China Armco Metals Reports Record Financial Results for the First Nine Months of 2008

China Armco Metals, Inc. (OTCBB: CNAM), a distributor of imported metal ore and a growing scrap metal recycler, today announced the Company's financial results for the third quarter of 2008.

Financial Highlights

-- 3rd quarter net income increases to a $1.4 million versus a loss of
  $1.9 Million in the 3rd quarter of 2007
-- 3rd quarter diluted EPS climbs to $0.15 versus a loss of $(0.26) in
   the 3rd quarter of 2007
-- Revenue for first nine months of 2008 increases to a record $43.2
   million
-- EPS for First Nine months climbs to a record $0.48 per share

Net revenues for the third quarter of 2008 were $20.4 million, a decrease of 25.4% compared to the third quarter of 2007. The Company witnessed some business interruptions due to the Beijing Olympics for the months of July through September.

Cost of goods sold for the third quarter of 2008 were $17.9 million, a decrease of $11.3 million compared to the third quarter of 2007, Gross profits were 12% for the quarter which were driven by a strong performance in the Company's ore sourcing and distribution operations.

Operating expenses for the third quarter of 2008 were $344,116, an increase of approximately $273,000 compared to the third quarter of 2007. The Company's operating expenses are comprised of selling expenses and general and administrative expenses.

Income taxes for the quarter were $409,717 after which net income was approximately $1.4 million versus a loss of $1.9 million recorded in the third quarter of 2007.

In November 2008, the Chinese government announced a $586 billion domestic economic stimulus program aimed at bolstering domestic economic activity. The two-year program includes tax rebates, spending in housing, infrastructure, agriculture, health care and social welfare, and a tax deduction for capital spending by companies.

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