First Uranium Announces Decrease in Production

First Uranium (TSX:FIU) announced it has seen a decrease in uranium and gold production in the fourth quarter of 2012 as it tries to stabilize production.

As quoted in the press release:

Although the Ezulwini Mine only produced 86 pounds of uranium in Q4 2012, the sale of 23,756 pounds of uranium produced in Q3 2012, is reflected in this quarter’s revenue. The decline in both gold and uranium production for Q4 2012 is primarily a result of the restructuring of Ezulwini as announced in December 2011 and reflects both the reduction in the workforce and the limited number of working areas available as a result of the new mine plan. Indications are that production is beginning to stabilise.

Click here to read the First Uranium (TSX:FIU) press release.