Full Metal Minerals Ltd.

Full Metal Minerals Ltd.

April 07, 2006 13:32 ET

Full Metal Acquires Additional Gold Property

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 7, 2006) - Full Metal Minerals (TSX VENTURE:FMM) is pleased to announce that it has entered into an agreement with Royal Pretoria Gold Ltd. (RPG) to acquire a 100% interest in the Inmachuck Gold Property in Alaska.

The Property is located on the Seward Peninsula, approximately 180 km northeast of Nome, Alaska. Inmachuck is accessible by road and is 40 km southwest of the town of Deering. Deering has scheduled air service from Nome and Kotzebue and barge service during the Spring-Summer-Fall seasons.

Gold placers were discovered on the Inmachuk River and some of its tributaries in 1900; State of Alaska Historical Production Records report that the Fairhaven/Inmachuck district produced 348,089 ounces of placer gold from 1909 to 2002. The Company cautions that these records, though relevant are historical in nature and have not been independently reviewed, are not NI 43-101 compliant and should not be relied upon. No systematic lode gold exploration had ever been conducted in the district until RPG initiated its exploration program in 2002 and discovered a 1,800-meter-long, northwest trending Au-As-Sb soil anomaly as a result of collecting 197 soil samples in the vicinity placer gold-producing tributaries. This anomaly appears to be spatially associated with an apparent linear, northwest trending topographic break. In 2005, RPG personnel collected additional soil samples from the property. One quartz float sample from Nelson Gulch which lies down-slope and to the southeast of the soil anomaly was also collected. The 2.2 kg float sample assayed over 37 oz/ton Au in the +150 mesh fraction and the total assay including the -150 mesh fraction returned 7.36 g/t gold. This indicates that coarse native gold was present in the float sample. Historical USGS reports (USGS Bulletin 247) mention angular quartz with visible gold being recovered in the placer workings in drainages downstream of the Property. Additionally, stratiform carbonate-hosted Pb-Zn-Ag occurrences are reported.

A total of 267 soil samples were historically collected at Inmachuck, initially on 100m by 300m grid lines, and followed by infill soil samples on a 100m by 150m grid. Gold in soil results range from trace to 735 ppb Au, with an average of 28 ppb Au. Of these, 22 samples assayed over 50 ppb Au, and eight assayed over 100 ppb Au.

Full Metal has an Option to acquire a 100% interest in the Property by incurring a total of US$1,000,000 in exploration expenditures over four years ($75,000 first year), cash payments to RPG totaling $250,000 over four years ($10,000 first year), with a one time cash payment of US$500,000 upon completion of a bankable feasibility study. If Full Metal exercises the Option, it agrees to pay RPG a 2.5% NSR on all commercial mineral production, with a right to purchase one-fifth of the NSR (0.5%) for US$500,000 at any time.

A surface exploration program of additional soil sampling and mapping will commence in June of 2006, to be followed by trenching and possibly diamond drilling. Results and content of this release were reviewed and approved for release by Robert McLeod, P.Geo., Vice President Exploration, for Full Metal Minerals Ltd., and a Qualified Person as defined by NI 43-101; Mr. McLeod will also supervise Full Metal's 2006 exploration program. Analysis will be performed by ALS-Chemex Labs of Vancouver, B.C. A sample quality control/quality assurance program will be implemented.

Full Metal will be following up on the high grade Lucky Shot Discovery scheduled to commence later this month with a 60 hole, 10,000 metre diamond drilling program. 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., Andover Ventures and Fury Explorations.


Michael Williams, President and Director

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