Full Metal Minerals Ltd.

Full Metal Minerals Ltd.

March 24, 2005 09:00 ET

Full Metal Minerals 2005 Exploration Schedule and Update


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: FULL METAL MINERALS LTD.

TSX VENTURE SYMBOL: FMM

MARCH 24, 2005 - 09:00 ET

Full Metal Minerals 2005 Exploration Schedule and
Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 24, 2005) - Full Metal
Minerals Ltd. (TSX VENTURE:FMM) is pleased to provide the 2005
exploration plans for the Company's gold and copper-gold projects in
Alaska and Nunavut. Full Metal continues to evaluate new gold and base
metal opportunities in the State of Alaska and is actively seeking Joint
Venture partners for several Alaskan Projects.

Alaska - Gold Properties

The Company is planning on drilling two gold properties in Alaska,
including Ganes Creek (85% Full Metal), which is interpreted to occur
within the faulted extension of the Donlin Creek Intrusive Complex
(Donlin Creek - Nova Gold / Placer Dome 25 M.oz.). During 2004, Full
Metal completed an extensive surface mapping, trenching and geochemical
sampling program to locate the source for the locally derived ultra
high-grade gold and quartz boulders. The drill program will target known
showings and test soil geochemical anomalies. Mechanical trenching and
diamond drilling is expected to commence in June 2005.

Diamond drilling is planned at the Lucky Shot Property (100% Full
Metal), located 60km north of Anchorage. The Property occurs within
Alaska's second largest historic lode-gold producing region with over
600,000 oz gold mined at historic grades ranging from 2.0 to 0.4 oz. per
ton (these historic production figures are unaudited and therefore
should not be relied upon). Gold values up to 0.25 opt over 7.6m have
been reported from camp-scale fault zones, and previous high-grade drill
vein intercepts included 12.9 oz/ton Au over 0.24m in the Coleman vein.
Full Metal is planning a 10-15 hole drill program in June to test these
targets.

Alaska - Copper / Gold Projects

The 2005 exploration program at the 370 square km Pebble South Project,
located adjacent to Northern Dynasty's Pebble Deposit (2005 Estimate M&I
of 3.0 billion tonnes containing 31.3 M oz. Au, 18.8 billion pounds Cu
and 993 million pounds of Mo, with an additional Inferred Resource of
1.1 billion tonnes containing 10.8 M oz. Au 5.8 billion pounds Cu and
361 million pounds Mo) will focus on targets discovered during the 2004
exploration program at the intersection of three major structural zones.
Reconnaissance IP geophysics (50 line- km) and soil sampling have
identified 11 significant anomalies. The 2005 program is expected to
commence in June and will consist of detailed IP surveys on the highest
priority targets followed up by diamond drilling. Full Metal has a 100%
interest in Pebble South.

Through agreements with two Native Corporations, Full Metal has an
option to earn a 100% interest in mineral rights covering in excess of
1.4 million acres in the Aleutian Islands and Alaska Peninsula. This
under explored Island- Arc environment encompasses numerous Cu-Au-Mo
porphyry occurrences (including the 125M ton Pyramid Deposit -0.4%
copper, 0.03% Moly with limited analysis for gold in a supergene zone),
as well as high and low sulphidation Au-Ag deposits and prospects
(resource estimates were completed to 2001 and NPI 43-101 and should not
be relied upon). Very limited modern exploration has occurred during the
past 20 years in this highly prospective area, with dozens of copper and
gold prospects located at or near tidewater. Commencing in the spring of
2005, Full Metal will initiate an extensive exploration program
including mapping and prospecting, airborne and ground geophysics as
well as diamond drilling.

Kamishak is located in the Iliamna area, south of Northern Dynasty's
Pebble porphyry copper-gold deposit. A program consisting of an airborne
mag-EM geophysical survey, mapping, and prospecting will commence in
June. Follow-up drilling is planned later in the summer. Full Metal has
a 100% interest in Kamishak.

Nunuvat - Arcadia Project 49% Full Metal / 51% Garnet Point Resources

At the Arcadia Property, located on the Arctic Ocean, west of Bathurst
Inlet, a 1,500m diamond drilling program is scheduled to begin July,
2005. The objective of this program is to upgrade near-surface,
high-grade portions of the North Vein, which hosts a historic resource
estimate of 640,650 tonnes averaging 7.2 g/t (approximately 148,000 oz).
This resource estimate was completed prior to 2001 and NPI 43-101 and
should therefore not be relied upon. Additionally, drilling will
step-out from previous intercepts at the GHX vein including: 29.0 g/t Au
over 5.6m and 12.0 g/t Au over 23.1m. At Arcadia over 20
veins/structures with over 5.0 g/t Au samples have been discovered to
date.

Other

Aurora Gold Corp has failed to meet their obligations as required under
the Lucky Shot, Zackley and Gunsite option agreements. As a result, Full
Metal now has a 100% interest in Lucky Shot and Zackley properties. Full
Metal has elected not to continue with its option agreement on the
Gunsite property.

Full Metal has engaged Grandich Publications (Peter Grandich) to provide
investor relations and public awareness services to the company. Full
Metal has agreed to pay Grandich Publications a retainer of $US1500 per
month. The Board of Directors has granted Grandich Publications 50,000
options under the company's stock option plan at an exercise price of
$0.54 per share, terminating on March 31st, 2007.

Peter Grandich is the founder and managing member of Grandich
Publications, LLC. Grandich Publications publishes The Grandich Letter,
North of the Border and The Blue Chip & Income Report. First published
in 1984, The Grandich Letter provides commentary on the mining and
metals markets. North of the Border is a web-based newsletter, providing
commentary on Canadian investments from an American point of view. The
Blue Chip & Income Report is a web-based newsletter, providing
commentary on the world's markets and economies.

ON BEHALF OF THE BOARD OF DIRECTORS

Michael Williams, President and Director

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Full Metal Minerals Ltd.
    Jeff Sundar
    Manager, Investor Relations
    (604) 484-7855
    (604) 484-7155 (FAX)
    info@fullmetalminerals.com
    www.fullmetalminerals.com
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.