FIRST METALS INC. ANNOUNCES DEFAULT IN FILING FINANCIAL STATEMENTS

TORONTO, May 3 /CNW/ -- 
TORONTO, May 3 /CNW/ - First Metals Inc (FMA.H-NEX) (the "Corporation") wishes to advise that it will be late filing its audited financial
 statements and MD&A for the year ended December 31, 2010 (the
 "Financial Disclosure") which were to be filed on or before May 2, 2011
 pursuant to relevant securities laws.


The delay in filing the year end statements and the resulting default
 are due primarily to a lack of available funding.


Should the Corporation fail to SEDAR file the Financial Disclosure on or
 before May 2, 2011, it is anticipated that the OSC will impose a cease
 trade order that all trading in securities of the Corporation cease for
 such period specified in the OSC order.


The Corporation is not subject to any insolvency proceeding and there is
 no other material information concerning the affairs of the Corporation
 that has not been generally disclosed.


Some of the statements contained in this release are forward-looking
 statements, such as estimates and statements that describe the
 Corporation's future intentions, plans, objectives or goals, including
 words to the effect that the Corporation or management expects a stated
 condition or result to occur. Since forward-looking statements address
 future events and conditions, by their very nature, they involve
 inherent risks and uncertainties. Actual results in each case could
 differ materially from those currently anticipated in such statements.


Neither TSX Venture Exchange nor its Regulation Services Provider (as
 that term is defined in the policies of the TSX Venture Exchange)
 accepts responsibility for the adequacy or accuracy of this release.


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p please contact Michael Churchill, President and CEO, at [phone] /p 

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