First Uranium Corporation
TSX : FIU
JSE : FUM

First Uranium Corporation

May 11, 2009 17:54 ET

CORRECTION FROM SOURCE: First Uranium Corporation Announces $106,750,000 Bought Deal Equity Financing

TORONTO, ONTARIO and JOHANNESBURG, SOUTH AFRICA--(Marketwire - May 11, 2009) -
The following corrects and replaces the News Release disseminated at 4:28 pm ET on May 11, 2009. The syndicate of underwriters listed in the first paragraph should have included RBC Capital Markets. The complete and corrected release follows.

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

All amounts are in Canadian dollars unless otherwise noted.

First Uranium Corporation (TSX:FIU)(JSE:FUM) (ISIN:CA33744R1029) ("First Uranium" or "the Company") announced today that it has entered into a bought deal financing agreement with a syndicate of underwriters led by Scotia Capital Inc. and including Macquarie Capital Markets Canada Ltd., RBC Capital Markets, National Bank Financial Inc. and Raymond James Ltd. (collectively the "Underwriters"). Under the agreement, the Underwriters will purchase 15,250,000 common shares of First Uranium at a price of $7.00 per share for gross proceeds of $106,750,000 (the "Offering").

First Uranium has granted to the Underwriters an over-allotment option, exercisable for a period of 30 days from the closing of the Offering, to purchase up to an additional 2,287,500 of the Company's common shares on the same terms as set out above solely to cover over-allotments, if any, and for market stabilization purposes.

The Company intends to use the net proceeds from the Offering:

- to accelerate the construction of the pressure leach portion of the uranium circuit at the Mine Waste Solutions tailings recovery operation to more quickly realize higher uranium and gold recoveries;

- for potential consolidation opportunities; and

- for general corporate purposes.

The Offering is expected to close on or about June 1, 2009 and is subject to certain conditions including the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

The Shares will be offered in all provinces of Canada except Quebec by way of a short form prospectus and such other jurisdictions outside of Canada pursuant to applicable private placement exemptions.

The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or under any state securities laws and may not be offered or sold in the United States, absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

About First Uranium Corporation

First Uranium Corporation (TSX:FIU)(JSE:FUM) is focused on the development of its South African uranium and gold mines with the goal of becoming a significant low-cost producer through the re-opening and underground development of the Ezulwini Mine and the expansion of the Mine Waste Solutions tailings recovery operation. First Uranium also plans to grow production by pursuing value-enhancing acquisition and joint venture opportunities in South Africa and elsewhere.

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 including, without limitation, statements regarding processing and development plans and future plans and objectives of First Uranium are forward-looking statements (or forward-looking information) that involve various risks and uncertainties. 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.

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