First Metals Inc.

First Metals Inc.

October 23, 2007 11:01 ET

First Metals Inc.: Fabie Bay Update

TORONTO, ONTARIO--(Marketwire - Oct. 23, 2007) - First Metals Inc. (TSX:FMA) is pleased to provide investors with the following progress report on its activities relating to the Fabie Bay deposit, near Rouyn-Noranda, Quebec.

There are presently some 2,500 tonnes of crushed material stockpiled at surface ready to be shipped. Approximately 1,500 tonnes of this stockpile was extracted from the 75m level. Assays for 97% of the muck samples for the material averaged 3.47% Cu per tonne. The balance of 1,000 tonnes was extracted from the 60m level for which assays received for 97% of the muck samples averaged 5% Cu tonne.

Shipping of materials to Rouyn-Noranda for stockpiling near the Horne mill will commence on or about October 26th, 2007. Blasting and shipping of the open pit bench, where some additional 100,000 tonnes of material have been delineated (see News Release of September 18th, 2007) is scheduled to begin on November 2nd, 2007.

Preparations to receive and process materials at the Horne mill are continuing, with the majority of the work having been completed. We are advised by Xstrata Copper Canada that the initial mill start-up is now scheduled for November 17th, 2007.

First Metals has retained the services of Peter Godbehere, B.Sc. A.R.S.M. to provide consulting and quality control services for Fabie Bay ore milling and copper concentrate smelting at Xstrata Copper's Horne facility. Mr. Godbehere brings over 35 years of metallurgical and operating experience, notably as Mill Metallurgist and Mill Superintendent at the Horne Mill and Metallurgical Superintendent and Manager, Technology, and Superintendent of Business Development at the Horne Smelter.

Installation of all the electrical distribution substations down to the 105m level of the Fabie Deposit has been completed. Both compressor units, the primary ventilation system and the surface crusher are now fully operational. The new mine water sumps have been excavated. Excavation of the new 90m level access ramp/scram drift is in process. Cable bolting of the hanging wall from the 75m level is in process.

The company is commissioning an independent technical report documenting the economic viability of the Fabie Bay project. A copy of this report will be filed on SEDAR.

Michel Plasse, Geo. and Chief Geologist, Fabie & Magusi Projects, is the Qualified Person under N.I.43-101 who has verified and approved the geological content of the release.

Other Business:

The company is pleased to report that over 99% of the share purchase warrants expiring on October 20th, 2007, have been exercised, resulting in issuance of 1,985,00 common shares. First Metals now has approximately 35.5 million shares issued and outstanding.

First Metals is bringing into production the Fabie Bay and Magusi River Copper, Zinc, Gold and Silver Projects, near Rouyn-Noranda, Quebec, Canada acquired from Globex Mining Enterprises, Inc. last year.

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