Re: Formation Metals Inc.

News Release Monday, May 30, 2011 Drilling on Formation Metals Uranium Project To Commence in June To: tsx Vancouver, B.C.

May 30, 2011 - Formation Metals Inc.

(the "Company", FCO-TSX,) is pleased to provide its shareholders with final results from the Virgin River Uranium Project 2010 drill program, as provided to the Company by project operator, Cameco Corporation (see Company News Release dated July 8, 2010).

Located within the south-central portion of the Athabasca Basin in northern Saskatchewan, the project is a joint venture between Formation Metals wholly owned Canadian subsidiary, Coronation Mines Ltd.., Cameco Corporation and AREVA Resources Canada Inc.

The joint venture has approved a budget of $3 million for continued drilling on the Virgin River project for 2011, expected to commence in early June.

Over $26.8 million has been spent on the project to date exploring for a large unconformity-type deposit that has resulted in the discovery of the Centennial Deposit.

The Centennial Deposit has been traced over 650 metres of strike length and has a minimum across strike width ranging from 10.0 metres to 52.5 metres.

The 2011 drill program will utilize two drill rigs on and immediately surrounding the current extent of the Centennial deposit with a focus on extending the deposit along strike to both the north and south.

High grade U3O8 intersections of up to 298 GT have been intersected within the deposit.

GT is defined as % grade U3O8 multiplied by thickness in metres. A total of 8,562.6 metres were drilled in 2010 in five pilot diamond drill holes VR-041 to 045 and in fourteen diamond drill directional off cut holes VR-19W2 and W3, VR-026W1, VR-029W2, VR-038W3, VR-040W1 to W3, VR-041W1, VR-042W1 to W4 and VR-44W1.

A location map of the drill holes with GT values is available on the Companys website at www.FormationMetals.com.

High-grade mineralization was intersected in drill hole VR-040W2 (8.40% U3O8 over 9.0 metres) collared on Line ("L") 6+50N and drill hole VR029W2 (7.46% U3O8 over 13.2 metres) on L7+00N in the southern portion of the Centennial Deposit.

Both high-grade intercepts occur immediately below the Athabasca Group -- Virgin River Domain unconformity and are associated with the faulted quartzite package.

Grade calculations from the results of the 2010 drill program, utilizing 0.1% U3O8 and 1.0% U3O8 cut-offs for various intercepts, are reported in the Table 1. Table 1: Significant Centennial Deposit 2010 Grade Calculations Pilot drill hole DDH VR-042, collared on L8+00N approximately 200 metres southeast of the Centennial Deposit, intersected favourable alteration, scattered structural disruption and local uranium mineralization within the basal Athabasca Group.

Four directional off cut holes, VR-042W1 to W4, were also drilled.

Drill holes VR-042-W1 and W4 returned assay results of 1.93% U3O8 over 8.3 metres and 0.15% U3O8 over 6.5 metres respectively.

Initially interpreted to represent a separate zone of mineralization paralleling the Centennial Deposit, the additional results obtained from the drilling of this mineralized structure remains inconclusive and further drill testing along strike is planned for the 2011 drill program. Drilling was also successful in tracing the faulted quartzite controlling structure on the Centennial deposit along strike to the north of L13+00N and south of L6+00N.

Drilling within the northernmost portion of the deposit on L14+00N with drill holes VR-041, VR-041W1 and VR-043, and on L15+00N with drill hole VR-045, were successful in locating and tracing the faulted quartzite structure in two of the four holes completed.

No significant mineralization was intersected in these drill holes.

Drilling within the southernmost portion of the deposit on L4+95N with drill holes VR-044 and VR-044W1 was successful in locating the faulted quartzite structure, however the intersection with the unconformity in VR-044W1 was only weakly mineralized. Drill hole VR-038W3, located on L10+00N, tested for the presence of an interpreted cross structure associated with the mineralization present on L10+50N where a previously drilled, single off cut diamond drill hole, VR-031W3, returned high grade uranium mineralization of 8.78 % U3O8 over 33.9 metres (see Company News Release dated January 10, 2009).

Drill hole VR-038W3 appears to have intersected the up-dip projection of the interpreted cross structure intersecting sandstone-hosted mineralization, returning an intercept of 0.89% U3O8 over 9.1 metres immediately above the unconformity.

Further testing of this cross structure is a high priority target to evaluate the high-grade potential down-dip of this intercept.

To date, 35 diamond drill holes have reported primary intersections that returned U3O8 values greater than 10 GT from the project.

Table 2: Diamond drill results greater than 10 GT from the Centennial Deposit (updated) See below for a plan map of the Virgin River drill holes completed to date.


The Virgin River project joint venture was formed in 1998 between the Companys subsidiary, Coronation Mines Ltd.

(2%), Cameco Corporation (49%) and AREVA Resources Canada Inc.

(49%).

Coronation Mines Limited has the first right of offer to increase its ownership of the project up to 10%.

The Company is pleased with the ongoing success of the program and is looking forward to the results of the 2011 drill program.

All uranium geochemical assays were carried out utilizing Inductively Coupled Plasma - Optical Emission Spectroscopy analysis by the Saskatchewan Research Council of Saskatoon, Saskatchewan.

Mr.

Eric (Rick) Honsinger, P.Geo., of Formation Metals Inc., is the Qualified Person who has reviewed and approved the content of this news release based on an examination of the data submitted to the Company by the project operator Cameco Corporation.

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: Web: formcap.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.
You can also view this News Release on our website at: http://www.formationmetals.com/s/News.asp?ReportID=459040 ======================================================================= Copyright (c) 2009 FORMATION METALS INC.

(FCO) All rights reserved.

For more information visit our website at http://www.formationmetals.com/ or send mailto: ----------------------------------------------------------------------- To Unsubscribe from this email list, click here: http://www.formationmetals.com/s/Unsubscribe.asp? =======================================================================