All amounts are in US dollars unless otherwise noted

TORONTO and JOHANNESBURG, April 24, 2012 /PRNewswire/ – First Uranium Corporation (TSX:FIU), (JSE:FUM) (ISIN:CA33744R1029)
(“First Uranium” or “the Corporation”) announced that on April 17, 2012, First Uranium received an unsolicited expression of
interest from Waterpan Mining Corporation (“WMC”) and Transalloys (Pty)
Ltd. (“Transalloys”), to acquire the Corporation’s Ezulwini Mine,
subject to a number of conditions precedent, including the opportunity
to have 90 days from May 1, 2012 to undertake a due diligence review of
the business. Following that due diligence exercise, WMC and
Transalloys envisaged being in a position to make a definitive offer by
August 1, 2012. The non-binding proposal suggested the acquirors would
consider an advance of $10 million of the $80 million proposed purchase
price to the Corporation as a form of short term bridge financing,
however such advance would not be considered until after the completion
of the due diligence exercise and no other terms with respect to such
bridge financing were provided for in the letter. The non-binding
proposal would extend the time period to approve the transaction beyond
the June 30, 2012, maturity date of the Corporation’s C$150 million
aggregate principal amount of 4.25% senior unsecured convertible
debentures. There could be no assurance that, if the proposal were
accepted, a definitive offer would be made nor at what price the final
offer would be made nor that a definitive agreement could be
successfully negotiated and closed.

WMC and Transalloys had previously indicated an interest in making an
offer for the Ezulwini Mine, but as with the current expression of
interest, it was non-binding, highly conditional and did not provide
for any bridge financing. Furthermore, the earlier non-binding proposal
was for $70 million and was subject to a lengthy due diligence review
and the preparation of a definitive agreement.

The Board of Directors of the Corporation will be meeting to consider
the latest expression of interest.

About First Uranium Corporation
First Uranium Corporation (TSX:FIU, JSE:FUM) operates the Ezulwini Mine,
an underground mining operation, and Mine Waste Solutions (MWS), 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
Corporation’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 Corporation’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. 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