First Metals Inc.

First Metals Inc (TSX: FMA) is pleased to provide shareholders with the following project update on the Magusi Zinc, Copper, Gold and Silver deposit, near Rouyn-Noranda, Quebec.

Since successfully bringing the Fabie Bay copper deposit into production, senior management has been proceeding with advanced development of the much larger Magusi deposit. The Magusi deposit is located 1.2 km west of the Fabie Mine. It extends from near surface to 700 meters. A road to the site has been constructed and a ramp collar location has been cleared and stripped.

The Company has applied for and received from the Quebec Ministry of Sustainable Development, Environment and Parks, permission to develop an underground access ramp to extract a 50,000 tonne bulk sample from Magusi and construct the infrastructure required to complete this task.

Diamond drilling has shown that the mineralization is strongly zoned with some discreet areas of massive sulphides containing elevated zinc, gold and silver values and other areas containing elevated copper and silver values. The inferred mineral resources at Magusi are estimated to be as follows:

 Area                 Tonnes  Zinc(%) Copper(%)   Gold (g/t) Silver (g/t) Zinc-Rich Lens    1,230,000     7.1       0.4         1.89           29 Copper-Rich Lens    838,860     0.3       3.3         0.22         39.1 Notes: 1. CIM definitions were followed for Mineral Resources. 2. Metal Prices: C$ 2.07/lb Cu, C$ 0.73/lb Zn C$ 530/oz Au     and C$ 8.85/oz Az. 3. Micon International Ltd. estimated the inferred mineral resources     at Magusi in 2006. Scott Wilson RPA reviewed the methodology in     2008, and believes the resources to have been properly classified. 

The Phase I Program of surface diamond drilling, metallurgical test work, crown pillar rock mechanics and the upgrade of the resource estimates is scheduled for completion by the end of July. This Program should provide the information to enable the Company to complete an economic evaluation of the deposit (i.e. a Scoping Study).

The 2.1 million tonne Magusi resource was based largely upon historical diamond drill data generated by various companies between the 1970′s and 1990′s. In the past 12 months, using up to 3 drills, FMA has been carrying out 20m X 20m delineation drilling of the deposit above the 350m level. Approximately 25,000m of drilling has been completed, with 2,000m (6 holes) to complete. An updated resource calculation is expected by the end of June.

Metallurgical testing has been initiated at SGS Lakefield under the direction of consultant Peter Godbehere. Mineralogically, Magusi has been described as a Noranda type VMS deposit consisting predominantly of fine grained pyrite with subordinate chalcopyrite and sphalerite with recoverable gold and silver values. The metallurgical testing program should be completed in June.

One of the goals of the program is to determine optimum metal recoveries and concentrate grades for zinc and copper so that block modeling and economic analysis be completed. In this regard, management has retained the services of Scott Wilson RPA. In addition, the program will provide input data for mill circuit design and mill environmental permitting, both of which are needed to determine mill modification capital costs and to conclude a custom milling agreement with Xstrata Copper. The Horne Mill, which is presently processing Fabie Mine ore, has processed zinc ore in the past.

In February, 2008, management contracted Golder Associates Ltd. to carry out a crown pillar stability analysis. This is a key requirement for obtaining a mining permit under the Quebec Mining Act. In order to complete the assessment, Golder identified up to 10 geotechnical and hydrology diamond drill holes needed to provide the data for the study. A fourth drill was secured in April to carry out this work. Golder estimates that their study will be submitted to management in mid-June.

The Phase II Program is designed to access mineralization via a decline from surface. Ramp development is expected to start in late August.

An additional Toro 50 tonne truck and a Toro 1400 scoop-tram have been secured for this project. Phase II is scheduled to be completed by the end of 2008. This Phase will include upgrading the inferred resources to proven and probable reserves, refining capital and operating costs, as well as generating a preliminary construction and development schedule. Much of the preparatory work for Phase II has been initiated. This will allow for the preparation of a detailed mining plan and the completion infrastructure engineering and environmental and other permitting. Scott Wilson RPA has reviewed the program and expenditures proposed by FMA and considers them to be appropriate.

C.E.O. Richard Williams remarked that "Our goal is to achieve a smooth transition from the Fabie Mine to the Magusi deposit. The proximity of the 2 deposits certainly gives us a nice head start, as much infrastructure and a full mine development team is already in place. Exploration, designed to extend the Fabie mine life, will also be actively pursued. We look forward to reporting on all of these initiatives on a regular basis."

Charles Gryba, P.Eng. and First Metal’s C.O.O., is the Qualified Person under National Instrument 43101 who has reviewed and approved the scientific content of this release.

To view a Local Geology map for the Fabie Bay Project, please visit the following link: http://media3.marketwire.com/docs/FMA527.pdf

First Metals Inc. is a copper producer that is currently profitably producing from the Fabie Bay Mine while advancing the Magusi project that contains copper, zinc, gold and silver. The Company is listed on the Toronto Stock Exchange and presently has approximately 42.8 million shares issued and outstanding.

We seek Safe Harbour.

 Contacts: First Metals Inc. Richard Williams C.E.O. (416) 364-3123 Email: rick.williams@firstmetalsinc.com

SOURCE: First Metals Inc.