First Uranium announces financial results for the three and nine months ended December 31, 2012

First Uranium announces financial results for the three and nine months ended December 31, 2012

For the Management Discussion & Analysis and Financial Statements please refer to the Corporation's website at www.firsturanium.com.

TORONTO AND JOHANNESBURG, Feb. 14, 2013 /CNW/ - First Uranium Corporation (NEX TSX-V:FIU.H) (JSE:FUU) (ISIN:CA33744R5047) ("First Uranium" or "the Corporation") today announced its financial results for the three and nine months ended December 31, 2012.

Abbreviation Period Abbreviation Period

Q1 2012 April 1, 2011 - Q1 2013 April 1, 2012 -

                 June 30, 2011                         June 30, 2012

Q2 2012          July 1, 2011 -       Q2 2013          July 1, 2012 -
                 September 30,                         September 30,
                 2011                                  2012

Q3 2012          October 1, 2011      Q3 2013          October 1, 2012
                 - December 31,                        - December 31,
                 2011                                  2012

Q4 2012          January 1, 2012      Q4 2013          January 1, 2013
                 - March 31, 2012                      - March 31, 2013

FY 2012          April 1, 2011 -      FY 2013          April 1, 2012 -
                 March 31, 2012                        March 31, 2013

2012 YTD         April 1, 2011 -      2013 YTD         April 1, 2012 -
                 December 31,                          December 31,
                 2011                                  2012

Summary

Following the disposal of First Uranium's principal assets in Q2 2013 and the 
repayment of all of its debt and other obligations, other than Cdn$4.5 million 
related to the 4.25% unsecured convertible debentures (the "Debentures") 
during Q2 2013, 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, totaling $30.3 million, in the form of a 
redemption of 12.5 Class A Special Shares at a price per share of Cdn$0.01 
(ZAR0.08402).

On January 22, 2013 and February 1, 2013, respectively, the escrow funds 
related to the sale of MWS to AngloGold Ashanti Limited ("AGA") ($25 million) 
and the sale of the Ezulwini Mine to Gold One International Limited ("Gold 
One") ($5 million), was released to the Corporation.

On January 28, 2013, the Corporation repaid the remaining amount (Cdn$4.5 
million) due under the Trust Indenture for the Debentures.

The Board of the Corporation will determine, subject to the establishment of a 
reserve for any continuing and contingent obligations of the Corporation, an 
additional amount to be distributed to the holders of the Units. It is the 
Corporation's present intention, subject to the requirements of the stock 
exchanges, to effect an additional distribution to shareholders by the end of 
March 2013.

The Corporation will also consider the most efficient and orderly way in which 
to distribute to the shareholders all remaining property of the Corporation 
(after payment of the Corporation's creditors). The Corporation may then 
proceed to be wound up and dissolved. However, the Board has not made any 
decisions with respect to the windup and dissolution at this time.

Results for Q3 2013

The Corporation reported losses from its continuing operations of $0.6 million 
and $20.7 million in Q3 2013 (Q3 2012: $14.3 million) and 2013 YTD (2012 YTD: 
$42.4 million), respectively.

Prior to the disposal of its discontinued operations in Q2 2013, the 
Corporation reported a profit from its discontinued operations of $108.6 
million in 2013 YTD, compared to losses of $98.1 million in Q3 2012 and $131.4 
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 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 Q3 2012 
and 2013 YTD of $83.7 million and $19.0 million, respectively.

The Corporation (including discontinued operations) utilized $0.9 million and 
$11.0 million cash from its operations in Q3 2013 (Q3 2012: $4.0 million) and 
2013 YTD (2012 YTD: $5.9 million). Prior to the disposal of its discontinued 
operations in Q2 2013, the Corporation utilized $6.9 million during 2013 YTD 
(2012 YTD: $30.1 million) on capital projects at its discontinued operations. 
For Q3 2012, $7.7 million was utilized on capital projects at its discontinued 
operations. During Q2 2013, the Corporation raised $388.4 million 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. During Q3 2013 the Corporation utilized $30.3 million of the 
remaining proceeds to pay the Distribution as discussed under the Summary 
section of this news release to the Corporation's shareholders.

As at December 31, 2012, current assets were $34.6 million (March 31, 2012: 
$4.2 million), of which $30.0 million was restricted cash. The restricted cash 
related to the deferred payments pursuant to the sales transactions.

The Corporation's current liabilities amounted to $6.2 million at the end of 
Q3 2013 (March 31, 2012: $268.8 million) and consisted of $4.5 million related 
to the maximum principal amount remaining outstanding of the Debentures, $1.5 
million tax payable provision and $0.3 million trade and other payables. The 
$4.5 million liability related to the Debentures was settled in full on 
January 28, 2013.

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 is 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 or mary@firsturanium.ca

SOURCE: First Uranium Corporation

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CO: First Uranium Corporation
ST: Ontario
NI: ERN 

-0- Feb/14/2013 15:41 GMT