old formation metals stat sheet how do we compare nowCOMPANY DATA |INTRODUCTION | PROJECT IN HAND | MANAGEMENT NEWS UPDATE | CHINESE Address: Suite 1730 - 999 West Hastings Street Vancouver, B.C. Canada V6C 2W2 Tel No.: (604) 682-6229 Fax No.: (604) 682-6205 Toll Free No.: 1-866-255-9764 Web Site: www.formationmetals.com Corporate Email: inform@formationmetals.com Contact Person: Rick Honsinger Position: V.P. Corporate Communications COMPANY DATA Traded Market: TSX Traded Symbol: FCO Outstanding Shares: 90.68 Million Public Float: Approx. 18 Million 52 Week High: $ 2.76 52 Week Low: $ 0.65 Present Price: Click Here INTRODUCTION 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 through its wholly owned subsidiaries, has interests in base, precious metal and uranium projects in Canada, the United States and Mexico. The Company's flagship property, the 100% owned Idaho Cobalt Project, is a primary cobalt mine located in Salmon, Idaho. The Big Creek Hydrometallurgical Complex which includes the Sunshine Precious Metals Refinery, also 100% owned and located in Idaho, will process the Idaho Cobalt Project concentrate into LME grade high purity cobalt metal suitable for next generation Lithium-Cobalt-Ion rechargeable batteries used in hybrid and electric vehicles and for critical applications in the super-alloy sector such as jet turbine blade production. Cobalt consumption grew at an estimated +8% annual growth rate over the last decade. PROJECT IN HAND (1) Idaho Cobalt Project, Idaho, USA The Company's 100%-owned Idaho Cobalt Project, located 26 miles west of Salmon in east central Idaho, is a unique, fully permitted primary cobalt deposit with future production estimates of over 1,500 tons (approximately 3.3 million pounds) of super-alloy grade high purity cobalt metal per year over a minimum ten year mine life. The project's output will be equivalent to 3.3% of the entire global cobalt supply and it will be able to feed 14.9% of North American demand for cobalt. The US consumes approximately 60% of the world's high purity cobalt, yet does not have any current domestic source of cobalt. The Idaho Cobalt Project has received a positive National Instrument 43-101 compliant Bankable Feasibility study, a final Environmental Impact Statement and positive Records of Decision from both the US Department of Agriculture National Forest Service and the U.S. Environmental Protection Agency. Phase I Construction was completed in 2010 and the completion of an $80 million financing has allowed the Company to plan for Phase II Construction, scheduled to commence before the end of Q2 2011. Initial cobalt production is targeted for Q2 2012. Earnings Projections: Average net cash flow $34 million per year over a 10 year mine life utilizing $22.52/lb cobalt. Strong political support includes members of the US Congress and US Senate. Idaho's Governor stated, "Clearly, your (Idaho Cobalt) project will better the lives of people in Idaho as well as across the country and the world". Public shows support at meetings held by the United States Forest Service on Idaho Cobalt Project's Draft Environmental Impact Statement. Proven and Probable Reserves of the project currently stand at 2.636 million tons grading 0.559% cobalt, 0.596% copper and 0.014 ounces per ton gold utilizing a 0.2% cobalt cut-off for a ten year mine life. This represents contained metals in a Proven and Probable Reserve category of 29.5 million pounds of cobalt, 31.4 million pounds of copper and 37 thousand ounces of gold. In addition, there are Inferred Resources of 1.122 million tons grading 0.585% cobalt, 0.794% copper and 0.017 ounces per ton gold, representing contained metal of 13.1 million pounds of cobalt, 17.8 million pounds of copper and 19 thousand ounces of gold. The potential to dramatically increase reserves is considered excellent with a district potential of 50 million tons. The project contains over 20 distinct target zones and of those only four have been drilled to date. Of those four, only one deposit, the Ram deposit, is being used in the calculations of reserves and resources in the current mine plan. This deposit remains open at depth and along both strike directions. (2) Big Creek Hydrometallurgical Complex / Sunshine Precious Metals Refinery, Idaho, USA The unique 100%-owned Big Creek Hydrometallurgical Complex, which includes the Sunshine Precious Metals Refinery, is located 200 miles north of the Idaho Cobalt Mine, located in the world famous Silver Valley of Idaho. These processing facilities include hydrometallurgical leaching capabilities and separate silver and gold refining capabilities. Formation's wholly owned subsidiary Essential Metals Corporation obtained the facility due to its ideal location and for its hydrometallurgical equipment that can be modified to handle cobalt concentrate production from Formation's 100% owned Idaho Cobalt Project. The cobalt concentrate will utilize the leaching process established at the plant, leaving the precious metals refining section open for producing high purity silver bullion and gold. Essential Metals Corporation opened the doors of the Sunshine Precious Metals Refinery in June of 2004 for custom refining services and is currently processing client materials. The operating Sunshine Precious Metals Refinery is a zero discharge, expansion capable facility that continues to attract customers, escalate production and increase revenues.