First Uranium Corporation Closes $52,000,000 Bought Deal Financing

TORONTO, TORONTO and JOHANNESBURG, SOUTH AFRICA--(Marketwire - March 1, 2011) -

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 completed its previously announced offering (the "Offering") of 46,000,000 common shares of First Uranium at a price of $1.00 per share. The agents also exercised in full their over-allotment option to acquire an additional 6,000,000 common shares at a price of $1.00 per share, resulting in the Company selling an aggregate of 52,000,000 common shares for total gross proceeds of $52,000,000.

The syndicate for the Offering was led by RBC Capital Markets and included Raymond James Ltd., BMO Capital Markets, Macquarie Capital Markets Canada Ltd. and Paradigm Capital Inc.

The Company intends to use the net proceeds from the Offering for:
	(i) capital expenditures for the Ezulwini Mine,
	(ii) capital expenditures and rehabilitation work for the MWS Project; and
	(iii) general corporate purposes.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any of the Company's securities in the United States. The Company's securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the 1933 Act and applicable state securities laws or an exemption from such registration is available.

About First Uranium Corporation

First Uranium Corporation (TSX:FIU)(JSE:FUM) is focused on its goal of becoming a significant low-cost producer of uranium and gold 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 tailings recovery facility, both in South Africa. 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.

www.firsturanium.com