FEM

Ferrum Americas Mining Inc., (TSX VENTURE:FEM) ("Ferrum" or the "Company") is
pleased to announce that it has closed a non-brokered private placement of units
and convertible debentures for gross proceeds of $1,118,627. 


The placement consists of 7,732,837 units at a price of $0.08 per unit for gross
proceeds of $618,627. Each unit consists of one common share in the capital of
the Company and one non-transferable common share purchase warrant. Each warrant
entitles the holder to purchase one common share at a price of $0.20 per share
for a period of three years. The common shares and warrants comprising the units
are subject to a four-month hold period.


Prestige Times Limited Investment

An additional $500,000 was subscribed by Prestige Times Limited ("PT"), a Hong
Kong-based investment group, in the form of a non-interest bearing
non-transferable convertible debenture. The debenture can be converted at the
holder's discretion into common shares of Ferrum at a conversion price of $0.20
per common share at any time following the first anniversary of the date of
issue until the date that is three years following the date of issue. 


PT also subscribed for 6,250,000 units described above. As part of the placement
of units and convertible debentures, PT will also be appointing one member to
the board of directors of Ferrum.


"The investment by PT acknowledges the expertise developed in Ferrum's team,
which will be used to target iron, copper and precious metals opportunities
throughout the Americas," Laurence Curtis, Chairman of Ferrum said.


The closing remains subject to Ferrum obtaining the final approval of the TSX
Venture Exchange. 


About Ferrum Americas Mining

Ferrum Americas is focused on developing iron ore, base and precious metals
projects in the Americas. 


Ferrum Americas has rights to acquire a 98% interest in the Cerro Rojo iron ore
project in Bolivia. Located 600 kilometres east of Santa Cruz and approximately
55 kilometres from Puerto Suarez and the Hidrovia river system near Corumba,
Brazil, Cerro Rojo is a large banded iron formation striking for more than 4
kilometres, according to reports prepared by Rio Tinto in 1999 and verified by
Ferrum.


A NI 43-101 mineral resource estimate, prepared by P&E Mining Consultants Inc.,
includes Indicated resources of 111.0 million tonnes at 48.1% Fe and Inferred
resources of 175.9 million tonnes grading 48.8% Fe at a 15% iron cut-off grade.


At a cut-off grade of 50% Fe, Indicated resources are 31.2 million tonnes at
51.5% Fe and Inferred resources are 63.0 million tonnes at 52.0% Fe. The
NI-43-101 Technical Report is available at www.ferrumamericas.com.


Ferrum is also evaluating other iron ore and base and precious metals
opportunities within Bolivia and throughout the Americas.


Qualified Persons

Mr. Alain Vachon, P.Geo., the Company's Qualified Person as defined by National
Instrument 43-101, has also reviewed and approved the contents of this press
release.


Forward Looking Statements

This news release may contain forward-looking statements that are based on
Ferrum Americas Mining Inc.'s expectations, estimates and projections regarding
its business and the economic environment in which it operates. These statements
are not guarantees of future performance and involve risks and uncertainties
that are difficult to control or predict. Therefore, actual outcomes and results
may differ materially from those expressed in these forward-looking statements
and readers should not place undue reliance on such statements. Statements speak
only as of the date on which they are made, and the Company undertakes no
obligation to update them publicly to reflect new information or the occurrence
of future events or circumstances, unless otherwise required to do so by law.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this

release.

FOR FURTHER INFORMATION PLEASE CONTACT: 
Ferrum Americas Mining Inc.
Laurence Curtis
Chairman
1 289 242 7422
lwcurtis@cogeco.ca


Ferrum Americas Mining Inc.
Nick Tintor
President and CEO
1 416 987 0855
ntintor@rgmi.ca


Ferrum Americas Mining Inc.
Leslie Haddow
Corporate Secretary
1 416-637-3523
lhaddow@rgmi.ca

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