Total uranium sales rose sharply from 20,500 pounds in FY 2011 to 82,862 pounds in FY 2012 following the re-commissioning of the uranium plant at Ezulwini Mine in April 2011.

RECENT DEVELOPMENTS
The Corporation has entered into definitive agreements for the sale of its principal assets. The Corporation entered into a definitive agreement (the "AGA Agreement") dated March 2, 2012 for the sale, indirectly, of all of the shares of Mine Waste Solutions (Proprietary) Limited ("MWS"), owner of the tailings recovery project in South Africa, to AngloGold Ashanti Limited ("AGA") (the "AGA Transaction"). Under the terms of the AGA Agreement AGA will pay$335 million in cash (the "Purchase Price") for all of the shares and associated claims of First Uranium (Proprietary) Limited ("FUSA"), which holds, indirectly, the MWS tailings recovery project, subject to the fulfillment of a number of conditions precedent. In addition, the Corporation entered into a definitive agreement (the "Gold One Agreement") for the sale of First Uranium Limited ("FUL"),limestone crushing plant a wholly-owned subsidiary of the Corporation which owns all of the shares of Ezulwini Mining Company (Proprietary) Limited ("EMC") to Gold One International Limited ("Gold One") for $70 millionin cash (the "Gold One Transaction"). Gold One also provided a loan facility to the Corporation for an amount of up to$10 million available for drawdown in accordance with the loan agreement between the parties (the "Gold One Loan Facility") which has been fully drawn subsequent to year-end.

The proceeds from the sale of First Uranium's principal assets will enable it to settle the 4.25% senior unsecured convertible debentures (the "Debentures"), the 7% secured convertible notes (the "Canadian Notes") issued by the Corporation and the 11% secured convertible notes (the "Rand Notes") issued by MWS (together, the "Notes") and the Gold One Loan Facility under the terms agreed to with the Debenture holders, Note holders and Gold One on June 13, 2012.

On June 25, 2012, all of the conditions precedent to the AGA Transaction had been satisfied or waived. Each of the parties have confirmed such in writing and the Closing Date, as defined in the AGA Agreement, is scheduled to occur on July 3, 2012. On the Closing Date, all of the documents required to conclude the AGA Transaction will be delivered to Edward Nathan Sonnenbergs as Closing Document Stakeholder, the purchase price, in accordance with the AGA Agreement, will be delivered to Computershare Trust Company of Canada ("CTTC") and Computershare Investor Services (Proprietary) Inc. ("CIS"), each a Purchase Price Stakeholder, and certain documents ("Discharge Documents") relating to the discharge of the security held for the benefit of the Note holders and the Gold One Loan Facility will be lodged with the appropriate deeds office. On the Closing Date, CTTC will convert sufficient US dollars to Canadian dollars so that CTTC holds an amount in Canadian dollars to pay the principal amount (C$110 million) of the Canadian Notes outstanding and CIS will convert sufficient US dollars to South African Rand in order for CIS to pay the principal amount (ZAR418.6 million) of the Rand Notes outstanding.iron ore beneficiation equipment

Upon registration of the Discharge Documents releasing all security in the MWS assets, the Closing Document Stakeholder will release the remaining closing documents from escrow and the Purchase Price Stakeholders will pay: (i) to BNY Trust Company of Canada, as trustee for the Canadian Notes, C$110 million, and to or to the order of GMG Trust Company (SA) Pty Limited, as trustee for the Rand Notes (together the "Note Trustees"), ZAR418.6 million, (ii) to Gold One, $10 million plus accrued interest to the date of payment; (iii) $25 million (the "AGA Deferred Payment") to the warranty escrow agent; and (iv) the balance shall be paid to FUL. The Corporation has been advised that it could take up to three weeks for the Discharge Documents to be registered, accordingly, the AGA Transaction is expected to be implemented by July 24, 2012, or on an earlier date depending on the date the Discharge Documents are registered.

In order to provide sufficient time for the AGA Transaction to be implemented, Gold One and the Corporation 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 subsequent to year-end, including all of the regulatory approvals to the extent required.

FINANCIAL YEAR ENDED MARCH 31, 2012

The Corporation's consolidated revenue of $195 million for FY 2012, an increase of 30% from $151 million for FY 2011, resulted in the Corporation reflecting a $7 million gross profit from operations in FY 2012 compared to a consolidated gross loss of $6 million in FY 2011. The consolidated pre-tax loss narrowed by 24% from a pre-tax loss of $236 million in FY 2011 to $179 million, driven primarily by the impairment of the Ezulwini Mine's assets in FY 2012.

phosphates ore beneficiation equipmentThese results are prepared in accordance with IFRS. Previously, First Uranium prepared its annual and interim consolidated financial statements in accordance with Canadian GAAP. From January 2011 however, the Canadian Institute of Chartered Accountants ("CICA") required companies to incorporate IFRS. The financial statements for FY 2011 have therefore been restated in accordance with IFRS and will, accordingly, differ from the financial statements previously posted for FY 2011.

During FY 2012, MWS produced and sold 99,003 (FY 2011: 82,941) ounces of gold, in line with the downgraded forecast issued in Q3 2012 of between 98,000 ounces and 100,000 ounces for FY 2012. In the process, MWS generated $132 million (FY 2011: $89 million) in revenue at an average Cash Cost* of $687 (FY 2011: $516) per ounce of gold sold. The 19% increase in gold sold for FY 2012 from FY 2011 was mainly attributable to the completion of the third gold module and the Tailings Storage Facility, which boosted processing capacity. As a result, tonnes reclaimed rose 48% year on year. This achievement was unfortunately offset by challenges encountered around the composition of the mining mix that saw an 11% drop in recovered grade during the period under review.

The 33% overall increase in Cash Costs, year-on-year, was mainly driven by the increase in processing capacity, running costs and teething problems associated with the newly completed infrastructure, largely as a result of increased fuel, water and power usage.

FY 2012 proved a particularly challenging year from a safety and production perspective at Ezulwini Mine, with 4 fatal accidents during calendar 2011, 3 of which occurred in the latter half of the calendar year, having a significant negative impact on employee morale and productivity of the mine.