HomeGoldFirst Uranium gold production shows sharp increase

First Uranium gold production shows sharp increase

Hydraulically mining
First Uranium’s
Buffelsfontein No. 2
tailings dam at MWS
Toronto, Canada — MININGREVIEW.COM — 21 October 2010 – Emerging Canadian-based metals company First Uranium Corporation – which has been producing gold in South Africa since mid-2007 – reports that its gold production has jumped 56% as gold grade improved, sending its shares up more than 13%.

Listed on the Toronto Stock Exchange and the JSE, the gold and uranium miner with operations in South Africa said in a statement released here that it had produced 18 598oz of gold from its Mine Waste Solutions (MWS) tailings recovery operation in the second quarter of fiscal 2011, compared with 13 422oz, a year ago.

Production at its Ezulwini mine for the quarter ended 30 September had amounted to 14 820oz, compared with 7 952 ounces, a year previously. The Ezulwini mine also produced 31 408 lbs of uranium, having not produced any in the same period last year.

On 31 August, the company announced the temporary shutdown of its Ezulwini uranium plant for column replacement, which is expected to be completed by year-end.

Shares of the company, which have lost 19% of their value in the past seven weeks, were trading up 8% at 80 Canadian cents yesterday on the Toronto Stock Exchange.