VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/09/09 -- Formation Metals Inc. (formerly "Formation Capital Corporation") (TSX: FCO) (the "Company") announced today that, in preparation for the finance phase of construction of the 100% owned Idaho Cobalt Project, the Company's name has been changed to "Formation Metals Inc." and all of its issued and fully paid common shares without par value have been consolidated on a 7 old for 1 new share basis. Upon the name change becoming effective for trading purposes on the TSX, the consolidated shares of the Company will continue to trade under the symbol "FCO".

"Formation Metals more accurately reflects the coming changes in the Company as we move the Idaho Cobalt Project to production. The share consolidation provides the Company more flexibility to finalize the best possible arrangements for financing the capital costs of the project," stated Mari-Ann Green, Chairman and CEO. "This is a new era for the Company and the new share structure will align the Company with a peer group of base metal producers."

Letters of Transmittal will be sent advising that one (1) common share of Formation Metals Inc. will be issued in exchange for every seven (7) common shares of Formation Capital Corporation outstanding. No fractional shares will be issued. The Toronto Stock Exchange has conditionally accepted notice of the name change and consolidation and it is anticipated that the Company's common shares will commence trading on the TSX on a consolidated basis under the name Formation Metals Inc., with the stock symbol "FCO", on or about November 13, 2009.

Formation Metals Inc. is dedicated to the principles of environmentally sound mining and refining practices, and believes that environmental stewardship and mining can co-exist. The Company trades on the Toronto Stock Exchange under the symbol FCO.

Formation Metals Inc.

Mari-Ann Green, C.E.O.

The statements contained in this news release in regard to Formation Metals Inc that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Formation Metals Inc.'s beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof and are based on information available to the parties as of such date. It is important to note that actual outcome and the actual results could differ from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties such as technological, legislative, corporate, commodity price and marketplace changes.