Press ReleaseSource: First Metals Inc.

First Metals Declares Commercial Production at the Fabie Mine
Monday April 28, 10:01 am ET

TORONTO, ONTARIO--(MARKET WIRE)--Apr 28, 2008 -- First Metals Inc. (Toronto:FMA.TO - News) is pleased to report that it achieved commercial production as of March 1, 2008 at the Fabie Bay Mine. During the month of March, 44,500 tonnes of copper ore, grading 2.56% Cu were mined and trucked from the Fabie Bay Mine near Rouyn-Noranda, Quebec.

In March, 42,000 tonnes were milled at the Xstrata Horne mill and smelter facilities. Mill recoveries averaged 90% at a 21% concentrate grade. Gross metal production was 2.1 Million pounds of copper. Subject to final assays, payable metals will be approximately 1.9 million pounds. Actual revenues generated will be based upon the average price of copper on the London Metal Exchange for the month of June. If today's copper price (U.S.$ 3.95/lb) was used, this would represent U.S.$ 7.5 million in gross revenue.

First Metals' CEO, Richard Williams noted that "the work of the mine staff, the project consultants and Xstrata Copper was gratefully acknowledged. The Company achieved commercial production within 2 years and is now producing some 2 million pounds of copper per month. At current copper prices, this is a very profitable undertaking."

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.

Under the terms of the 2006 Purchase Agreement, First Metals Inc. is issuing 3,886,018 common shares to Globex Mining Enterprises Inc. (Toronto:GMX.TO - News) and welcomes Globex as a significant shareholder.

First Metals is bringing into production the Fabie copper Mine and the Magusi copper, zinc, gold and silver deposit near Rouyn-Noranda. It is listed for trading on the Toronto Stock Exchange and has 42,746,198 shares issued and outstanding.


Contact:
     Contacts:
     First Metals Inc.
     Richard Williams
     CEO
     (416) 364-3123
     Email: info@firstmetalsinc.com
     Website: http://www.firstmetalsinc.com
      

Source: First Metals Inc.


Mail to Friend Email Story
Alerts Set News Alert
Printer
Version  Print Story 


Copyright © 2008 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
Copyright © 2008 Marketwire. All rights reserved. All the news releases provided by Marketwire are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.