Full Metal Minerals Ltd.

Full Metal Minerals Ltd.
Metallica Resources Inc.

Metallica Resources Inc.

October 23, 2006 09:00 ET

Full Metal and Metallica Encounter Copper Mineralization at Bee Creek

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 23, 2006) - Full Metal Minerals (TSX VENTURE:FMM) and Metallica Resources Inc. (TSX:MR)(AMEX:MRB) are pleased to announce drill results from the Bee Creek porphyry prospect which is part of the Alaskan Peninsula Project Joint Venture. This year's exploration program also included geological mapping, geochemical sampling and ground-based geophysics on multiple copper-gold-molybdenum porphyry prospects.

At Bee Creek, the top of a multiphase dioritic porphyry stock is exposed within a coincident copper-gold-molybdenum geochemical anomaly that centers on a larger magnetic high measuring approximately two kilometers in diameter. Two holes were completed at Bee Creek, two attempts were made on a third hole, but were not completed due to drilling difficulties. Results are as follows:

Hole ID From (m) To (m) Interval (m) Cu (%) Au (g/t)
BC06-08 150 184 34 0.26 0.085
BC06-09 16 134 118 0.31 0.126
Including 16 56 40 0.51 0.212

Both holes were drilled at an inclination of -70 degrees to the west, and were separated by approximately 130 meters. Lithologies encountered were predominantly sediments, however multiple intrusive dykes of intermediate to felsic composition were also encountered in both holes. Copper-gold mineralization in is hosted primarily within hornfelsed sedimentary rocks and to a lesser extent in biotite altered diorite as quartz-magnetite-chalcopyrite-bearing stockwork veinlets. Intrusive rocks encountered were poorly mineralized and possibly post-dated mineralization. The Companies are encouraged by the extent of mineralization encountered from this first phase of drilling as it suggests that a more strongly mineralized porphyry source exists nearby.

The Companies also completed mapping, sampling and ground geophysical surveys on the Kawisgag and Pyramid porphyry prospects in the Alaska Peninsula during the 2006 field season. Full Metal and Metallica will consider follow-up diamond drilling and ground geophysics to further explore the Bee Creek prospect, as well as other prospective targets in the area during the 2007 field season.

Metallica/Full Metal (65%/35%) have an Exploration Agreement with Option to Lease with Bristol Bay Native Corporation covering 2,266 square kilometers of prospective terrain on the Alaska Peninsula, located in Southwest Alaska on the Pacific Ocean. This region hosts multiple base and precious metal prospects that have received only limited modern exploration. All of the prospects targeted during the 2006 field season are located within several kilometers of tidewater.

The 2006 exploration program for the Alaska Peninsula Project was managed by William T. Ellis, CPG with Alaska Earth Sciences, an Anchorage-based Consulting Group and qualified person as defined by Canadian NI 43-101. Content of this release has been prepared by Robert McLeod, P.Geo., Vice President Exploration for Full Metal Minerals, and Mark Petersen, CPG - AIPG and Director of Exploration for Metallica Resources; both are Qualified Persons as defined by NI 43-101. Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags, and delivered to ALS-Chemex Labs facility in Fairbanks, Alaska. A sample quality control/quality assurance program was implemented.

Further information from the Alaska Peninsula and Aleutian Islands projects including maps and historic drilling information can be viewed on Full Metal's website at www.fullmetalminerals.com.

Metallica Resources is an emerging gold and silver producer focused on the exploration and development of precious metal rich properties throughout the Americas. It currently has 84.1 million shares outstanding and had US$33.4 million in cash at June 30, 2006. For further details on Metallica Resources, please visit the company's website at www.metal-res.com.

Full Metal Minerals has thirteen active mineral projects in Alaska. Drilling is now finished for the season at the Lucky Shot gold Project. Results are currently pending from drilling programs at the 40 Mile silver-lead-zinc Project, Boulder Creek uranium Property, the Kamishak copper-gold Property, and the high-grade Lucky Shot gold Property. Details on Full Metal's extensive Alaska property portfolio can be reviewed at the Company's website at www.fullmetalminerals.com.


Michael Williams, President and Director

Mark A. Petersen, Director of Exploration

The statements in this press release that are not historical facts contain forward looking information. These statements address future events involving known and unknown risks and uncertainties that could cause actual results to vary materially from projected results. These risks and uncertainties include those described in Metallica's Form 20-F.

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

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