SOURCE: FinMetal Mining, Ltd.

May 15, 2007 09:00 ET

FinMetal to Test High Grade Nickel Zone in Finland

TAMPERE, FINLAND -- (MARKET WIRE) -- May 15, 2007 -- FinMetal Mining Ltd. (OTCBB: FNMM) is pleased to announce the start of a program of geophysics and drilling to explore a high grade nickel deposit in Finland named Tainiovaara.

Previous work on Tainiovaara by the Finnish Geological Survey (GTK) outlined a small body of nickel sulphide with drill intersections of up to 20.45m (67 feet) containing 3.23% nickel. A bulk sample of 20,000 tons contained 1.4% nickel and 0.4% copper. Our investigations will seek extensions to this mineralization and will include detailed magnetometry, airborne, down-hole electromagnetometry and high-quality interpretation with a large amount of emphasis on structural geology. This prospect has never been investigated using modern geophysical and geological exploration techniques and most of the previous work was concentrated in a shallow zone a little more than 100m from surface.

FinMetal immediately plans to conduct an extensive work program at Tainiovaara led by the company's VP of Exploration, Steve Balch. Steve brings over 20 years experience as an exploration geophysicist, and is one of Canada's leading experts on geophysical exploration for nickel-copper sulphide. Mr. Balch has worked extensively for Inco Limited in the Sudbury Basin and at Voisey's Bay. He has also worked as a geophysical consultant, to several major mining companies including Falconbridge and Anglo American and to a number of mid-tier miners such as FNX Mining and several junior exploration companies.

Dr. Brian Marten, FinMetal's Senior Consulting Geologist will be responsible for all geological investigations. Dr. Marten retired in 2003 after a distinguished professional career of 38 years most recently as in-house Consulting Geologist for fourteen years with Rio Tinto. He is known worldwide for his technical expertise in ore deposit geology.

Former Inco VP of Exploration and current FinMetal Director, Robert Horn commented on today's news, "I have known both Steve and Brian on a professional and personal level for many years. Steve worked closely with me on several projects while I was with Inco, most notably the Voisey's Bay discovery in the 1990s where he was in charge of geophysics that was a major component of what was Canada's largest ever property exploration program."

Mr. Horn added, "A serious problem in the current global explosion of exploration is the lack of qualified people. With Brian Marten and Steve Balch I believe we have two of the world's best specialist technical experts. Furthermore through our association with Magnus Minerals OY we have the services of Bill Karvinen and Dr. Alf Bjorklund who bring the very important local knowledge of Finland."

FinMetal VP of Exploration, Steve Balch stated, "The high-grade nickel zone reported by the GTK and confirmed by Outokumpu gives us good reason to believe that Tainiovaara could host a major nickel deposit. It is rare to find an advanced sulphide-hosted nickel project with such high-grades, especially one that has never been drilled to depths of much more than 100 meters. After completing further analyses of the structural geology, detailed magnetometry, airborne and down-hole electromagnetometry (EM), we expect to fly up to 5,000 line Km of airborne EM and to drill some 5000m. in an extensive diamond drilling program to depths of up to 1000 meters. Our focus is on finding extensions of the high-grade zone and reserves that may be placed rapidly into production."

FinMetal has recently announced the hiring of Finnish-based AHMA Engineers Ltd. to assist with the implementation of our work program. AHMA is the construction manager for Agnico Eagle Mines Ltd, and is involved in opening that company's new Kittila gold mine, which will be the largest gold mine in Europe. AHMA is involved in other mine developments in Finland and is experienced in negotiating issues and permitting.

Technical information relied upon and which is being reported in today's release, includes data obtained largely from the Finnish Geological Society (GTK) and from claim reports filed by Outokumpu Oy. As far as can be determined, grades reported are expressed only as sulphide and do not include nickel and copper contained in the silicate rock-forming minerals. The work done by the GTK and Outokumpu is of excellent quality however developments in recent years in EM technology and interpretation have significantly improved the effectiveness of this exploration method in discovering nickel and other sulphide mineralization.

On Behalf of the Board:

Daniel Hunter - CEO

Disclaimer

This release contains forward-looking statements that are based on the beliefs of FinMetal Mining Ltd.'s management and reflect FinMetal Mining Ltd.'s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. When used in this release, the words "estimate," "project," "believe," "anticipate," "intend," "expect," "plan," "predict," "may," "should," "will," "can," the negative of these words, or such other variations thereon, or comparable terminology, are all intended to identify forward-looking statements. Such statements reflect the current views of FinMetal Mining Ltd. with respect to future events based on currently available information and are subject to numerous assumptions, risks and uncertainties, including, but not limited to, risks and uncertainties pertaining to development of mining properties, changes in economic conditions and other risks, uncertainties and factors, which may cause the actual results, performance, or achievement expressed or implied by such forward-looking statements to differ materially from the forward-looking statements.

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