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

January 06, 2011

Vancouver, B.C., January 6, 2011 Formation Metals Inc. (FCO-TSX) ("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 that 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".