Primary Metals Inc.
TSX VENTURE : PMI

Primary Metals Inc.

November 01, 2006 17:21 ET

Primary Metals Announces Chief Financial Officer; Stock Options Granted

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 1, 2006) - Primary Metals Inc. ("Primary" or the "Company") (TSX VENTURE:PMI) is pleased to announce that Donald Smith, has been appointed Chief Financial Officer and Secretary of the Company effective November 1, 2006. Mr. Smith brings over 30 years of experience in financial management to Primary and has a demonstrated track record in strategic planning and business growth.

Mr. Smith is a Chartered Accountant and holds a Masters degree in Business Administration from Simon Fraser University, with an emphasis on Strategic Analysis. He has served as CFO, Corporate Controller and Corporate Secretary for various public and private companies in British Columbia and is a member of the Simon Fraser University Senate.

"We are delighted to welcome Don Smith to the Company at a time when we are poised for growth," said Lewis Black, Chairman and CEO of Primary. "We continue to assess improvements in efficiencies and cost control at our profitable tungsten mine and are reviewing new opportunities for acquisition. His experience in this regard will be highly valued."

The Company has granted Mr. Smith a five-year option to purchase 75,000 common shares in accordance with TSX Venture Exchange guidelines and the Company's stock option plan ("the Plan"). The options will bear a four-month hold period and are subject to vesting over an 18-month period, in accordance with the terms of the Plan. Mr. Smith's appointment is subject to regulatory approval.

Primary Metals Inc. owns 100% interest in the Panasqueira tungsten mine in Portugal, currently producing wolframite concentrates containing some 100,000 MTU's of tungsten trioxide per annum with further improvements underway. Information about the company is available on the company's website at www.primarymetals.ca and under the company's profile at www.sedar.com.

On Behalf of the Board of Directors,

James Robertson, P. Eng., Director


The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release.

Contact Information