HMZ Metals Inc.

HMZ Metals Inc.

November 01, 2007 16:30 ET

HMZ Provides Corporate Update

TORONTO, ONTARIO--(Marketwire - Nov. 1, 2007) - HMZ Metals Inc. ("HMZ" or the "Company") (TSX:HMZ) provides its bi-weekly update pursuant to the Management Cease Trade Order announced April 18, 2006.

Previously announced legal and other initiatives against the Company's Chinese joint venture partners have taken a definitive step forward. Under the Arbitration process the Company has submitted its counterclaim documentation. The Arbitration process has now begun. The Company's legal action in the Peoples' High Court, Guangxi is proceeding in parallel with the Arbitration process.

The Company expects to file audited financial statements for the year ended December 31, 2005 shortly and the remaining outstanding financial statements as soon as practical thereafter.

Data review and preliminary negotiations associated with new potential projects inside and outside of China continue.

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