Full Metal Minerals Ltd.

Full Metal Minerals Ltd.

November 17, 2009 09:01 ET

Full Metal Options Angie Zn-Pb-Ag Property to Milk Capital

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2009) - Full Metal Minerals Ltd. (TSX VENTURE:FMM) and Milk Capital Corp. "Milk Capital" (TSX VENTURE:MLK.P) have entered into a Letter Agreement whereby Milk can earn a 60% interest in Full Metal's Angie Property, subject to acceptance from the TSX Venture Exchange.

Milk Capital has the option to earn a 60% interest in the Angie Property by incurring exploration expenditures totaling $3,000,000 over four years ($200,000 first year). Additionally, Milk Capital must make cash payments to Full Metal totaling $150,000 ($25,000 first year) and issue 400,000 shares (100,000 first year) over the four year option term.

The Angie Prospect is the northernmost prospect within a 90+ kilometer long belt of occurrences. Multiple occurrences of sphalerite, galena, pyrite and barite massive sulphide mineralization have been identified on the project. The area has seen limited modern exploration and is located south of the community of Ross River, near infrastructure. Full Metal is retaining a 100% ownership in the Nebocat, Keats and Rim prospects in the belt.

At the Angie Prospect, soil sampling during 2008 by Full Metal identified a 5,000 meter long anomaly (greater than 1000 ppm Zn), including a 1,300 meter long area (greater than 2,000 ppm Zn). A total of 1,785 soil samples were collected at the Angie Prospect. Zinc values range from 12 to greater than 10,000 ppm Zn, averaging 536 ppm; silver values range from 0.3 to 10.3 g/t Ag averaging 1.0 g/t. The Angie Prospect covers historic occurrences of SEDEX mineralization, including trench results of 4.5 meters averaging 8.4% Zn and 98 g/t Ag. (See FMM NR 2009 #1, January 6, 2009). Full Metal and Milk Capital envision a program of mechanical trenching, geological mapping and sampling to be completed at the Angie Project during the 2010 field season.

Full Metal has filed a NI 43-101 Technical Report dated November, 2009 for the Angie Project. The Report was prepared by Robin Black, M.Sc., P.Geo. of Equity Exploration Consultants, Ltd. The Report can be found on SEDAR at www.sedar.com

Robert McLeod P.Geo., VP Exploration for Full Metal Minerals and a Qualified Person as defined by NI 43-101 prepared and approved the information contained in this release. Additional information on the Angie Property can be reviewed at www.fullmetalminerals.com.

Full Metal is a generative exploration company with multiple precious and base metal projects in Alaska and the Yukon. The Company has Joint Venture Agreements with Kinross Gold, Freeport McMoRan, Harmony Gold, Mosam Capital, Triex Minerals, Milk Capital and Highbury Projects.


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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