First Development Resources - IPO Update

Power Metal Resources PLC (AIM: POW, OTCQB: POWMF), the London listed exploration company with a global project portfolio is pleased to announce the release today by AIM of a Schedule One announcement in respect of First Development Resources PLC ("First Development") ("FDR"), a link to which is provided below:

Sean Wade, Chief Executive Officer of Power Metal Resources PLC commented:

"I am very pleased to be able to update shareholders that the First Development Resources IPO is now expected to complete with a listing on AIM in the coming weeks. Market conditions have demonstrably improved of late, which has enabled us to fulfil our commitment to shareholders by bringing this exciting collection of assets to the market.

I am extremely grateful to Tristan Pottas and the FDR board for their unswerving commitment to this project and congratulate them on this achievement.

I look forward eagerly to hearing Tristan update shareholders on FDR's immediate exploration plans and I am confident that, as we have seen in our successful investment in Guardian Metal, he can add significant value to both POW and FDR shareholders."

Further information in respect of Power Metal's interest in First Development on Admission to trading on AIM, the total IPO equity placing amount, market capitalisation and other important information, is expected to be forthcoming in due course. POW will make further announcements as appropriate.

Shareholders wishing to learn more about First Development Resources, may review the company's website through the following link: