Essential Power…Infinite Possibilities

June 15, 2010

Formation Metals Finalizes Agreement for Powerline Right of Way on Idaho Cobalt Project

Vancouver, B.C., June 15, 2010, Formation Metals Inc. (FCO-TSX) (“Formation”) is pleased to announce that its 100% owned subsidiary, Formation Capital Corporation, U.S., (the “Company”) has completed a Powerline Agreement (the “Agreement”) with Noranda Mining Inc. and Intalco Aluminum Corporation, to provide power for use by the Company in its operations relating to its 100% owned Idaho Cobalt Project.

“This Agreement signals a new era of cooperation between Formation and our neighbours”, stated Bill Scales, President of Formation Capital Corporation, U.S. “We share the common objectives of sustainable development and environmental stewardship, and this Agreement is a good example of that. The joint use of a single powerline corridor between two parties just makes good environmental and economic sense.”

Mari-Ann Green, CEO of Formation Metals commented, “This Agreement is only one of the many ways that working together can benefit all stakeholders. We look forward to a mutually rewarding working relationship and will continue to build on this association based on our Good Neighbour Policy.”

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”
Mari-Ann Green,
C.E.O.

For further information please contact:
E.R. (Rick) Honsinger, P.Geo., V.P. Corporate Communications
Formation Metals Inc., 1730 — 999 West Hastings Street, Vancouver, BC, V6C 2W2
Tel: 604-682-6229 - Email: inform@formationmetals.com — Web: formationmetals.com

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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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