Full Metal Minerals Ltd.

Full Metal Minerals Ltd.

October 20, 2010 12:24 ET

Full Metal and Antofagasta Minerals Drill 195 meters Averaging 0.63% Cu, 0.018% Mo, 0.141 g/t Au or 0.823% Cu Equivalent at Pyramid Porphyry Project, Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 20, 2010) - Full Metal Minerals Ltd. (TSX VENTURE:FMM) ("Full Metal") is pleased to announce that additional assay results have been received from the 2010 drill program completed at the Pyramid Porphyry target, located in southwest Alaska. All holes encountered chalcocite, chalcopyrite and molybdenite mineralization over long intervals, starting at surface. The 2010 drill program covered a 900 meter (east-west) by 750 meters (north-south) area. Copper mineralization has been traced on surface, coupled with current and historic drilling over an approximate 2,000 meter by 1,000 meter area, and is open in all directions and to depth. Results are as follows:

Hole-ID From (m) To (m) Length (m) Cu % Au (g/t) Mo % Cu Eq. %
PY10-01 32.30 499.87 467.57 0.272 0.058 0.019 0.409
including 36.00 424.00 388.00 0.320 0.067 0.018 0.459
including 68.10 290.00 221.90 0.403 0.088 0.014 0.538
including 180.30 238.00 57.70 0.479 0.112 0.018 0.653
PY10-02 4.57 356.62 352.05 0.343 0.078 0.008 0.440
including 96.0 152.0 56.0 0.503 0.112 0.01 0.635
including 186.0 252.0 66.0 0.397 0.083 0.007 0.493
including 272.0 324.0 52.0 0.424 0.112 0.007 0.541
PY10-03 8.7 306.0 297.3 0.197 0.049 0.004 0.253
including 50.0 124.0 74.0 0.429 0.062 0.004 0.494
PY10-04 9.7 298.7 289.0 0.299 0.082 0.032 0.519
including 9.7 166 156.3 0.402 0.108 0.039 0.676
including 30.0 78.0 48.0 0.501 0.104 0.045 0.802
PY10-05 6.39 201.17 194.78 0.63 0.141 0.018 0.823
including 20.0 92.0 72.0 0.754 0.162 0.017 0.957

*Copper equivalent calculations use metal prices of US$2.00/lb for copper, US$1000/oz for gold, and US$10/lb for molybdenum. The contained copper represents estimated contained metal in the ground and has not been adjusted for metallurgical recoveries. Adjustment factors to account for differences in relative metallurgical recoveries for gold, copper and molybdenum will depend upon the completion of definitive metallurgical testing.

CuEQ % = ((Cu% x 22.04lbs x $2.00) + (Au g/t x 32.15($/g)) + (Mo % x 22.04 lbs x $10.00))/( 22.04 lbs x $2.00)

Drilling during 2010 tested a wide area of the Pyramid porphyry system totaling 1,668 meters in five HQ core holes. Holes PY10-04 and 05 were collared approximately 230 meters east of hole PY10-01 (see FMM 2010 NR #18, September 27, 2010), and were both terminated in copper-gold-molybdenum mineralization (greater than 0.4% Cu equiv.). Holes 4 and 5 were collared from the same set up, and drilled north-south in opposing directions. Results from these holes suggest a near-surface higher grade vector in the mineralization system, where PY10-05 encountered 72.0 meters averaging 0.75% Cu, 0.162 g/t Au and 0.017% Mo (0.957% Cu. Equiv), starting at 20.0 meters. PY10-04 encountered strong molydenite mineralization, in addition to chalcocite-chalcopyrite, intersecting 156.3 meters averaging 0.40% Cu, 0.108 g/t Au and 0.039% Mo (0.676% Cu equiv.).

