Full Metal Minerals Ltd.
TSX VENTURE : FMM

Full Metal Minerals Ltd.

May 23, 2006 13:23 ET

Full Metal Acquires 811,000 Acres in Eastern Alaska

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 23, 2006) - Full Metal Minerals (TSX VENTURE:FMM) is pleased to announce that it has entered into a Mining Exploration Agreement with Option to Lease with Doyon Ltd., an Alaska Native Regional Corporation to acquire a 100% interest in mineral rights covering 810,737 acres of their conveyed and selected lands in Eastern Alaska.

The 40-Mile Property is located in Eastern Alaska, covering numerous precious and base metal prospects. During the late 1990's WGM Inc., an Alaskan Geological Consulting Group, completed several seasons of extensive surface exploration for Doyon Ltd., and Ventures Resource Corp., identifying multiple silver-lead-zinc prospects as well as copper and gold showings. The most advanced is the Lead Creek high-grade silver target, where limited diamond drilling intersected high grade silver mineralization. The Fish and WGM occurrences are silver-lead-zinc prospects with high-grade values on surface that have never been drill tested. A minimum 1,500 meter diamond drilling program, a ground-based gravity geophysical survey as well as surface mapping and sampling will commence during the summer of 2006.

The Lead Creek silver-lead-zinc prospect is located 12 kilometers west of the Taylor Highway. Previous operators completed 22 drill holes from 1978 to 2001 totaling 3,627 meters. Significant silver and lead values were encountered, within syngenetic and epigenetic mineralization styles. This mineralization is hosted within a structurally complex melange of metamorphosed siltstones, limestones and mafic volcanics of varying ages. Highlights of historic drilling include:

- 9.6 meters averaging 724.6 g/t Ag, 6.4% Pb, 0.3% Zn

- 15.4 meters averaging 370.1 g/t Ag, 5.1% Pb, 0.2% Zn

- 1.9 meters averaging 357.7 g/t Ag, 7.0% Pb, 1.4 % Zn

Previous drilling intercepts range from the values listed above, to no significant intercepts. Complete drill hole summaries and collar locations will be available on Full Metal's website at www.fullmetalminerals.com.

The Fish Prospect is typified by an extensive zinc-silver-lead gossan, approximately 39 km west of the Taylor Highway near the community of Chicken. Tractor trails extend to within two kilometers of the prospect. The gossan appears to be derived from intensely weathered massive to semi-massive sulphides, with an estimated thickness of 15 to 23 meters. The gossan has been traced along strike over 1,500 meters, and along 250 vertical meters of relief. Of 28 grab samples collected over 760 meters of strike that assayed over 1% Zn averaged 11.6% Zn, 0.13% Pb and 18.7 g/t Ag. A total of 71 rock samples, the average is 4.5% Zn, 0.1% Pb and 11.4 g/t Ag. Samples ranged from trace values, to 28% Zn, 0.9% Pb and 215.7 g/t Ag. The gossan is typically limonite and secondary zinc minerals; no sulphides have been observed due to weathering, however rock textures suggest primary host of massive to semi-massive sulphides with minor amounts of silica gangue.

LWM is located approximately six kilometers southwest of Fish. This prospect is typified by gossan of strongly weathered massive to semi-massive sulphides. A total of seven grab samples of gossan recovered from soil pits averaged 5.0% Zn, 11.85% Pb, 0.5% Cu and 105.4 g/t Ag. Individual values ranged between 0.3 to 15.9% Zn, 0.18 to 34.4% Pb, 0.06 to 2.39% Cu and 3.0 to 470.9 g/t Ag. The gossan occurs within a coincident zinc-silver-lead (Pb greater than 250 ppm, Ag greater than 1.4 ppm, Zn greater than 1,000 ppm) soil anomaly 1,800 meters by 365 meters, outlined by 92 soil samples collected on 120 meter spaced sample stations. Host rocks are weakly to moderately metamorphosed, Proterozoic age deep-marine sediments; the presence of these lithologies suggests potential for a Sedex-type system hosted within Selwyn basin metamorphic equivalents.

During the Exploration Agreement, Full Metal will pay Doyon US$325,000 (US$50,000 first year) over six years (five years plus one year extension), make annual scholarship donations of US$10,000 per year, and make exploration expenditures totaling US$3,850,000 (US$350,000 first year). At any time, Full Metal may enter into one or more Mining Leases with Doyon. For each Lease, Full Metal would make Advanced Royalty payments of $100,000 per year during year's one through five, increasing to US$250,000 per year prior to commencing commercial production. Upon commencement of Commercial Production, Full Metal would pay to Doyon a Precious metals production royalty calculated as the greater of:

2 % Net Smelter Returns pre-payback and 4 % Net Smelter Returns post-payback

Or

10 % Net Profits Interest pre-payback and 20 % Net Profits Interest post pay-back

As well as a base metals production royalty calculated as the greater of:

1 % Net Smelter Returns pre-payback and 3 % Net Smelter Returns post-payback

Or

10 % Net Profits Interest pre-payback and 20 % Net Profits Interest post-payback

For each Lease Agreement, Full Metal will make scholarship payments of US$25,000 per year for the period subsequent to Option period (to be used for vocational training for project) and US$50,000 per year upon commencement of Commercial Production.

Full Metal's 2006 exploration program will be supervised by Consulting Geologists Nicholas Van Wyck, CPG and Curt Freeman, P.Geo, of Apex Geosciences, a Fairbanks-based mineral consulting group; both are Qualified Persons as defined by NI 43-101. Analysis will be performed by ALS-Chemex Labs of Vancouver, B.C. A sample quality control/quality assurance program will be implemented.

Full Metal has granted a total of 50,000 stock options to consultants of the Company, exercisable at a price $ 1.96 per share. The Options are exercisable for a period of five years from the date of grant.

Full Metal is currently drilling the high grade Lucky Shot Discovery with a 60 hole, 10,000 metre diamond drilling program. The first 7 holes have been completed - assay results are expected in two to three weeks. Further plans for the 2006 field season in Alaska include a minimum of six diamond drill programs totaling $6 million in exploration. Full Metal has Joint Venture Agreements with Metallica Resources, Triex Minerals Corp., and Andover Ventures.

ON BEHALF OF THE BOARD OF DIRECTORS

Michael Williams, President and Director

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

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