HMZ Metals Inc.

HMZ Metals Inc.

February 21, 2008 18:00 ET

HMZ Provides Corporate Update

TORONTO, ONTARIO--(Marketwire - Feb. 21, 2008) - HMZ Metals Inc. ("HMZ" or the "Company") HMZ provides its bi-weekly update pursuant to the Management Cease Trade Order announced April 18, 2006.

Financial Statements

As indicated in the Company's previous news release, the preparation of both audited financial statements for the year ended December 31, 2006 and unaudited interim financial statements for fiscal 2007 is progressing. The Company is working towards filing the above referenced financial statements and related disclosure documents on or before March 10, 2008 which filings will bring the Company current in its on-going disclosure obligations.

CNQ Listing Approval

As previously announced, the Company has received conditional listing approval from CNQ. Trading of the Company's common shares under the symbol "HMZA" is subject to:

- the filing of all outstanding financial statements as of the date of final approval

- the prior remedy of any cease trade order or default of a securities commission

The CNQ reserves the right to amend or waive any of the above conditions prior to final approval.

China, other Initiatives

Previously announced legal initiatives against the Company's Chinese joint venture partner are progressing. The Company is engaged in preliminary negotiations regarding potential new projects inside China and recently conducted a site visit in a neighbouring country and continues with assessments of North American projects.

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