First Metals Inc.

First Metals Inc.

February 09, 2010 19:19 ET

First Metals Inc. Announces Asset Sales and CFO Resignation

TORONTO, ONTARIO--(Marketwire - Feb. 9, 2010) - First Metals Inc (TSX:FMA) ("FMA" or the "Corporation") is pleased to announce today the sale of certain parts and inventory in the aggregate amount of $750,000 payable over 18 months to Trelawney Mining and Exploration Inc. (TSX:TRR). The parts and inventory are considered by management to be non essential to FMA's current operations. Proceeds from the sale will be used to continue mine shut down and remediation efforts pursuant to the mine shut down plan filed with the government of Quebec.

FMA has accepted the resignation of its Chief Financial Officer, Jim Wilson effective immediately. FMA has commenced a search to find a suitable candidate for a Chief Financial Officer to replace Mr. Wilson.

About FMA

First Metals Inc. is a resource company with two main Zinc-Copper deposits, Fabie Bay and Magusi River. Fabie Bay was producing until December 2008 when production was suspended. The company filed a proposal under Part III of the Bankruptcy and Insolvency Act in April 2009. The company received approval for is proposal under Part III of the Bankruptcy and Insolvency Act in June 2009.

Richard Williams and Jay Richardson who had held their respective positions of President-CEO and Secretary-Treasurer since July 22nd 2008, were terminated by the board effective January 8th, 2010. Michael Churchill was installed by the board January 8th, 2010 as President and CEO with a specific mandate to assess and report on the financial and operational status of FMA, formulate a new operational and reorganization plan, and then implement the plan.

Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Corporation's future intentions, plans, objectives or goals, including words to the effect that the Corporation or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

Contact Information

  • First Metals Inc.
    Michael Churchill
    President and CEO
    (416) 594-3223