First Uranium Reports Financial, Operating Results

First Uranium's primary focus has been the re-opening and development of Ezulwini and the operations and capital expansions of MWS. During Q2 2009, the Company operated at planned throughput and gold recovery rates at MWS and in some instances exceeded plan; however, Ezulwini experienced delays in underground development, as proportionately more time continues to be allocated to fast track the shaft refurbishment project, and delays in commissioning of the uranium plant due to construction delays. As a result, during Q2 2009 MWS achieved 98.5 percent of its gold production forecast (4 percent above technical report plan published in April 2008) and Ezulwini did not produce a significant amount of gold for delivery to the refinery.

References to "Q2 2008" and "2008 YTD" refer to the Company's three- and six-month fiscal periods ending September 30, 2007. References to "Q3 2008", "Q4 2008", "Q1 2009", "Q3 2009", "Q4 2009" and "Q1 2010" refer to the Company's three-month fiscal periods ending December 31, 2007, March 31, 2008, June 30, 2008, December 31, 2008, March 31, 2009 and June 30, 2009, respectively.

Summary for Q2 2009

- Ended the quarter with $36.7 million of cash and cash equivalents

- Signed a mandate and term sheet with a South African bank for debt financing of up to ZAR900 million (approximately $100 million)

- Entered into a letter of intent to sell 25 percent of life-of-mine ("LOM") gold production from MWS for two upfront payments totaling $125 million and payments of $400 per ounce of gold delivered

- Advanced refurbishment, construction and development activities at both Ezulwini and MWS, with capital expenditures of $60 million in the quarter

- MWS generated $10.5 million of revenue for the quarter and reported significantly improved financial results

- MWS exceeded planned production for the quarter

- MWS Phase 1B expansion (second gold module and first two uranium modules) on schedule for completion during Q1 2010

- At MWS, the 30 MW power plant has arrived in South Africa and commissioning is scheduled for April 2009

- Ezulwini commissioned first 50,000 tpm mill and 200,000 tpm carbon- in-leach ("CIL") circuit on schedule

- Ezulwini gold elution circuit commissioned in early November 2008 and gold production has commenced

- Ezulwini shaft refurbishment accelerated by two months for completion in Q4 2009

- Ezulwini mine development and production rescheduled to optimize revenue upon completion of shaft refurbishment

- At Ezulwini, stand-by diesel generating power sets ("gensets") with a capacity of 10 megawatts ("MW") have been delivered to site and will be installed once site preparation is completed

- Ezulwini uranium plant commissioning delayed until Q4 2009 due to construction delays

- Completed MWS and Ezulwini technical updates and related economic models, which project improved LOM production rates, reduced peak funding requirements, lower operating costs and improved overall project economics

- Due to the recent softening of acid prices, deferred decision to build acid plant until acid prices stabilize. -- www.cnxmarketlink.com