Full Metal Minerals Ltd.
TSX VENTURE : FMM

Full Metal Minerals Ltd.

October 25, 2005 12:30 ET

Full Metal Minerals Announces Closing of $3.0 Million Bought Deal Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 25, 2005) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES

Full Metal Minerals Ltd. (the "Company") (TSX VENTURE:FMM ) is pleased to announce that it has closed a $3.0 million bought deal underwritten private placement financing with Canaccord Capital Corporation announced October 7, 2005. Canaccord Capital Corporation has exercised its over-allotment option to purchase up to an additional 625,000 units, resulting in an aggregate issuance of 3,750,000 units at a price of $0.80 per unit.

Each unit is comprised of one common share and one-half of one transferable share purchase warrant with each whole warrant exercisable into one additional common share at a price of $1.00 until October 25, 2007. The warrants will be subject to acceleration during the second year of their terms in the event that the closing trading price of Full Metal's common shares is $1.50 or more for a period of 20 consecutive trading days.

Canaccord Capital Corporation acted as underwriter in connection with the private placement and received a cash commission of $225,000, 375,000 agent's warrants (each exercisable at a price of $0.85 until April 25, 2007) and 27,000 corporate finance units (each comprising one common share and one share purchase warrant exercisable into one additional common share at a price of $1.00 until October 25, 2005). The warrants incorporated in the corporate finance units are also subject to the acceleration clause.

The securities are subject to a hold period and may not be traded until February 26, 2006 except as permitted by Canadian securities legislation and the TSX Venture Exchange.

The net proceeds from the offering will be used to advance the exploration of the 100% owned Lucky Shot Gold Project in Alaska and for general working capital purposes.

Full Metal recently made a confirmed high grade gold discovery at its 100% owned Lucky Shot Property and is awaiting assays on the Ganes Creek gold property funded by Joint Venture Partner, Fury Explorations Ltd. The Company is exploring the Aleutian Island land package with Metallica Resources and is advancing the Pebble South Copper/Gold property.

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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