First Metals declares commercial production at the Fabie Mine

First Metals Inc. has 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.

Under the terms of the 2006 Purchase Agreement, First Metals Inc. is issuing 3,886,018 common shares to Globex Mining Enterprises Inc. (GMX-T) 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.