First Uranium updates MWS technical report

First Uranium Corporation reports that it has updated the technical report for the Mine Waste Solutions tailings recovery operation, South Africa.

The updated technical report was developed as a consequence of the uncertainties and delays precipitated by the withdrawal of the environmental authorization for the MWS tailings storage facility (“TSF”) and the resultant financial pressure placed on the Company. On February 25, 2010, the Company announced the reinstatement of the environmental authorization. Also, on March 12, 2010, the Company announced a refinancing package of up to $150 million. The economic model for the updated technical report was used to calculate the peak funding requirements disclosed in regard to the financing discussed above.

For complete details of the press release, click here.