VAL D'OR, QUEBEC-(Oct. 28, 2008) - Hinterland Metals Inc. (TSX VENTURE:HMI) wishes to provide shareholders with a corporate update. As management and major investors in your company, we share your frustration with the current market and the devastating effect that the credit crisis is having on the junior resource sector.

Despite the recent decline in share value and market capitalization, management is still focused on building a long-term profitable business that will survive and thrive beyond the market extremes of 2008. The recent reduction in metal prices is an irrational response to the credit crisis in the United States. Moreover, metals are fundamental to the development of emerging economies and will continue to remain in high demand. Accordingly, Hinterland expects that metal prices will recover in 2009 and that mineral exploration will remain a viable industry.

Since June 2006 Hinterland has concentrated most of its exploration efforts on the Ebay platinum and palladium property near Matagami, Quebec. This strategy made very good sense during a period when platinum prices rose steadily from $US1100 in early May 2006 to a peak of $US2252 in early March 2008 and palladium prices went from $US380 to $US579. The prices of these metals started a rapid decline in mid-July 2008 and have recently hit five-year lows of $US738 for platinum and $US158 for palladium. Hinterland's exploration work on the Ebay property was very successful with a new discovery being made by drilling in November 2006 and further good drill results being announced in March 2007 and February 2008.

However, it is apparent that the automotive manufacturing sector is in steep decline. Since the principal use of platinum and palladium is for autocatalytic anti-pollution devices, it seems unlikely that the prices of these metals will recover in the short term. In light of all these events, management believes it to be in the best interests of the Company to put the Ebay project on hold and focus on the Company's two most advanced gold properties.

Hinterland currently has approximately $650,000 of unrestricted working capital, no debt and a strong portfolio of exploration properties. All of its properties are in good standing for a minimum of four years with no further investment by the Company. This diverse property portfolio allows management to switch priorities according to market conditions. Management's working philosophy has always been hands on with the most of the exploration work done in house rather than by expensive outside consultants. Hinterland also benefits from strong personal relationships with key suppliers many of whom are long-term shareholders.

Many junior exploration companies will not make it through these tough times. Companies that are particularly at risk are those with projects in remote areas where logistics and lack of infrastructure make exploration very costly. Hinterland has always concentrated on areas where it is relatively cheap to operate and the regulatory environment is friendly. Hinterland sees plenty of opportunity in the distress of its competitors and is on the look out for prospective properties and high-quality projects becoming available over the next several months.

Investors are invited to visit the Hinterland IR Hub at http://www.agoracom.com/IR/Hinterland where an interview with President Mark Fekete discussing Hinterland's current status and its future prospects will be made available on October 29, 2008.

This release contains forward-looking statements reflecting the Company's objectives, estimates and expectations for its projects. These statements are identified by the use of verbs such as "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", and the negative thereof or other variations thereon or comparable terminology. By their very nature, these types of statements involve risk and uncertainty. Consequently, results could differ materially from the Company's projections or expectations.

Shares Issued 47,143,001

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

CONTACT INFORMATION:
Hinterland Metals Inc.
Mark Fekete
President
Toll Free: 1-877-874-8182
Email: info@hinterlandmetals.com
Website: http://www.hinterlandmetals.com