Essential Power…Infinite Possibilities

September 14, 2011

Formation Metals' Idaho Cobalt Project Construction Crew Resume Operations

Vancouver, B.C., September 14, 2011, Formation Metals Inc. (FCO-TSX) (the “Company”) announced today that its 100% owned subsidiary, Formation Capital Corporation, U.S., has been informed by the United States Department of Agriculture Forest Service (the “Forest Service”), that effective 10 P.M., September 13, 2011, the Forest Service has authorized access to the Idaho Cobalt Project (ICP) mine site to resume construction operations subject to certain conditions. Such conditions include the transportation of ICP personnel to the mine site under a convoy limited to travelling between the morning hours of 6 A.M and 8 A.M. and evening hours of 5 P.M and 7 P.M. and limit their speed to 25 mph. In addition, all heavy equipment transport of supplies that require oversized vehicles will be limited between the hours of 10 P.M. and 8 A.M. An evacuation order was previously in effect due to the Salt Fire burning in the Salmon-Challis National Forest as announced in the Company’s news release dated September 8, 2011.

Formation Metals Inc. is a well established, mineral exploration, development and refining company that 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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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.

View the Previous News Release:
September 8th, 2011, Formation Metals Provides Construction Update on Idaho Cobalt Project
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October 6th, 2011, Formation Metals' Bond Issuers Extend Date For Idaho Cobalt Project Credit Facility