February 16, 2010 / 11:41 AM / in 8 years

UPDATE 1-First Uranium posts Q3 loss on higher costs, forex loss

* Q3 loss $0.09/shr vs EPS $0.01 year-ago

* Q3 rev up 94 pct to $32.0 mln

* Forms committee to look at strategic alternatives

Feb 16 (Reuters) - First Uranium Corp FIU.TO posted a quarterly loss, hurt by higher corporate expenses and a $7.4 million foreign currency loss.

For the third quarter ended Dec. 31, the company reported loss of $14.4 million, or 9 cents a share, compared with a profit of $1.3 million, or 1 cent a share, a year ago.

Revenue grew to $32.0 million, from $16.5 million, a year ago, mainly on increasing production.

The company posted corporate expenses of $8.1 million, mainly due to feasibility and rehabilitation costs, stock-based compensation and amortization.

In January, South African authorities withdrew environmental authorization for a new tailings storage facility at First Uranium’s key Mine Waste Solutions tailings recovery project.

First Uranium said it continues to review strategic alternatives for financing and has formed a special committee to review strategic alternatives.

Shares of the company closed at C$1.43 Friday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Aradhana Aravindan)

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