First Metals Inc.
TSX : FMA

First Metals Inc.

April 25, 2008 18:24 ET

First Metals Obtains Updated NI 43-101 Report on Fabie Bay Mine

TORONTO, ONTARIO--(Marketwire - April 25, 2008) - First Metals Inc. (TSX:FMA) is pleased to report that it has received its updated National Instrument 43-101 Technical Report ("the Report") on the Fabie Bay-Magusi Property, near Rouyn-Noranda, Quebec.

The Report confirms that the Fabie deposit contains a mineral resource (Measured & Indicated) of 592,300 tonnes averaging 3.02% Copper, at a cut-off grade of 1.5% Copper. This has been converted to a Mineral Reserve of 601,000 tonnes averaging 2.83% Cu at a cut-off grade of 1.5% Cu which includes allowances for mining extraction and dilution (Proven 396,000 tonnes at a grade of 2.90% Cu and Probable - 205,000 tonnes at a grade of 2.69% Cu). The Report, prepared by Scott Wilson Roscoe Postle Associates Inc. ("Scott Wilson RPA"), will be filed on SEDAR and will also be posted on the company s web site.

Using a U.S.$3.00 per pound base case, the Scott Wilson RPA Report concluded that the project was profitable. At current copper prices of approximately U.S.$4.00 per pound, Fabie s total cash cost of U.S.$1.38 per pound of copper (mining transportation and milling) makes this a highly profitable and robust operation.

First Metals C.E.O., Richard Williams, noted that while processing of copper material was initiated in late November of 2007 on a test mining basis, the review carried out by Scott Wilson RPA serves the dual purpose of an independent audit of the mining and milling operations and also makes the operations fully compliant with the N-I 43-101 regime. By having an independent verification of the mineral resource and the costs associated with the production and processing of the ore, management is now able to publicly speak of ore, revenue, earnings, and profitability.

Charles Gryba, P.Eng, First Metals C.O.O. and V-P Business Development, is the Qualified Person under N.I. 43-101 who has verified and approved the technical content of this release.

First Metals has brought into production the Fabie copper deposit into production in 19 months and is now planning the development of the Magusi copper, zinc, gold and silver deposit near Rouyn-Noranda. FMA is listed for trading on the Toronto Stock Exchange and has approximately 39 million shares issued and outstanding.

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