First Uranium receives $50 million from Gold Wheaton Barbados Corporation as 1st tranche payment of gold stream transaction

On December 12, 2008, First Uranium Corporation received the initial $50 million from Gold Wheaton (Barbados) Corporation ("GW"), a wholly-owned subsidiary of Gold Wheaton Gold Corp., in respect of the previously announced transaction, whereby GW will purchase 25% of the estimated 2.1 million ounces of life-of-mine gold production from First Uranium's Mine Waste Solutions tailings recovery operation in South Africa.

First Uranium Corporation 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 was advised with respect to this transaction by Fasken Martineau with a team led by Rob Mason and that included, among others, Richard Steinberg, Daniel Batista and Murray Braithwaite.