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First Uranium to sell two South African assets

Unprocessed ore containing uranium is seen in this file photo.

First Uranium Corp. said it would sell two assets in South Africa for $405-million (U.S.), as the gold and uranium miner scrambles to liquidate itself to pay off its debts.

The company will sell Mine Waste Solutions, a tailings recovery project, to South Africa-based AngloGold Ashanti Ltd for $335-million in cash.

First Uranium also said it would sell its stake in First Uranium Ltd, which owns the Ezulwini Mining Co, to Australian miner Gold One International Ltd for $70-million.

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Gold One will also provide a $10-million loan facility to First Uranium.

The company said it is moving ahead with plans to liquidate the company and will use the proceeds to pay its security holders and shareholders.

Shares of the Toronto-based company were up 3 per cent at 17 Canadian cents on Friday on the Toronto Stock Exchange.

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