FIRST METALS INC. ANNOUNCES DEFAULT IN FILING FINANCIAL STATEMENTS

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.

SOURCE First Metals Inc.

For further information:

please contact Michael Churchill, President and CEO, at (416) 594-3223

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First Metals Inc.

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