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First Uranium cuts 2012 forecast

FIRST Uranium’s third-quarter gold sales dropped 5% and uranium production fell 14% from the prior quarter due to accidents at its Ezulwini mine in South Africa, and the miner cut its full-year gold production forecast.

First Uranium Corporation [JSE:FUM], whose Ezulwini mine was affected by three fatal accidents in the latter half of 2011, now sees 2012 gold production at 98 000-100 000 ounces, down from its earlier forecast of 105 000-115 000 oz.

The Ezulwini mine would not achieve its prior target of 70 000-80 000 oz of gold sales and 110 000-130 000 pounds of uranium sales for fiscal year 2012, the company said.
 
Gold sales in the third quarter fell to 38 548 oz from 40 529 oz in the second quarter.

Uranium production in the quarter was down at 30 887 pounds from 36 006 pounds in the second quarter, the company said.
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