Full Metal Minerals Ltd.
TSX VENTURE : FMM

Full Metal Minerals Ltd.

May 15, 2008 09:01 ET

Full Metal Acquires Granite Creek Gold Property, Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 15, 2008) - Full Metal Minerals Ltd. (TSX VENTURE:FMM) ("Full Metal") is pleased to announce that the Company has entered into an Exploration Agreement with an Option to Purchase a 100% interest in the Granite Creek Gold Property, located in western Alaska.

The 1,470 hectare Property hosts an active placer mine in the Kuskokwim Region of Alaska, approximately 20km south of the Moore Creek Property currently being drilled by Full Metal Minerals and Highbury Projects. Exploration for the bedrock source of placer gold at the nearby Moore Creek Property resulted in a discovery through trenching in 2007 (see FMM 2007 NR# -29, November 6, 2007).

The Property is surrounded on all sides by claims staked by Barrick Gold Corp, co-owner with Novagold of the Donlin Creek gold deposit (M+I: 29.38M oz; Inf: 17.1M oz; NovaGold News Release Feb 7, 2008) located 90 km to the southwest of the Property.

The Property is underlain by multiple altered felsic dykes and stocks, intruding sedimentary rocks. Streams draining from and across the monzonite stocks, rhyolite dikes, and quartz-sulphide veins all contain pristine placer gold. Typical heavy mineral concentrates from the placer include cinnabar, stibnite, garnet, pyrite, and cassiterite.

Multiple styles of mineralization have been identified at Granite Creek, including: intrusive stocks and associated hornfels with sheeted quartz-tourmaline veins, swarms of altered rhyolite dikes and sills with disseminated sulphides, and auriferous stibnite-pyrite veins associated with NE trending faults. Two samples quartz-stibnite veins collected by Placer Dome in the mid 1990's averaged 17.5 g/t and 10.5 g/t Au respectively. Four channel samples from an antimony rich shear zone ranged from 343 to 686 ppb Au. These results are historical in nature and have not been verified by Full Metal Minerals.

Battle Mountain Gold Exploration Co. completed two drill holes in the late 1980's. The results of the drilling are unknown. Placer Dome also conducted geophysical surveys on the property in 1996-1997. These programs revealed several areas of anomalous gold mineralization, with limited follow-up exploration.

Full Metal is planning an exploration program consisting of mapping, geochemical sampling and mechanical trenching to identify drill targets.

Full Metal can earn a 100% interest in the Granite Creek Property from a Third-Party Alaska resident, by paying $375,000 in cash payments ($50,000 first year), and incurring $3.25 million in exploration expenditures ($200,000 first year). Following exercise of the option, Full Metal will make annual $150,000 advance royalty payments until commencement of Commercial Production. Upon commencement of Commercial Production, Full Metal will pay a 2% NSR royalty, of which one half (1%) can be purchased at any time for $4 million.

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. Drill programs are currently underway at the high grade 40 Mile zinc-silver lead project, and Moore Creek gold project. The Company has Joint Venture Agreements with Kinross Gold, Freeport McMoRan, BHP Billiton, Metallica Resources, Triex Minerals, Altair Ventures, and Highbury Projects.

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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