TABJ - june 6 - First Uranium Corporation today announced total gold sales for its financial year ended March 31, worth 142,630 ounces of gold, a significant increase over the 91,657 ounces sold at the end of the previous fiscal year.

The company’s consolidated revenue of $172 million for the 2011 fiscal year, an increase of 86 per cent from $93 million in revenue in 2010, resulted in the company reflecting a $20 million gross profit margin from operations in 2011 compared to a loss of $18 million in 2010. Remembering that First Uranium remains in a capital development and growth phase, the consolidated pre-tax loss for the year was $76 million, a 19 per cent improvement over the pre-tax loss of $94 million in 2010.

During 2011, Mine Waste Solutions, a tailings retreatment operation that is currently extracting gold from 15 tailings dams, produced and sold 82,941 ounces of gold generating $93 million in revenue at an average cash cost of $483 per ounce of gold sold.

The 34 per cent increase in gold sold for 2011 from 2010 was mainly attributable to the additional production from the second gold plant module, along with the eight per cent improvement in gold recoveries. The 13.4 million tonnes processed in 2011 was 21 per cent higher compared to 2010. The 65 per cent overall increase in costs, year-on-year, was mainly driven by the increase in production in the second quarter of 2010, combined with the impact of the stronger South African Rand in 2011.