🕐16.10.08 - 22:36 Uhr

FMA News - Awarded Development of the Year Honours and Fabie Mine Life Continues to be Extended.



FIRST METALS INC.
55 University Avenue, Suite 1010
TORONTO ON M5J 2H7
Tel: 416-594-3223 Fax: 416-862-2659
News Release "FMA" TSX

First Metals Inc.

Awarded Development of the Year Honours
Fabie Mine Life Continues to be Extended

October 16th, 2008- Toronto, Canada.

First Metals Inc.

("FMA"-T) is pleased to announce that
the Company"s Fabie Mine has been named Development of the Year by the Quebec Mineral
Exploration Association (Association de l"exploration minière du Quebec, AEMQ).

Since 1978, the
association has honoured the dynamism and entrepreneurship of companies and individuals who
contribute to develop the mineral exploration industry in Quebec.

The Fabie Mine was brought into commercial production in March of 2008 with a Mineral Reserve
of 601,000 tonnes averaging 2.83% copper (Cu) at a cut-off grade of 1.5% (Scott Wilson Roscoe
Postle Associates Inc.

National Instrument 43-101 Technical Report- April 7th, 2008).

Since April,
2008, an underground diamond drill has been mobilized to define the contacts of the main zone on
the developed mine levels.

To date, 2,809m of definition drilling has been completed on the 090,
105, 130 and 155 levels.

The continuous underground drilling has enabled the Company to outline
additional tonnes of resources in the main zone from levels 155 to 180, in the south hanging wall
zone (levels 090 to 155) and in a splay of the main zone from levels 090 to 130.
In total, an additional 68,245 tonnes grading 2.87% Cu have been added to the Fabie Mine as
indicated resources by the Company since this programme began.

Completion of the development
on level 155 is planned by mid-November, 2008 Included in the development is a drill base which
will permit additional diamond drilling to finalise the definition of the main zone, below the 180
level.

Results of the planned underground diamond drilling should be compiled by mid December.
In August, 2008, the Company also announced that it had intersected 2.49% Cu over 3.33 meters,
140 meters below the lowest level of the mine in drill hole FMI-08-13.

Down hole geophysics has
recently been carried out on this and two other exploration holes below the Fabie Deposit.
Interpretation of the geophysical results is pending.
Michel Plasse, geo., and Chief Geologist for the Fabie and Magusi projects, is the Qualified Person
pursuant to National Instrument 43-101 who has reviewed and approved the technical content of this
release.

First Metals Inc.

is a copper producer and is currently advancing a second project, the Magusi
Copper, Zinc, Gold and Silver deposit, located 1.2 kilometres away from its Fabie Mine.

The
Company has approximately 42.8 million shares issued and outstanding.

For further information, please visit the Company"s web site at www.firstmetalsinc.com or contact
Richard Williams, President and CEO at (416) 364-3123 or e-mail:.

 




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