Attention Business Editors

First Uranium receives balance payment of $75 million from Gold Wheaton Barbados Corporation for the gold stream transaction

	    All amounts are in US dollars unless otherwise noted.

	    TORONTO and JOHANNESBURG, March 12 /CNW/ - First Uranium Corporation
(TSX:FIU, JSE:FUM) (ISIN:CA33744R1029) ("First Uranium" or "the Company")
today announced that it has received the balance payment of $75 million from
Gold Wheaton (Barbados) Corporation ("GW"), a wholly-owned subsidiary of Gold
Wheaton Gold Corp., in respect of the previously announced purchase by GW of
25 percent of the estimated 2.1 million ounces of life-of-mine gold production
from the Company's Mine Waste Solutions tailings recovery operation ("MWS") in
South Africa.
	    Under the terms of the agreement, First Uranium has agreed to deliver a
minimum of 20,000 ounces of gold during calendar year 2009, and thereafter 25
percent of the life-of-mine gold production from MWS. In December 2008, First
Uranium received the first payment of $50 million from GW and commenced
delivery of 25 percent of the gold production from MWS to GW. GW has made, and
will continue to make, ongoing payments to MWS at a price equal to the lesser
of $400 per ounce (subject to an annual inflation adjustment of 1.01 percent,
starting in December 2012) and the prevailing spot price at the time of such
payment, for each ounce of gold delivered under the agreement.
	    "This transaction highlights the value of First Uranium's substantial
co-product gold production," commented President and CEO of First Uranium,
Gordon Miller. "This balance payment strengthens our balance sheet as we
complete construction of the uranium plants at our Ezulwini and MWS operations
and look toward projects that will provide future growth."

	    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 including, without limitation,
statements regarding production and development plans and future plans and
objectives of First Uranium are forward-looking statements (or forward-looking
information) that involve various risks and uncertainties. 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.

	    About First Uranium Corporation

	    First Uranium Corporation (TSX:FIU, JSE:FUM) is focused on the
development of its South African uranium and gold mines with the goal of
becoming a significant low-cost producer through the re-opening and
underground development of the Ezulwini Mine and the expansion of the Mine
Waste Solutions tailings recovery operation. First Uranium also plans to grow
production by pursuing value-enhancing acquisition and joint venture
opportunities in South Africa and elsewhere.






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	    /For further information: First Uranium Corporation, 1240-155 University
Avenue, Toronto, ON, Canada, M5H 3B7, www.firsturanium.com; For further
information, please contact: Bob Tait, VP Investor Relations, at (416)
342-5639 (office), (416) 558-3858 (mobile) or bob@firsturanium.ca/