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« Uranium Market Outlook – First Quarter 2010 | Main | Iran’s president calls for unconditional uranium fuel swap »

First Uranium Corporation Up 36.15% Today

First Uranium Chart 26 February 2010.JPG

Good news today for First Uranium boosted the stock price by 36% on volume of 11.9 million shares traded as we write, largely based on the following news release:

First Uranium Corporation (TSX:FIU, JSE:FUM) has been notified by the North West Provincial Government's Department of Agriculture, Conservation, Environment and Rural Development that they have issued a positive decision on the amendment application lodged by MWS last year pertaining to the Environmental Authorization ("EA") for a future Tailings Storage Facility ("TSF") for its Mine Waste Solutions tailings reclamation project ("MWS") near the town of Stilfontein, North West Province, South Africa. The application was lodged by MWS on 2 October 2009 to clarify any possible discrepancies which may have arisen regarding the project and property descriptions in the environmental authorization. The amended environmental authorization now correctly describes the project location, including the site of the TSF south-east of the town of Stilfontein, and allows MWS to immediately start preparing for construction of the TSF once financing is in place.

"Now that we have the environmental authorization re-instated we can concentrate on the process of securing the necessary financing for the construction of this tailings storage facility at MWS and our plans for ramping up our production at both operations," said Gordon Miller, President and CEO of First Uranium. "In the spirit of building a good relationship with the community in which we operate, we will continue engaging with the authorities and Interested and Affected Parties in the area regarding the MWS operation."

Regulatory requirements can be genuine show stoppers as we have witnessed in the mining industry, so this is a good result for First Uranium, lets hope that they can now get the financing in place to proceed with the construction of the tailings facility.

All the best.

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