FIRST METALS INC. ANNOUNCES DEVELOPMENTS IN RESTRUCTURING PROCESS

TORONTO, Feb. 21 /CNW/ -- 
TORONTO, Feb. 21 /CNW/ - First Metals Inc (NEX: FMA.H) (the "Corporation") announced today that pursuant to its ongoing restructuring process
 that it has executed an agreement for the disposition of certain of its
 heavy equipment for total cash proceeds of $1,100,000. The completion
 of the sale, which is to be made through a receiver being appointed by
 the Corporation's secured creditors, is expected to close upon
 completion of certain regulatory procedures in the Province of Quebec
 associated with the restructuring process.


About FMA


First Metals Inc. is a resource company with two main Zinc-Copper
 deposits, Fabie Bay and Magusi River.  Fabie Bay was producing until
 December 2008 when production was suspended.  The company filed a
 proposal under Part III of the Bankruptcy and Insolvency Act in April
 2009.  The company received approval for is proposal under Part III of
 the Bankruptcy and Insolvency Act in June 2009. 


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.


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pMichael Churchill, President and CEO, at [phone]/p

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