Full Metal Minerals Ltd.
TSX VENTURE : FMM

Full Metal Minerals Ltd.

January 16, 2008 10:10 ET

Full Metal Advances Regional Targets on 40 Mile Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 16, 2008) - Full Metal Minerals (TSX VENTURE:FMM) is pleased to announce surface sampling results from the Drumstick and Oscar carbonate replacement (CRD) prospects at the 40 Mile Property, Alaska. These prospects are located 22 km to the southwest of the high grade zinc-lead-silver LWM discovery, where drilling during 2007 included 44.6 meters averaging 15.9% Zn, 5.3% Pb and 76.6 g/t Ag, 15.6 meters averaging 21.2% Zn, 8.7% Pb, and 127.0 g/t Ag, and 6.48 meters averaging 464.2 g/t Ag, 31.6% Zn, 11.3% Pb and 1.41% Cu (see FMM NR#17 dated July 30th 2007).

The LWM discovery and the Fish oxide zinc-silver discovery (See FMM NR 2007 #21), as well as the Oscar, Eva, Drumstick, Lead Creek and Champion prospects and numerous other showings and anomalies all occur within a 90 kilometer long trend of CRD-style prospects, the majority of which have never been drill tested. These results highlight the regional exploration potential of the 40 Mile Property for additional base and precious metal discoveries. Full Metal intends to drill the Eva, Drumstick and Oscar targets concurrently with the LWM drill program, which is scheduled to start in March.

DRUMSTICK

The Drumstick Prospect is located 2,200 meters north of the Eva Prospect, where previously reported results (see FMM #19NR August 13, 2007) from 14 mineralized rock samples averaged 957 g/t Ag, 23.6 % Zn, 12.6% Pb, and 0.9% Cu. The Drumstick and Eva Prospects both occur near ridge tops with minimal bedrock exposure, with the area in between completely covered by overburden and vegetation. At Drumstick, three samples of mineralized rock were collected from prospect pits. Two of these samples returned 21.6% Zn, 19.1% Pb, 222 g/t Ag and 11.6% Zn, 8.1% Pb and 863 g/t Ag, in addition to anomalous gold and copper. The third sample returned anomalous values. Drumstick occurs within a 1,100 meter long by approximately 120 meter wide soil anomaly, with lead values in soil exceeding 100 parts per million. The anomaly coincides with subtle 'kill zones', similar to LWM located 22 kilometers to the northeast. Soil samples range from 108 to 7,980 ppm Pb within the anomaly.

OSCAR

The Oscar Prospect covers 10 square kilometers of base and precious metal-rich CRD-style mineralization, primarily associated with skarn alteration within a marble unit, and adjacent to a megacrystic syenite unit. Mineralogy of the individual skarn outcrops varies considerably at Oscar with a rough zoning of magnetite-chalcopyrite areas more proximal to the intrusive contract, grading outwards towards galena-sphalerite mineralization at more distal locations. In the central area, samples from prospect pits include: 17% Cu and 521 g/t Ag, 1.1% Cu and 441 g/t Ag, 6.2% Zn, 4.4% Pb, and 99 g/t Ag. Outcrop exposure is limited at Oscar however, to two chalcopyrite-magnetite mineralized outcrops located 600 meters apart that were systematically sampled on one to two meter centers; 38 samples from the upper outcrop range from trace to 2.3% Cu, averaging 0.6%, and trace to 356 g/t Ag, averaging 30.7 g/t. 62 samples from the lower outcrop range from trace to 1.0% Cu averaging 0.16%, and trace to 34.1 g/t Ag, averaging 4.6 g/t, as well as trace to 1.2% Zn, averaging 0.19%. Rock samples at Oscar are also anomalous in gold, lead and iron.

222 soil samples were collected at Oscar during 2007, extending a historic grid covering the prospect. Soil samples range from: trace to 421 ppm Cu, averaging 62 ppm; trace to 12.8 ppm Ag, averaging 0.8 ppm; trace to 2,160 ppm Pb, averaging 88 ppm, and 22 to 2,320 ppm Zn, averaging 221 ppm. The soil grid has outlined a 1,000 meter by 1,250 meter anomalous area open for expansion to the north (greater than 100 ppm Zn, greater than 50 ppm Cu, greater than 100 ppm Pb). During 2008, Full Metal will complete ground magnetic and IP geophysics at Oscar, to be followed by diamond drilling. This prospect has never been drill tested.

Full Metal has options to earn numerous 100% leasehold interests within an area of lands selected by Doyon, Limited, an Alaska Native Regional Corporation (See FMM 2006 NR #9, Dated May 23, 2006). As part of the agreement, on January 1, 2008, Full Metal reduced the regional land position under the agreement from 810,737 to 235,376 acres. Full Metal considers lands retained under the Agreement with Doyon to be the most prospective for CRD style deposits. Full Metal undertook significant regional mapping and collected over 2,000 surface soil and rock samples during 2007 to guide the Company during the land reduction process.

Assays are still pending for the remaining drill holes at the LWM Prospect. These are expected to be received over the next couple of weeks. Full Metal is planning a 15,000 meter core drilling program at the 40 Mile Property during 2008, to commence in mid-March. Drilling will target extensions to the LWM Discovery, as well as Eva, Drumstick, Oscar, and possibly other CRD Prospects.

Full Metal's 2007 exploration program at 40 Mile was performed under the supervision of Robert McLeod, P.Geo, Vice-President Exploration for Full Metal Minerals, and a Qualified Person as defined by NI 43-101. Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags. Core and surface samples were delivered by Full Metal personnel to the ALS-Chemex Labs facility in Fairbanks, Alaska. A sample quality control/quality assurance program is in place. Mr. McLeod prepared and approved the information contained in this release.

Full Metal is a generative exploration company with twelve active projects in Alaska and one in the Yukon Territory. Drilling Programs will be completed during 2008 at the 40 Mile, Lucky Shot, Mt. Andrew, Moore Creek, CJ, Pebble South, Chignik, Boulder Creek and OG Properties. The Company has Joint Venture Agreements with Freeport McMoRan, BHP, Metallica Resources, Triex Minerals, Altair Ventures, Highbury Projects, Millrock Resources and Andover Ventures.

ON BEHALF OF THE BOARD OF DIRECTORS

Michael Williams, President and Director

Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.

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

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