First Uranium Corporation
TSX : FIU
JSE : FUM

First Uranium Corporation

February 17, 2009 16:31 ET

Simmer & Jack Mines, Limited Announces Secondary Offering of Shares of First Uranium Corporation

All amounts are in Canadian dollars unless otherwise noted.

TORONTO, ONTARIO and JOHANNESBURG, SOUTH AFRICA--(Marketwire - Feb. 17, 2009) -

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.

First Uranium Corporation (TSX:FIU)(JSE:FUM) (ISIN:CA33744R1029) ("First Uranium") announced today that majority shareholder, Simmer & Jack Mines, Limited ("Simmers") (JSE:SIM), has entered into a bought deal financing agreement with a syndicate of underwriters led by RBC Capital Markets whereby Simmers will sell 19,600,000 common shares (the "Shares") of First Uranium at a price of $4.60 per Share for aggregate gross proceeds of $90,160,000 (the "Secondary Offering"). First Uranium will not receive any of the proceeds from the Secondary Offering.

Simmers has granted to the underwriters an over-allotment option, exercisable for a period of 30 days from the closing of the Secondary Offering, to purchase up to an additional 2,940,000 Shares on the same terms as set out above solely to cover over-allotments, if any, and for market stabilization purposes.

Simmers plans to use the net proceeds from the Secondary Offering to fund in part the acquisition of the Tau Lekoa Mine from Anglogold Ashanti Limited. The Tau Lekoa Mine is located near the town of Orkney in the North West Province of South Africa. Further details of the acquisition by Simmers are detailed in a separate news release issued by Simmers simultaneously with this news release.

The Secondary Offering is scheduled to close on March 9, 2009, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals.

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

Immediately following the closing of the Secondary Offering, Simmers will continue to own 62,122,653 common shares of First Uranium, representing 41.0% of the 151,574,037 common shares issued and outstanding.

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 press 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.



First Uranium Corporation
1240-155 University Avenue, Toronto, ON Canada M5H 3B7
www.firsturanium.com


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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