Full Metal Minerals Ltd.
TSX VENTURE : FMM

Full Metal Minerals Ltd.

November 02, 2006 09:00 ET

Full Metal Discovers a Second Massive Sulphide System at 40 Mile; Nine Meters Averaging 12.3% Zn

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 2, 2006) - Full Metal Minerals (TSX VENTURE:FMM) is pleased to announce that multiple drill holes have encountered strongly oxidized massive sulphides up to 44 meters thick at the Fish Prospect. The Fish is one of two prospects drilled by Full Metal at the 800,000 acre 40 Mile Project in Eastern Alaska. The Company previously announced a new discovery at the LWM Prospect, approximately six kilometers away. Full Metal has an option earn a 100% interest in the mineral rights to lands owned and selected by Doyon, Ltd., an Alaska Native Regional Corporation (See FMM 2006 -NR #9, Dated May 23, 2006).



Au Ag Cu Pb Zn
Hole-ID From To Length (g/t) (g/t) % % %

Fish06-01 7 18 11 205.2 0.11 0.20 4.2
including 7 12.1 5.1 156.2 0.22 0.21 8.8
and 12.1 13 0.9 683.0 0.01 0.09 0.2

Fish06-02 6.4 19.2 12.8 181.3 0.09 0.41 4.0
including 6.4 11.7 5.3 17.6 0.07 0.06 8.4
and 11.7 19.2 7.5 297.0 0.11 0.65 0.8

Fish06-03 No Significant Intercepts

Fish06-04 No Significant Intercepts

Fish06-05 37 81.4 44.4 34.1 0.10 0.09 3.3
including 43 53.9 10.9 22.8 0.03 0.25 9.0
including 49.7 53.9 4.2 2.2 0.04 0.02 17.3
and 68.4 76.2 7.8 114.8 0.17 0.12 2.7

Fish06-06 174 201.1 28.1 0.27 8.3 0.08 nsv 4.9
including 189.1 198.1 9 0.01 3.7 0.07 nsv 12.3

207.1 215.3 8.2 1.01 118.8 0.05 nsv 0.1
including 208.9 210.8 1.9 2.76 379.0 0.09 nsv 0.0

Fish06-07 88.4 109 20.6 52.0 0.06 0.08 1.7
including 104.2 109 4.8 93.1 0.06 0.17 0.5
- True widths are estimated to be between 75 and 95% of the intercept
lengths


Seven drill holes were completed at the Fish Prospect, testing an extensive gossan that is interpreted to have been derived from intensely weathered massive to semi-massive sulphides. The gossan has been traced 1,500 meters along strike and 250 meters down dip. Drilling tested approximately 500 meters of strike length, and 175 meters down dip.

The 40 Mile area of Alaska was never eroded by glaciation; as a result, the Fish Prospect is deeply weathered. Drill hole Fish06-06 encountered fresh massive pyrite mineralization 207 meters down-hole, returning 8.2 meters of 1.0 g/t Au and 118.8 g/t Ag. Current interpretation suggests that the Fish Prospect is a weathered massive sulphide body, with zoned zinc, silver, gold, lead and copper rich sections. Zinc values include 4.2 meters of 17.3% Zn, and silver rich sections include 7.9 meters of 297 g/t Ag. Holes Fish06-03 and 04 encountered less than one meter of massive pyrite without significant metal values, however the soil geochemistry suggests that the massive sulphide zone continues further north. Holes Fish06-05 and 07 (44.4 meter and 20.6 meter intercepts, respectively) are the thickest intercepts, and are located the furthest to the south. The zone remains wide open in this direction, and to depth.

Full Metal is planning an extensive diamond drilling campaign in May 2007 to follow-up the Fish and LWM discoveries. At the Fish Prospect, Full Metal will pursue both a zinc oxide target model, as well as deeper drilling to test for unoxidized massive sulphides.

Final results were received from the two other holes at LWM. Results are as follows:



From To Length Ag Cu Pb Zn
Hole-ID (m) (m) (m) (g/t) % % %

LWM06-01 30.2 42.3 12.1 110.9 0.32 4.02 15.72
including 35.7 42.3 6.6 200.8 0.56 7.21 26.99
including 35.7 39 3.3 60.8 0.48 1.69 43.69

LWM06-02 31.1 43.6 12.5 37.0 0.05 2.94 2.79
including 41.2 43.6 2.4 190.3 0.23 15.21 2.98
including 33.3 34.7 1.4 1.0 0.02 0.02 10.55

LWM06-03 43.9 51.9 8.0 nsv nsv nsv 3.22


Partially oxidized massive sulphides were encountered in LWM06-02, drilled at a -67 degrees angle up-dip from LWM06-01. The majority of the intercept in LWM06-02 is oxidized due to surficial weathering. Drill hole LWM06-03 appears to have been collared in the footwall of the massive sulphide horizon. The 2007 drill program will focus on expanded the zone further along strike and down-dip.

Drill hole collar coordinates are as follows:



length
Hole-ID Easting Northing Elevation (m) azimuth dip
Fish06-1 417397.2 7126567 1323 126.5 110 -70
Fish06-2 417397.4 7126567 1323 63.1 110 -90
Fish06-3 417381.4 7126957 1218 145.4 110 -85
Fish06-4 417381.2 7126957 1218 166.1 117 -65
Fish06-5 417291.4 7126491 1322 146.9 117 -60
Fish06-6 417288.1 7126676 1355 235.6 110 -90
Fish06-7 417206.3 7126400 1296 160 110 -75
LWM06-1 411423 7124300 980 123.7 0 -90
LWM06-2 411424 7124301 980 62.2 25 -67
LWM06-3 411476 7124286 978 122.5 0 -90


Full Metal's 2006 exploration program was managed by Consulting Geologist Nicholas Van Wyck, CPG, under the supervision of Robert McLeod, P.Geo, Vice-President Exploration for Full Metal Minerals; both are Qualified Person 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. Mr. McLeod prepared and approved the information contained in this release.

Full Metal has twelve active mineral projects in Alaska. Drilling is now finished for the season at the Mount Andrew copper-gold Project. Drill results are expected shortly from the Lucky Shot Gold Project and the Boulder Creek Uranium Project. Details on Full Metal's extensive Alaska property portfolio can be reviewed at the Company's website at www.fullmetalminerals.com.

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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