HMZ Metals Inc.

HMZ Metals Inc.

October 20, 2006 16:00 ET

HMZ Provides Corporate Update

TORONTO, ONTARIO--(CCNMatthews - Oct. 20, 2006) - HMZ Metals Inc. ("HMZ" or the "Company")(TSX:HMZ) provides bi-weekly update pursuant to the Management Cease Trade Order announced April 18, 2006.

The Company continues to work towards a resolution of differences with its Chinese joint venture partner and is in the process of launching several initiatives in an effort to impose a definitive settlement of all outstanding issues in order to provide a viable framework for future operations.

Further to the Letter of Intent announced September 28, 2006 the Company continues its due diligence review of a number of new projects as part of its plans to diversify operations in China by expanding its management expertise and operational capacity exclusive of the Company's current joint venture partner.

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