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Re: News Releases - Tuesday, February 27, 2007
Primary Metals Reports Nine-Month Earnings
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Primary Metals Inc. ("Primary" or the "Company") has announced
consolidated financial results, reported in Euros, for the nine months
and third quarter ended December 31, 2006. For the nine-month period,
the Company reported net earnings before non-cash income taxes of
?1,625,000 (CDN$2,333,000) or ?0.13 (CDN$0.19) per share. Nine-month
earnings after non-cash income taxes were ?1,159,000 (CDN$1,664,000) or
?0.09 (CDN$0.14) per share. For the third quarter, the Company reported
three-month net earnings before non-cash income taxes of ?174,000
(CDN$256,000) or ?0.01 (CDN$0.02) per share and earnings after non-cash
income taxes of ?50,000 (CDN$74.000) or ?0.004 (CDN$0.01) per share.

Highlights for the period include:

.. Tungsten sales of ?11,432,000 (CDN$16,420,000) for the nine-month
period and ?4,148,000 (CDN$6,100,000) for the third quarter - an
increase of ?1,626,000 (CDN$2,521,000) over the previous quarter
.. Net earnings for the nine-month period, before non-cash income taxes,
of ?1,625,000 (CDN$2,333,000) or ?0.13 (CDN$0.19) per share
.. Net earnings for the nine-month period, after non-cash income taxes,
of ?1,159,000 (CDN$1,664,000) or ?0.09 (CDN$0.14) per share
.. Net earnings for the third quarter, before non-cash income taxes, of
?174,000 (CDN$256,000) or ?0.01 (CDN$0.02) per share and ?50,000
(CDN$74,000) or ?0.004 (CDN$0.01) per share after non-cash taxes
.. Delivery of two new low profile LHD mining vehicles and two jumbo
drill rigs, all of which were in mine operation immediately subsequent
to the third quarter
.. Improved mine output with record daily production of 3,523 tonnes on
November 7
.. Completion of D9 underground mine ramp to access new zones of
tungsten resources
.. Initiation of a new NI 43-101 tungsten resource estimate subsequent
to the period
.. Continuing strength in tungsten prices, currently around US$260 per
MTU (MTU -- metric tonne unit or 10 kilograms of contained WO3 --
tungsten trioxide)

"Earnings during the quarter continued to be affected by mined ore
grade, but mine plans are underway that are expected to improve the
grade over the next few months," said Lewis Black, Chairman of the
Board. "Mined ore grade remained at 0.17% WO3, which was consistent
with the previous quarter. With the completion of our new D9 mine ramp,
access to new tungsten resources is now available and mining of these
new areas should be underway this summer. We are also preparing a new
independent tungsten resource estimate, which will be completed and
announced in March. Tungsten prices continue to show strength and we
expect our investment in the mine to pay off as we move forward."

Primary Metals Inc. owns a 100 percent interest in the Panasqueira
tungsten mine in Portugal and is currently producing wolframite
concentrates containing some 100,000 MTU's of tungsten trioxide per
annum with further improvements underway. The Panasqueira mine has a
long history of production of high-quality wolframite concentrates and
is the dominant producer of high-grade tungsten concentrates outside
China. Results from the third quarter together with the Management
Discussion and Analysis of Results and other information are available
at www.sedar.com and on the company's website at www.primarymetals.ca

On Behalf of the Board of Directors,

"James Robertson"
______________________
James Robertson, P. Eng., Director

For further information contact:

Vancouver Office:
James Robertson
Phone: 604.669.8988
Email: info@primarymetals.ca
Website: www.primarymetals.ca

Investor Relations:
Jamie Mathers, Ascenta Capital Partners
Phone: 604.684.4743 extension 236
Toll free: 1.866.684.4743
Email: jamie@ascentacapital.com

The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of this release.

James Robertson, P. Eng., is a Qualified Person for Primary and has
reviewed and approved the information contained in this News Release.

Certain of the statements made and information contained herein is
"forward-looking information" within the meaning of the Ontario
Securities Act or "forward-looking statements" within the meaning of
Section 21E of the Securities Exchange Act of 1934 of the United
States. Forward-looking statements are subject to a variety of risks
and uncertainties which could cause actual events or results to differ
from those reflected in the forward-looking statements, including,
without limitation the company's expectations as to the results of
planned work programs, potential mineralization, resources, reserves,
mine production levels and future tungsten prices. Such statements are
based on certain assumptions, including continued demand for tungsten,
availability of capital, equipment and personnel to carry out and
complete the planned work programs and accuracy within a reasonable
range of reported exploration and development results, and involve
various risks and uncertainties, including global economic factors,
future commodity prices, lack of availability of equipment or
personnel, and results of exploration and development. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements. Other important factors that could
cause actual results to differ materially from the Company's
expectations are disclosed under the heading "Risk Factors" and
elsewhere in the Company's documents filed from time-to-time with
regulatory authorities and on www.sedar.com

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Copyright (c) 2007 PRIMARY METALS INC. (PMI) All rights reserved. For
more information visit our website at http://www.primarymetalsinc.ca/
or send mailto:info@primarymetalsinc.ca
Message sent on Tue Feb 27, 2007 at 5:44:55 PM Pacific Time
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