Full Metal Minerals Ltd.

Full Metal Minerals Ltd.

June 06, 2008 09:00 ET

Full Metal Commences Underground Exploration and Bulk Sampling Program at Lucky Shot

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 6, 2008) - Full Metal Minerals Ltd. (TSX VENTURE:FMM) is pleased to announce that underground rehabilitation work has commenced at the Lucky Shot Property. The purpose of the 2008 program is to complete underground drifting, drilling and complete a bulk sample to confirm the continuity of high-grade gold mineralization within the Lucky Shot shear.

Drilling since 2005 has identified continuous gold mineralization over 2,400 meters along strike, and to 700 meters down dip at the historically producing Lucky Shot mine. The 2008 work will focus on The Coleman Zone, located near surface at the known western limit of the shear and the westernmost of four north-stepping fault blocks (Coleman, Lucky Shot, War Baby and Murphy Zones). The highest grade gold has been encountered within a southwest plunging shoot within the Coleman Zone. Intercepts to-date include:

- C05-09: 62.2 g/t Au over 3.1 meters true thickness

- C05-12: 219.1 g/t Au over 4.0 meters true thickness

- C06-16: 51.5 g/t Au over 4.6 meters true thickness

- C06-21: 60.3 g/t Au over 2.5 meters true thickness

- C06-23: 32.8 g/t au over 3.5 meters true thickness

For complete drill results and a plan map of hole locations, visit Full Metal's website at www.fullmetalminerals.com.

Permits for mining have been received, and work has commenced on rehabilitation of a historic adit to facilitate approximately 120 meters of underground development to access the shear zone. Test stoping is planned to extract over 5,000 tonnes of mineralized material, upon receipt of the water extraction and tailings pond permits. Full Metal recently purchased a used 150 tonne per day mill, expandable to 200 tonnes per day. A pre-existing building to house the mill, and an existing tailings facility will minimize capital expenditures for the bulk sample. The plant and infrastructure would be used and expanded upon commencement of commercial operations.

Gold recovery would be achieved using gravity separation only, utilizing a Falcon or Knelson Concentrator. Three composite samples were analyzed by Knelson Labs of Langley, B.C. where Enhanced Gravity Recovery Gold (EGRG) tests were performed on 3 composite samples. The EGRG test determines the gold available in the sample recoverable by gravity methods and the size of grind necessary for liberation. This test employs progressive size reduction with recovery of gold as liberated while minimizing over-grinding and smearing of gold particles. Sample grades were 4.7 g/t Au, 4.7 g/t Au and 7.8 g/t Au. Total recoveries were 68.2, 68.5 and 78.3% respectively at a grind of P80 equals 62-96 micrometers. Based on this data and historic mine records, it is anticipated that gold recovery should improve with higher grades. One of the objectives of the 2008 bulk sample is to confirm this model. Subject to gold recovery, gold grade, continuity of mineralization and mining rates, the gold recovered from the bulk sample could offset the associated costs.

Additionally, a surface program of infill and exploration diamond drilling is expected to commence in mid-June.

The Lucky Shot Project is located in the historic Willow Creek Mining District. Past-producing mines in the District are considered to be among the highest grade in the Northern Cordillera, with documented production from company records and The Alaska Department of Mines listed at over 620,000 ounces Au from multiple veins and shears, at an average grade of approximately 1.0 oz/ton Au; Full Metal has not audited these historic production figures, and they should not be relied upon. 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 2008 exploration program is 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 are sampled at approximately one to five foot sample intervals. Core is sawn in half with a diamond saw. Samples are delivered in sealed bags to the Alaska Assay Labs facility in Fairbanks, for sample preparation and analysis (50 gram-tonne gold fire assay with gravimetric finish plus multi-element ICP), with high-grade results analyzed by metallic screening method. A sample quality control/quality assurance program is in place.

An extended Mining Lease was executed with Alaska Hardrock Inc., and signed in early May. The renewed Lease commenced on January 1st, 2008 and continues until January 1, 2011. The Lease can be extended if Full Metal makes a Positive Construction Decision on a minimum 120 ton per day operation, and may be extended a further three years following termination of Commercial Production. Full Metal will pay Alaska Hardrock an annual Claim Rental Payment of US$100,000 per year, with US$25,000 payable, and the balance of US$75,000 in common shares of Full Metal. Alaska Hardrock shall be paid a 2% Net Smelter Returns Royalty on Ore smelted from patented claims, and 2.5% Net Smelter Returns Royalty on Ore smelted from State Claims. Alaska Hardrock has the exclusive right to provide mining and construction services for the Property at Cost plus 12% for all exploration, development and production work or services.

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.


Michael Williams, President and Director

Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.

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

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