Full Metal Minerals Ltd.
TSX VENTURE : FMM

Full Metal Minerals Ltd.

December 20, 2006 10:51 ET

Full Metal Announces Additional Assays from Lucky Shot; Northeastern Extension Discovered

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 20, 2006) - Full Metal Minerals (TSX VENTURE:FMM) is pleased to report assay results for the majority of the remaining drill holes from the 2006 program at the Company's 100% owned high-grade Lucky Shot Gold Deposit in Alaska. Highlights of the most recent assay results received include:

- C06-39 0.40 meters true width averaging 154.5 g/t Au

- C06-60 4.90 meters true width averaging 11.6 g/t Au

- C06-80 2.91 meters true width averaging 23.7 g/t Au

- C06-81 1.70 meters true width averaging 82.6 g/t Au

The most significant result from the 2006 drilling program was the discovery of the fault-offset, northern extension to the Lucky Shot shear, intersected northeast of the past-producing War Baby block. The last hole of the program, C06-89, intersected the structure 300 meters below surface, encountering 0.4 meters of 19.3 g/t Au. This intercept extends the known strike length of the Lucky Shot shear to over 1,800 meters. Based on historic mining and recent drilling, continuous gold mineralization has been identified over the majority of this strike length. This new discovery, named the Murphy Block, indicates that the Lucky Shot shear is wide open for expansion to the west, east and north, underneath the Craigie Creek Valley. The structure is projected to come to surface on the east side of the Valley, over 1,000 meters east of C06-89.

A total of 73 drill holes for 12,701 meters were completed on the Lucky Shot shear zone. Drilling was performed by Contractor Peak Exploration Ltd. of Wasilla, Alaska. The majority of drilling was completed on 25 meter centers in the Coleman block targeting the shear zone up to 300 meters up-dip from the historic underground workings, as well as a newly discovered extension 100 meters down-dip from the old stopes. Drilling completed during 2006 tested approximately 260 meters of strike extent of the Coleman block, and the zone remains open for expansion to the east, west and north.



True
From To Length Au Au Thick
Zone Hole-ID (m) (m) (m) (g/tonne) (oz/tonne) (m)
Coleman C06-35 191.62 192.43 0.81 10.5 0.34 0.79
Coleman C06-39 137.33 138.15 0.82 2.9 0.09 0.82
and 151.06 151.46 0.40 154.5 4.97 0.40
Coleman C06-40 No Significant Intercepts
Coleman C06-41 116.35 120.98 4.63 7.3 0.23 4.26
including 116.35 117.27 0.92 30.2 0.97 0.85
Coleman C06-42 116.25 117.25 1.00 1.9 0.06 0.98
Coleman C06-43 113.35 114.22 0.87 2.3 0.08 0.80
Coleman C06-44 No Significant Intercepts
Coleman C06-45 No Significant Intercepts
Coleman C06-46 150.00 152.90 2.90 5.5 0.18 2.76
Coleman C06-47 No Significant Intercepts
Coleman C06-48 140.5 145.7 5.2 7.1 0.23 5.20
including 145.3 145.7 0.4 46.8 1.50 0.40
Coleman C06-49 139.5 140.7 1.2 7.3 0.23 1.20
and 144.9 146.4 1.5 3.5 0.11 1.50
Coleman C06-50 83.45 83.85 0.4 12.1 0.39 0.37
Coleman C06-51 47 49.5 2.50 5.7 0.18 2.48
Including 49 49.5 0.5 21.1 0.68 0.50
Coleman C06-52 110.75 113.75 3.00 2.3 0.07 2.97
Coleman C06-53 No Significant Intercepts
Coleman C06-54 88.6 89.8 1.2 7.1 0.23 1.20
Coleman C06-55 No Significant Intercepts
Coleman C06-56 83.1 86.1 3.0 3.3 0.10 2.79
Coleman C06-57 No Significant Intercepts
Coleman C06-58 32 33 1.0 3.0 0.10 0.99
Coleman C06-59 87.75 89.25 1.5 4.4 0.14 1.46
Coleman C06-60 151.2 156.5 5.3 11.6 0.37 4.88
Coleman C06-61 147 148 1.0 3.9 0.13 0.97
Coleman C06-62 138.6 141.38 2.78 6.5 0.21 2.75
including 138.6 139 0.4 33.0 1.06 0.40
Coleman C06-63 138.5 141.5 3.0 11.1 0.36 3.00
Coleman C06-64 185 186.5 1.5 3.0 0.10 1.41
Coleman C06-65 186.5 189 2.5 6.3 0.20 2.40
including 188 189 1.0 12.2 0.39 0.96
Coleman C06-66 164 164.4 0.4 5.9 0.19 0.40
Coleman C06-67 161.52 163 1.48 3.2 0.10 1.48
and 170.52 172 1.48 3.5 0.11 1.48
Coleman C06-68 161 162.13 1.13 17.4 0.56 1.04
Coleman C06-69 139.5 141 1.5 3.6 0.12 1.46
Coleman C06-70 No Significant Intercepts
Coleman C06-71 No Significant Intercepts
Coleman C06-72 116.03 117 0.97 8.7 0.28 0.89
and 132 133 1.0 5.5 0.18 0.92
Coleman C06-73 No Significant Intercepts
Coleman C06-74 115 117 2.0 27.1 0.87 2.00
Coleman C06-75 Assays Pending
Coleman C06-76 Assays Pending
Coleman C06-77 195.5 197 1.5 11.2 0.36 1.44
Coleman C06-78 241.5 243 1.5 14.3 0.46 1.38
Coleman C06-79 201.32 201.72 0.4 10.5 0.34 0.40
Coleman C06-80 209 212 3.0 23.7 0.76 2.91
Coleman C06-81 129.15 131 1.85 82.6 2.66 1.70
Coleman C06-82 No Significant Intercepts
Coleman C06-83 110 110.5 0.5 10.1 0.32 0.49
Lucky Shot C06-84 Hole abandoned before Lucky Shot zone
Lucky Shot C06-86 Hole abandoned before Lucky Shot zone
Murphy C06-89 307.4 307.8 0.4 19.3 0.62 not
known
Murphy C06-90 Assays Pending


