April 20, 2011 / 6:53 AM / in 7 years

First Uranium unit opens tailings storage facility

(Reuters) - Canadian gold and uranium producer First Uranium Corp said its South African tailings recovery unit has commissioned a storage facility a month ahead of schedule.

The Toronto-based miner also said it had started producing yellow cake, a mixture of uranium oxides, from the re-commissioned plant at its Ezulwini mine in South Africa.

The company could not produce uranium in the third quarter due to repairs at Ezulwini. It plans uranium production of up to 140,000 pounds in fiscal 2012.

The new tailings storage facility will allow Mine Waste Solutions to re-treat 15 tailings dams for the gold and uranium content over the 15 year life of the operation, the company said.

First Uranium shares were trading up 1.15 percent at 88 Canadian cents on Tuesday on the Toronto Stock Exchange.

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