Formation Signs EPCM Letter of Intent with JDS for Idaho Cobalt Project

Formation Metals Inc. (TSX:FCO) ("Formation") announced today that its 100%
owned subsidiary, Formation Capital Corporation, U.S. (the "Company"), has
signed a Letter of Intent with JDS Energy & Mining Inc.'s subsidiary ("JDS") for
Engineering, Procurement and Construction Management services for the Idaho
Cobalt Project ("ICP"). 


"The Project Management Services JDS will provide are the cornerstone to a
successful and economically sound mining project," stated Mari-Ann Green, CEO of
Formation Metals Inc. "After negotiating with JDS for quite some time, we are
extremely pleased to now be working with such a well respected, sought after
company in this endeavour with a comprehensive plan for the ICP in place."


JDS will work on a target based project risk/reward basis that will include an
on-budget, on schedule and no harm execution accountability. Project development
will be approached in three stages; Stage 1: Comprehensive overall project
design and execution review to enhance the Idaho Cobalt Project; Stage 2:
Detailed design, procurement and contract execution, and; Stage 3: Construction
management through to commissioning and handover. Formation is confident that
together with JDS it can reduce the cost, reduce the risk and enhance the value
potential and long term success of the ICP.


"Through the leadership of Mari-Ann Green and her team, this project has
developed into a resource that can now be fully realized," says Jeff Stibbard
President, JDS Energy & Mining. "We welcome the opportunity to participate in
Formation's Cobalt Project."


Ms. Green further commented, "With JDS's technical support on the project,
Management is focusing its efforts on ICP mine finance. This includes securing a
credit facility necessary for the release of the US $77.7 million in proceeds,
held in trust, from the recently issued Recovery Zone Facility Bonds (see
December 31, 2010 Formation news release)." These funds will be used for the
construction of the ICP.


About JDS Energy & Mining Inc.:

JDS has extensive experience with successful large-scale resource developments
in Canada, including a diamond mine in the Arctic, major oil sands projects in
Alberta and a copper mine in Yukon, among many other projects throughout the
world. Their team consists of about 25 full-time specialists and four industry
associates who work together on a project-specific basis. Their motto is "You
have a resource. You have a vision. We get it done". They extract maximum value
from their projects while balancing guiding management principles. More
information can be found on their company website at www.jdsmining.ca.


Jeff Stibbard, P.Eng., President & CEO

Jeff is the Founder and President of JDS Energy & Mining. He is a Mining
Engineer with expertise in mine design, construction and operation. Mr. Stibbard
has served or continues to serve as a Technical Advisor to numerous mining
companies including Capstone Mining Corp. (formerly Sherwood Copper Corp.),
Stornoway Diamond Corp., Tenajon Resources Corp. and MegaMoly Corp. His
extensive experience includes: Mining Manager, BHP Ekati Diamond Mine which
included initial design, permit and construction of the project. He served as
the General Manager of Mining, Albian Sands Energy Inc., Fort McMurray. He was
accountable for leading the design, construction and operation of the 450,000
tpd Muskeg River Oilsand Mine and Tailings Dyke. Prior to Albian Sands, he was
one of the original founding members of Western Oilsands Inc. a 20% partner in
the development of the Shell Muskeg River Mine, Fort McMurray. Since founding
JDS in 2005, the company has been involved in the design, permit, construction,
operation and maintenance of multiple successful projects. He has also served as
a Director of Stornoway Diamond Corp. Mr. Stibbard received a BASc. in Mining
Engineering, from the Montana School of Mines in 1987.


Gordon Bussieres, V.P. Construction 

A long term JDS employee, Gordon has been with the company since its inception
and has participated in every major JDS project undertaken. Over-seeing all JDS
field operations with particular attention to project reporting, site safety and
logistics management, Gordon's attention to detail and organizational control
ensures projects remain on budget and on schedule. He has over 20 years of
industry experience with a proven track record for completing of projects on
time and within budget. Gord worked as a Project Manager on Farallon Resources'
$150M G-9 Project in Mexico. He was a Construction Manager at Capstone Mining
Corp. (formerly Sherwood Copper Corp.), $100M Minto Mine and before that he was
Mine Manager and Expansion Manager at the $2B Muskeg River Mine in Alberta.


Wayne Corso, V.P. Engineering 

Wayne has been with JDS since 2007, but has had a long professional relationship
with the principles of the company. He received his Mining Engineering degree
from the Colorado School of Mines in 1984 and got his start in the Mining
industry underground at Homestake Mining. Since then Wayne has, through
positions of increasing responsibility, planned, coordinated, and directed
resources and activities for a wide variety of projects first for Homestake and
later for BHP Minerals. From the BHP Minerals Mine services group, he supported
exploration, new business development and operations with engineering analysis
and economic evaluations for various projects. He was eventually recruited to
join the bulk sampling and development team at Ekati Diamonds in Canada's NWT
where he played an instrumental part in the permitting and development of the
project. Wayne brings engineering and management skills to the team along with a
dose of practical creativity aimed at making projects work. He brings knowledge
from a diverse portfolio of experience ranging from successfully managing
high-tech projects with a low-tech mindset, to getting the most out of a local
gravel operation, to keeping a team focused on the prize in multimillion dollar
projects.


About the Idaho Cobalt Project:

The 100% owned Idaho Cobalt Project is a unique, fully environmentally permitted
primary cobalt deposit that will be capable of producing high purity cobalt
metal. Cobalt is used in a wide variety of environmental and high-tech
applications that include the re-chargeable battery and aero-space sectors.


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. Formation trades on the Toronto Stock Exchange under the
symbol FCO.


Formation Metals Inc.

Mari-Ann Green, C.E.O.

This press release contains "forward-looking statements" within the meaning of
applicable Canadian securities legislation. Generally, forward-looking
statements can be identified by the use of forward- looking terminology.
Forward-looking statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, performance or achievements
of the Company to be materially different from those expressed or implied by
such forward-looking statements. Although the Company has attempted to identify
important factors that could cause actual results to differ materially from
those contained in forward-looking statements, there may be other factors that
cause results not to be as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements. The Company does not undertake to update any forward-looking
statements that are contained herein, except in accordance with applicable
securities laws. Further information on the Company is available at
www.sedar.com.


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.
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