FIRST METALS INC. COMPLETES SALE OF PROPERTIES

TORONTO, April 4 /CNW/ -- 
TORONTO, April 4 /CNW/ - First Metals Inc (FMA.H-NEX) (the "Corporation") announced today that pursuant to its ongoing restructuring process
 that it has completed the disposition of its Fabie Bay and Magusi River
 properties, together with certain assets related thereto, for aggregate
 consideration of $500,000 payable in common shares of Globex Mining
 Enterprises (TSX:GMX) at a deemed issue price of $3.00 per share.  The
 net proceeds of this sale will be used to repay amounts owing to the
 Corporation's secured noteholders.


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

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