Variable gold mineralization suggests that the Coleman block has several discreet north-east plunging shoots, which is typical of mesothermal lode-gold systems such as Lucky Shot. Mineralization continues to be open to the west, and up-dip and east to surface, as well as down-dip to the north bounding fault. Holes C06-77 to 80 tested up to 100 meters down-dip from historic workings; all holes encountered gold mineralization in a robust structure, including 23.7 g/t Au over 2.91 meters true width in C06-80.

Holes C06-50 to 59 were completed in a low-grade portion of the Lucky Shot shear, located near surface covering 75 to 85 meters of both strike and dip length. This area occurs outside of the high-grade shoots, typical of mesothermal/orogenic lode gold-systems. This area represents a small portion out of over 1,800 meters of strike length of known gold mineralization at Lucky Shot.

Holes C06-84 and 86 targeted the down-dip extension of the historically mined Lucky Shot fault block. These holes were collared late in the season, and did not reach the zone due to unseasonably cold weather resulting in water lines freezing.

Results and locations for all drilling results announced thus far at Lucky Shot will be available shortly on the Company's website, as well as details on Full Metal's extensive Alaska property portfolio at www.fullmetalminerals.com.

Full Metal Minerals is planning a minimum 10,000 meter diamond drilling program at Lucky Shot, expected to commence in April 2007. The Company has recently contracted Mr. Richard Moses as the new Project Manager for Lucky Shot. Mr. Moses was Project Geologist/Site Manager for Northern Dynasty's Pebble Project for the past three years, as well as Project Manager for Novagold/Barrick's Donlin Creek Project for several years during the late 1990's. The Company is excited to have such an experienced and successful Alaskan Explorer joining the Project.

The Lucky Shot Project is located in the historic Willow Creek Mining District. Past-producing mines in the District are considered to be amongst the highest grade in the Northern Cordillera, with documented production from Company Records and The Alaska Department of Mines listed at over 620,000 oz. Au from multiple veins and shears. Prior to Full Metal's 2005 exploration program, limited modern exploration has been performed in the District since the mine closures. Property infrastructure is excellent, with road access from Anchorage and close proximity to both rail and power. Camp and maintenance facilities are operated year-round.

Full Metal's 2006 exploration program was supervised by Robert McLeod, P.Geo., Vice President Exploration, for Full Metal Minerals Ltd., and a qualified person as defined by NI 43-101, who has prepared and approved the information contained in this release. Drill holes were sampled at approximately one to five foot sample intervals. Core was sawn in half with a diamond saw. Samples were delivered in sealed bags to the ALS-Chemex Labs facility in Fairbanks, Alaska for sample preparation and were then sent to the Vancouver, B.C. Lab for analysis (50 gram-tonne gold fire assay with gravimetric finish plus multi-element ICP). Gold values over 30 g/t Au will be analyzed by metallic screen method. All metallic screen assays for high-grade gold values are still pending at this release. A sample quality control/quality assurance program is in place.

Full Metal has thirteen active mineral projects in Alaska including two new zinc-lead-silver discoveries at the Company's 40 Mile Project. Full Metal currently has drilling results for the Mount Andrew copper-gold Property pending. Full Metal has Joint Venture Agreements with Metallica Resources, Triex Minerals Corp, Afognak Native Corporation, and Andover Ventures.

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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