First Metals Inc. Clarifies Kaskattama Inc. News Release

First Metals Inc. (TSX VENTURE:FMA.H) ("First Metals") has issued this release
to clarify statements made in a news release issued by Kaskattama Inc. on
October 22, 2010. In its release Kaskattama referenced the fact that First
Metals and Kaskattama previously entered into a pre-merger agreement to complete
an amalgamation transaction. While this statement is in fact accurate and
consistent with First Metals' prior disclosure, what Kaskattama did not disclose
in its release is that it has failed to satisfy certain conditions by the
October 15, 2010 deadline set forth in such agreement and that First Metals had
notified Kaskattama that as a result of this failure that such agreement was
terminated. While First Metals and Kaskattama have been in discussions regarding
an extension of this agreement, there is no assurance that such an agreement
will be successfully concluded.


In the meantime First Metals continues to review all of its options including an
orderly winding up of the company.


The statements made in this news release may contain certain forward-looking
statements. Actual events or results may differ from the Company's expectations.
Certain risk factors may also affect the actual results achieved by the Company.