PY10-02 was collared 700 meters south of PY10-01, and encountered copper sulphide mineralization (>0.15% Cu) over the entire length of the hole. A higher grade zone of 56.0 meters averaging 0.50% Cu, 0.112 g/t Au and 0.01% Mo, with the entire length of hole from bedrock to the end of the hole, totaling 352.05 meters averaging of 0.34% Cu, 0.078 g/t Au and 0.008% Mo. PY10-03 was drilled to the south, 650 meters west of PY10-02, 1,050m southwest of PY10-05 and was the westernmost hole completed during 2010. Py10-03 encountered a higher-grade zone with 74.0 meters averaging 0.43% Cu, 0.062 g/t Au and 0.004% Mo.

Drilling results from 2010, coupled with historic drilling and surface mapping has outlined an extensive porphyry system at Pyramid, with the potential to host higher base and precious metal grades. Full Metal and Antofagasta are currently planning an aggressive follow-up program for the 2011 season.

Multiple hydrothermal centers have been identified at Pyramid, within an oval-shaped 2,300 meter by 1,400 meter mapped extent of phyllic and potassic alteration zones. Classic vein styles are identified in the core with EDM, A, B, and D veins hosting mineralization. Copper mineralization with variable molybdenum occurs within multiple phases of porphyritic intrusive rocks and surrounding hornfelsed sediments. Quartz diorite porphyry and quartz feldspar porphyry intrusives make up the bulk of the igneous rock types and hosts; diorites are known for their gold bearing affinity. Drilled mineralization is open for expansion in all directions and at depth.

The 37,296 hectare Pyramid Porphyry Project lies along the southern margin of the Alaska Peninsula approximately eight kilometers from tidewater. The area was initially explored in 1974 by the Aleut-Quintana-Duval Joint Venture, who drilled 19 shallow holes (maximum 168 meters depth) in late 1975 (1,695 meters total). Gold content was not an exploration target in the initial exploration effort. More recent exploration by Battle Mountain Gold in the late 1980's identified associated gold values that have enhanced the potential of Pyramid.

The 2010 exploration program at Pyramid was funded by Antofagasta Minerals S.A.("Antofagasta Minerals"), who are currently earning a 51% interest in the Property. Full Metal has an exploration agreement with Option to Lease a 100% interest in mineral rights from the Aleut Corporation, an Alaska Native Regional Corporation, and has been granted the surface rights from Shumagin and TDX Corporations, Alaska Native Village Corporations (see FMM News Release #8, July 9, 2010).

The 2010 exploration program at Pyramid was supervised by John T. Galey, Jr, C.P.G., Consulting Geologist, and Robert McLeod, P.Geo., Vice-President Exploration of Full Metal Minerals. 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 facilities in Fairbanks, Alaska. A sample quality control/quality assurance program utilizing standards and blanks, as well as third-party check labs has been implemented. Contents of this release were prepared by and approved for release by Mr. McLeod.

Full Metal is a generative exploration company with multiple precious and base metal projects in Alaska and the Yukon. Additional results will be announced shortly from three drilling programs completed during 2010, including 100%-owned Fortymile zinc-silver-lead Property, the Grizzly Butte copper-gold-molybdenum porphyry Property.

Antofagasta Minerals is a wholly-owned subsidiary and the mining division of Antofagasta plc ("Antofagasta") (ANTO.L). Antofagasta has three business divisions: Mining, Transport and Water. Antofagasta is one of the world's largest copper producers. Its activities are mainly concentrated in Chile where it owns and operates three copper mines with a total production of 442,500 thousand tonnes of copper and 7,800 tonnes of molybdenum in 2009. Antofagasta has recently commissioned a brownfield expansion at its Los Pelambres mine and a new mine development, Esperanza, is expected to enter into production at the end of 2010. Together, these are expected to increase group copper production to over 700,000 tonnes from 2011. A feasibility study is also in progress at Antucoya in Northern Chile. In Pakistan, a feasibility study has been completed at the Reko Diq joint venture. In the United States, the group recently signed a joint venture agreement to complete the exploration and begin a feasibility study for Nokomis, a copper and nickel project located in Minnesota. Antofagasta also has exploration programs in Africa, Europe, Australia, and the Americas.


Michael Williams, President and Director

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