For a full discussion of results, the Financial Statements and Management

Discussion & Analysis, please see the Company's website,

www.firsturanium.com under 'Regulatory Filings'

All amounts are in US dollars unless otherwise noted.

TORONTO and JOHANNESBURG, Aug. 11 /PRNewswire-FirstCall/ - First Uranium Corporation (TSX:FIU, JSE:FUM) (ISIN:CA33744R1029) ('First Uranium' or 'the Company') today announced its financial results for the fiscal quarter ended June 30, 2008 ('Q1 2009'). At the Ezulwini underground uranium and gold mine (the 'Ezulwini Mine'), First Uranium is continuing the ramp up of gold production through its newly commissioned gold plant and by the end of October 2008, expects to commence uranium production as well. The rehabilitation of the main shaft at the Ezulwini Mine is also progressing as planned. At Mine Waste Solutions ('MWS'), where gold production has been recognized since a gold plant was acquired in June 2007, construction is continuing on the next phase of the plants that are designed to double MWS's current gold production capacity and commence processing of uranium by the end of the fiscal year ending March 31, 2009 ('FY2009').

References to 'Q1 2008' refer to the Company's three-month fiscal period ending June 30, 2007. References to 'Q2 2009' and 'Q3 2009' refer to the Company's three-month fiscal periods ending September 30, 2008 and December 31, 2008, respectively.

Highlights

During Q1 2009, First Uranium:

    -   ended the quarter with $102.1 million cash and cash equivalents on
        hand
    -   hoisted 24,238 tonnes of ore at the Ezulwini Mine, which resulted in
        a stockpiled inventory of 12,695 tonnes of gold and uranium bearing
        ore from the Middle Elsburg ('ME') reef horizon and 11,543 tonnes of
        gold bearing ore from the Upper Elsburg ('UE') reef horizon,
        estimated to contain in the aggregate:
        -  3,164 ounces of gold from the 11,543 tonnes at an average grade of
           4.64 grams of gold per tonne and the 12,695 tonnes at an average
           grade of 3.89 grams of gold per tonne
        -  10,060 pounds of uranium from the stockpiled 12,695 tonnes of ME
           ore at an average grade of 0.45 kilograms per tonne
    -   reclaimed 1.7 million tonnes of tailings through the MWS gold plant
        at a yield of 0.16 grams of gold per tonne, producing 8,530 ounces of
        gold at a Cash Cost (as defined in the 'Summary of Operating
        Results') of $464 per ounce
    -   completed the upgrading of the MWS gold plant to increase the design
        capacity from 500,000 tonnes per month to 633,000 tonnes per month
        during May 2008
    -   upgraded MWS #5 tailings dam during May 2008 to enable a deposition
        rate of 633,000 tonnes of material per month
    -   approved, subject to financing, a plan to build an acid plant at MWS
        to secure a low-cost supply of sulphuric acid, a necessary reagent
        for the production of uranium, from the sulphur contained in the
        pyritic material within the tailings dams, which are already being
        processed for gold at MWS
    -   entered into agreements to supplement the power supplied to the
        Ezulwini Mine and MWS by the South African national power utility
        ('Eskom') by obtaining diesel-fired generators and a power plant to
        secure a steady supply of electrical power, which will provide total
        incremental capacity of 54 megawatts ('MW'), inclusive of existing
        stand-by units, until Eskom could be expected to restore a steady,
        reliable supply of electrical power
    -   filed updated independent technical reports on June 5, 2008 on both
        the Ezulwini Mine and MWS, taking into consideration the capital and
        operating costs of generating additional power, revised acid price
        assumptions and a revaluation of metal price and exchange rate
        assumptions, for which projected revised net present values are
        $667 million for the Ezulwini Mine and $413 million for MWS and the
        projected internal rates of return are 336% for the Ezulwini Mine and
        70% for MWS
    -   received notification on June 9, 2008, that Eskom will be able to
        increase its supply of power to the Ezulwini Mine from 40 MW to 55
        MW, which is expected to reduce the Company's requirement to generate
        its own additional power and the costs thereof
    Subsequent to the end of Q1 2009, First Uranium:
    -   continued commissioning the Ezulwini Mine's 200,000 tonne per month
        gold plant with the first 50,000 tonne per month module commencing
        production of gold bullion in July 2008
    -   continued commissioning the Ezulwini Mine's 100,000 tonne per month
        uranium plant, which had been scheduled for production of ammonium
        diuranate ('yellowcake') in August 2008 and is now scheduled for
        October 2008
    -   finalized and implemented two-year agreements with the National Union
        of Mineworkers ('NUM') at both the Ezulwini Mine and MWS
    -   resolved previously disclosed issues of handling clay content in
        tailings at MWS, with the result that the MWS gold plant throughput
        and recovery rates are at, and sometimes slightly above, design
        specifications
    During Q2 2009, First Uranium plans to:
    -   hoist approximately 83,300 tonnes of ore at the Ezulwini Mine, of
        which approximately 65,500 tonnes would comprise gold and uranium
        bearing ore from the ME reef horizon and approximately 17,800 tonnes
        would comprise gold bearing ore from the UE reef horizon
    -   process approximately 17,200 tonnes of gold bearing ore through the
        newly commissioned gold plant at the Ezulwini Mine
    -   commission the second 50,000 tonne per month mill module of the gold
        plant at the Ezulwini Mine during September 2008
    -   publish an updated technical report for the Ezulwini Mine
    -   reclaim 1.9 million tonnes of tailings through the MWS gold plant at
        a yield of approximately 0.2 grams of gold per tonne with expected
        production of approximately 12,000 ounces of gold

'Our first quarter of 2009 was highlighted by the commissioning of our Ezulwini Mine gold plant and the production of gold in July as planned,' said Gordon Miller, President and Chief Executive Officer of First Uranium. 'Although the final commissioning stages of the uranium plant at the Ezulwini Mine have been delayed until October 2008 as a result of the late delivery of certain equipment, we believe that this will not affect our planned production for the fiscal year as the capacity of the mills and the uranium plant will exceed the planned near-term capability of the mine to produce ore.

'At MWS we made significant operational improvements during Q1 2009, which enhanced gold production. During Q2 2009, we expect to operate the MWS gold plant at designed throughput and recovery rates.