Primary Metals Inc.
TSX VENTURE : PMI

Primary Metals Inc.

October 23, 2006 09:30 ET

Primary Metals Receives US$380,000 for Past Debt Settlement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 23, 2006) - Primary Metals Inc. ("Primary" or the "Company") (TSX VENTURE:PMI) is pleased to announce the receipt of US$380,000 from S.A. Minera Regina en Liquidacion ("Minera Regina") in settlement of certain past debts. Minera Regina was previously a subsidiary of the Company with tungsten properties in Peru and funds had been loaned to Minera Regina before it declared bankruptcy several years ago. The loans had been fully written down at that time and the current payment has been received as a result of reactivation of Minera Regina by an unrelated third party.

Primary Metals Inc. is a TSX Venture Exchange listed company, which 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. Further 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.

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