Full Metal Minerals Ltd.
TSX VENTURE : FMM

Full Metal Minerals Ltd.

August 03, 2006 09:00 ET

Full Metal Expands Lucky Shot Program

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 3, 2006) - Full Metal Minerals (TSX VENTURE:FMM) is pleased to announce that the 2006 program at the 100% owned high-grade Lucky Shot deposit has been expanded. The Company is adding an additional drill rig and will increase the program from 60 holes to a minimum of 80 holes (15,000 meters of core drilling). Additional assays are expected to be announced in four to five weeks from the current drilling.

The Company is very pleased with the high-grade results to-date at Lucky Shot. Highlights previously reported from the past two seasons (uncut) include:

- C05-15 3.05 meters averaging 62.2 g/t Au

- C05-12 4.00 meters averaging 219.1 g/t Au

- C06-16 4.56 meters averaging 51.5 g/t Au

- C06-19 1.20 meters averaging 134.5 g/t Au

- C06-21 2.50 meters averaging 60.3 g/t Au

- C06-23 3.48 meters averaging 32.8 g/t Au

- C06-27 1.68 meters averaging 34.1 g/t Au

The majority of drilling has targeted the Coleman block of the Lucky Shot Shear with all holes a minimum 125 meters up dip from the historic workings. The central area has been tested an approximate 200 meter by 125 meter area on 25 meter centers, with larger step-outs to the west expanding the known strike length to at least 300 meters. The Lucky Shot Shear has been encountered in all drill holes to date. Drilling is also continuing on the Nippon Vein, located six kilometers to the east of the Lucky Shot Shear.

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

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 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 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 Alaska 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 twelve active mineral projects in Alaska. Plans for the 2006 field season in Alaska include a minimum of six diamond drill programs totaling $6 million in exploration. The Company has Joint Venture Agreements with Metallica Resources, Triex Minerals Corp., 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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