Full Metal Minerals Ltd.

Full Metal Minerals Ltd.

April 13, 2010 09:00 ET

Full Metal Acquires Grizzly Butte Copper-Gold Property, Alaska

Drilling Planned for 2010

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 13, 2010) - Full Metal Minerals Ltd. (TSX VENTURE:FMM) ("Full Metal") is pleased to announce that the Company has entered into an Exploration Right with an Option to Acquire Agreement for a 100% interest in the Grizzly-Butte copper-gold porphyry, located in south-central Alaska.

The 5,131 hectare Grizzly Butte copper-gold porphyry prospect is located in the Talkeetna Mountains, situated within 20 kilometers of a paved highway.

The Property was last explored by Kennecott Exploration in the 1990's.

Historical exploration of the area included programs by Cities Service and Bear Creek Mining in the 1970's. Previous work included geologic mapping, soil sampling, and an airborne magnetic geophysical survey.

Full Metal Minerals will commence an aggressive exploration program in mid-June 2010 including a resistivity-IP geophysical survey by Zonge Engineering, as well as additional soil and rock sampling and geological mapping. A five hole diamond drilling program will directly follow the geophysical survey, targeting coincident chargeability/surface soil-rock Cu-Au/magnetic and other porphyry style anomalies.

Previous operators completed wide-spaced soil grid with 300 meter line spacings covering a portion of the intrusive complex and extending west over thin surfacial cover. Collectively, there are a total of 313 samples of which 28% returned greater than, or equal, 70 ppb Au and 23% returned greater than, or equal, 280 ppm Cu. Gold anomalies in soil tend to form a broad NE-SW oriented zone 1,680 meters in length and 300 to 750 meter wide around the western outcropping extent of the intrusive complex. Values within this zone average 104 ppb and range up to 1,600 ppb Au. The anomaly is open to the southwest and west, demanding additional sampling. Copper in soil anomalies are more closely associated with the central portion of the intrusive complex and extend to the south across the Grizzly Fault into sediments. This anomaly measures 1,850 by 500 meters and averages 350 ppm Cu ranging up to 1350 ppm Cu forming a crescent shape body. The anomaly is completely open to the east. Spotty anomalous Mo with a peak of 20ppm in soils is noted and cluster within both Cu and Au anomalous zones.

Several strong copper and gold in rock anomalies occur in greenstones more than 1700m away from the anomalous soil zones. 91 samples were historically collected, the range of copper is trace to 1.79% Cu, of which there are 23% of the samples with greater than 500 ppm Cu and three at greater than 1.0% Cu, of which only one was analyzed by over limit AA to 1.79% Cu. Gold values range from trace to a high of 2,660 ppb and 14% assayed over 70 ppb Au, with five averaging 400 ppb Au and higher. Local anomalous molybdenum occurs with some of the copper and gold, ranging up to 1,680ppm Mo.

The combined geochemical anomalies cover an area of about 2,800 by 2,100 meters and span two different drainages, suggesting the source of the anomalies covers a large area. Both the Cu and Au anomalies (soil or rock) are strongly tied to the center and the flanks of the strongest positive magnetic features in the airborne data.

The prospect lies within a belt of rocks assigned to the Triassic Amphitheatre Group of the Wrangellia terrane, consisting of basalt flows and minor interflow argillite, limestone, and tuff, commonly with gabbroic sills. These rocks are intruded by a 1.2 square kilometer mapped area of hornblende diorite and strongly K-feldspar-porphyritic diorite to syenite. Aeromagnetic data suggested this complex is much larger. A 1000 by 2000m NE-SW zone of strong potassic alteration is centered about diorite-syenite, and overprints the surrounding volcanic rocks. Copper mineralization occurs as disseminations, fracture fillings, and quartz-pyrite-chalcopyrite stockwork within magnetite/biotite-flooded rocks. One (or more) zones of sericite alteration are present within the potassic zone; higher grades of Cu mineralization may be associated with this alteration.


Full Metal can earn a 100% interest in the Grizzly Butte Property from Kennecott Exploration Company, by paying $20,000 in cash (paid), and incurring $5.0 million in exploration expenditures over six years ($180,000 firm first year). Full Metal will pay Kennecott a one-time cash payment of $10 million upon completion of a Feasibility Study. Upon commencement of Commercial Production, Full Metal will pay a 2% NSR. Before effecting a sale or assignment of rights and interests to the Property, Full Metal will give Kennecott notice of price and terms, and a 90 day period to acquire such rights and interests at 90% of the price and terms stated in the notice.

Contents of this release were prepared by and approved for release by Robert McLeod, P.Geo., Vice-President Exploration of Full Metal Minerals and a Qualified Person as defined by NI 43-101.

Full Metal is a generative exploration company with multiple precious and base metal projects in Alaska and the Yukon. Work during 2010 will include drilling programs at the 100%-owned Fortymile zinc-silver-lead Property, underground development with Harmony Gold at the Lucky Shot Property, as well as additional surface work and drilling programs at several of Full Metal's Properties funded by Joint Venture Partners.


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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