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First Metals Inc

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By dquinton

Posted: Wednesday Aug 27 4:06:41PM 2008

Probably not using the defined resource but they are working to expand the resource and Magusi should be ready to go if needed by early 2009.

By Bobwins

Posted: Wednesday Aug 27 9:08:13AM 2008 Good news out today. More copper rich ore and mill is operating close to capacity of 1500tpd. Q3 will likely show incremental improvement over Q2 so we should be in double digits for eps. .11? The ore is calculated at 33,000 tonnes or about one month of operations but that is open at depth and deep drilling below the existing reserves seems to indicate more ore. Need to wait for assays but Fabie Bay appears to have more ore than the original 18 month estimate. Any extension in Fabie is good because it gives them more time to develop Magusi and get ready for the transition to the different ore. Bobwins

By Bobwins

Posted: Monday Aug 11 10:51:50AM 2008 selling off -.09 to C$.71. Production lowerd than capacity due to mechanical problems. Still made .08eps so selling at a forward p/e of 2! Reserves still an issue. This is cheap but low reserve life, weaker forecast for world growth and demand for copper are behind this. Commodities are weak and so anything less than perfection is still slipping daily. Bobwins Monday August 11, 9:44 am ET TORONTO, ONTARIO--(Marketwire - Aug. 11, 2008) - First Metals Inc. (TSX:FMA - News) is pleased to report its Second Quarter Results for the period ended June 30, 2008. ADVERTISEMENT During the Quarter ended June 30, 2008, the Company reports earnings of $3,515,579, equal to $0.08 per share, with net revenues of $16,705,830 from the sale of 4,820,065 pounds of Copper, 76 ounces of Gold and 3,600 ounces of Silver. During the Second Quarter of 2007, when the Company had no revenues from production, it reported a net loss of ($739,347) equal to ($0.02) per share. During the Second Quarter of 2008, the Company also received an additional $1,323,346 as a result of final settlements for production during the pre-operating period. This amount is not included in the earnings for the period. Net pre-operating revenues, totaling $7,449,056, have been received and credited to deferred development. For the Six Month period ended June 30, 2008, the Company generated net earnings of $5,290,411, equal to $0.13 per share, with net revenues of $23,477,470 from the sale of 6,816,037 pounds of Copper, 119 ounces of Gold and 6,554 ounces of Silver. During the first Six Months of 2007, the Company reported a net loss of ($1,330,901) equal to ($0.04) per share. Since shipments of ore started last November, the Company has produced 10,607,404 pounds of payable Copper, which, when combined with the Silver and Gold credits, has resulted in estimated gross metal values of U.S. $40,742,000. Company President and CEO, Richard Williams, commented that "to date, the operations at the mine are going well. While production from the mine has met mill capacity, the mill has been plagued by a series of mechanical breakdowns and stoppages that reduced the daily average through-put during the quarter from the average design capacity of 1,500 tpd to just under 1,200 tpd. Staff and contracted mill maintenance specialists have been reviewing operating and preventive maintenance practices and have made a number of changes with a view to achieving higher throughput on a sustained basis. As the milling costs are essentially fixed costs, higher mill availability will directly contribute to higher net earnings." First Metals Inc. is a copper producer and is currently advancing a second project, The Magusi Copper, Zinc, Gold and Silver deposit, located 1.2 kilometres away from its Fabie Mine. The Company has approximately 42.8 million shares issued and outstanding. Contact: Richard Williams First Metals Inc. President & CEO (416) 364-3123 Email: Website:

By Bobwins

Posted: Wednesday Jun 11 11:14:37AM 2008 QIS just sent out a report on This is my biggest copper holding so hoping they get some respect for their upcoming Q2 report, which should show net profits in the .17 range vs the current .93 price. About 1.5 X eps!!! Short reserve life is the issue but they are proceeding with their second mine, Mangusi, shooting for Q2 startup. Bobwins

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