TORONTO, April 4, 2011 /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.