First Uranium announces financial results for the three and six months ended September 30, 2012.

First Uranium announces financial results for the three and six months ended 
September 30, 2012. 
For the Management Discussion & Analysis and Financial Statements please refer 
to the Corporation's website at www.firsturanium.com. 
TORONTO AND JOHANNESBURG, Nov. 12, 2012 /CNW/ - First Uranium Corporation 
(NEX:FIU.H) (JSE:FUU) (ISIN:CA33744R5047) ("First Uranium" or "the 
Corporation") today announced its financial results for the three and six 
months ended September 30, 2012. 
 _____________________________________________________________________
|Abbreviation|Period               |Abbreviation|Period               |
|____________|_____________________|____________|_____________________|
|Q1 2012     |April 1, 2011 - June |Q1 2013     |April 1, 2012 - June |
|            |30, 2011             |            |30, 2012             |
|____________|_____________________|____________|_____________________|
|Q2 2012     |July 1, 2011 -       |Q2 2013     |July 1, 2012 -       |
|            |September 30, 2011   |            |September 30, 2012   |
|____________|_____________________|____________|_____________________|
|FY 2012     |April 1, 2011 - March|FY 2013     |April 1, 2012 - March|
|            |31, 2012             |            |31, 2013             |
|____________|_____________________|____________|_____________________|
|2012 YTD    |      April 1, 2011 -|2013 YTD    |April 1, 2012 -      |
|            |   September 30, 2011|            |September 30, 2012   |
|____________|_____________________|____________|_____________________| 
Summary 
During the second quarter of FY 2013, the Corporation disposed of its two 
principal assets and utilized a substantial portion of the proceeds raised to 
redeem in full the 7% secured convertible notes (the "Canadian Notes") and the 
11% secured convertible notes (the "Rand Notes"), repay the loan from Gold One 
International ("Gold One") and repay 95% of principal amount of the 4.25% 
unsecured convertible debentures (the "Debentures"). Subsequently, the 
Debentures were delisted from the TSX. 
Upon the disposal of First Uranium's principal assets, the Corporation 
effected a change of business according to the rules of the Toronto Stock 
Exchange ("TSX"). As a result of such change in business, the Corporation no 
longer met the original listing requirements, and decided to voluntarily 
delist from the TSX; however, to maintain liquidity in the Units and to remain 
a "public corporation", it applied for listing on the NEX Exchange, a separate 
board of the TSX Venture Exchange that provides a trading forum for listed 
companies that have low levels of business activity or have ceased to carry on 
an active business. The Units were delisted from the TSX at the close of the 
market on August 31, 2012 and the Units commenced trading on the NEX (FIU.H) 
on September 4, 2012. 
After the Corporation's Units were listed on the NEX and upon meeting the 
requirements for notice of record dates and payment dates of the NEX and the 
JSE Limited, the Corporation made an initial distribution (the "Distribution") 
on October 1, 2012 of Cdn$0.125 (ZAR1.05) per unit to shareholders of the 
Corporation in the form of a redemption of 12.5 Class A Special Shares at a 
price per share of Cdn$0.01 (ZAR0.08402). Each Unit is currently comprised 
of 87.5 Class A Special Shares and 1 Class B Common Shares. The number of 
Units outstanding was unchanged following the initial distribution. 
Once the escrow funds are released in accordance with the respective sale 
agreements with AngloGold Ashanti Limited and Gold One, the settlement of all 
remaining obligations to the Debenture holders and the establishment of a 
reserve for any continuing and contingent obligations, the Board will 
determine an additional amount to be distributed to the holders of the Units. 
Results for Q2 2013 and 2013 YTD 
The Corporation reported losses from its continuing operations of $5.6 million 
and $16.0 million in Q2 2013 (Q2 2012: $15.9 million) and 2013 YTD (2012 YTD: 
$28.2 million), respectively. 
The Corporation also reported profits from its discontinued operations of 
$74.3 million and $108.6 million in Q2 2013 and 2013 YTD, respectively, 
compared to losses of $13.4 million in Q2 2012 and $33.2 million in 2012 YTD. 
The primary drivers for the improvements over comparative periods were the 
$78.9 million profit on disposal of the Corporation's principal assets during 
Q2 2013 and 2013 YTD along with the derivative income related to the 
discontinued operations' Gold Stream Transactions of $35.0 million recognized 
in Q1 2013 compared to a derivative expense recognized in Q2 2012 and 2013 YTD 
of $42.4 million and $64.7 million, respectively. 
The Corporation (including discontinued operations) utilized $14.1 million and 
$10.1 million cash from its operations in Q2 2013 (Q2 2012: $4.4 million) and 
2013 YTD (2012 YTD: 9.9 million). The Corporation utilized $4.3 million and 
$6.9 million during Q2 2013 (Q2 2012: $6.6 million) and 2013 YTD (2012 YTD: 
$22.4 million) on capital projects at its discontinued operations. During Q2 
2013, the Corporation raised $388.4 million net cash proceeds from the 
disposal of its principal assets and used a substantial portion of the cash 
proceeds raised ($317.3 million) to settle the Cdn$110 million Canadian Notes 
($109.0 million), the ZAR418.6 million Rand Notes ($51.5 million), the $10 
million Gold One loan facility and Cdn$145.5 million ($146.8 million) of the 
Cdn$150 million principal amount of Debentures outstanding. 
As at September 30, 2012, current assets were $65.2 million (March 31, 2012: 
$4.2 million), of which $60.3 million were restricted cash. The restricted 
cash comprised of $30.0 million related to the deferred payments pursuant to 
the Transactions and $30.3 million related to the initial distribution to 
shareholders on October 1, 2012. 
The Corporation's current liabilities amounted to $5.8 million at the end of 
Q2 2013 (March 31, 2012: $268.8 million) and consisted of $3.9 million related 
to the maximum principal amount of Cdn$4.5 million remaining outstanding of 
the Debentures, $1.5 million tax payable provision and $0.4 million trade and 
other payables. The $3.9 million liability related to the Debentures reflected 
the present value of the remaining principal amount outstanding of the 
Debentures as at September 30, 2012. 
Non-IFRS Measures 
The Corporation believes that in addition to conventional measures prepared in 
accordance with IFRS, the Corporation and certain investors and analysts use 
certain other non-IFRS financial measures to evaluate the Corporation's 
performance including its ability to generate cash flow and profits from its 
operations. The Corporation has included certain non-IFRS measures in this 
document. Non-IFRS measures do not have any standardized meaning prescribed 
under IFRS, and therefore they may not be comparable to similar measures 
employed by other companies. The data is intended to provide additional 
information and should not be considered in isolation or as a substitute for 
measures of performance prepared in accordance with IFRS. Readers are advised 
to read all IFRS accounting disclosures presented in the Corporation's 
Financial Statements for more detail. 
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 are forward-looking statements (or 
forward-looking information). The Corporation's plans involve various 
estimates and assumptions and its business and operations are subject to 
various risks and uncertainties. For more details on these estimates, 
assumptions, risks and uncertainties, see the Corporation's most recent Annual 
Information Form and most recent Management Discussion and Analysis on file 
with the Canadian provincial securities regulatory authorities on SEDAR at 
www.sedar.com. 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. 
www.firsturanium.com 
Mary Batoff, +1 416 306 3072 ormary@firsturanium.ca 
SOURCE: First Uranium Corporation 
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CO: First Uranium Corporation
ST: Ontario
NI: PCS ERN  
-0- Nov/12/2012 08:14 GMT
 
 
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