Full Metal Minerals Ltd.

Full Metal Minerals Ltd.

September 28, 2005 16:59 ET

Full Metal Options Boulder Creek Uranium Property to Triex

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 28, 2005) - Full Metal Minerals Ltd. (TSX VENTURE:FMM) ("Full Metal") and Triex Minerals Corporation (TSX VENTURE:TXM) ("Triex") are pleased to announce that they have entered into an option agreement (the "Option Agreement") under which Triex has the right to earn an initial 65% interest in Full Metal's Boulder Creek uranium property (formerly known as Death Valley uranium deposit). Further, a strategic alliance has been formed to acquire additional uranium properties in Alaska by combining Triex's uranium expertise with Full Metal's experience in Alaska exploration.

The 2,500 hectare Boulder Creek property is located in the southeastern Seward Peninsula, Alaska, 160 km northeast of Nome, and 16 km north of the coastal village of Elim. The Boulder Creek deposit is hosted within Tertiary-aged sandstone peripheral to a Late Cretaceous alkalic quartz monzonite intrusion; it is the largest known uranium deposit in the state. Originally discovered by Houston Oil and Gas (later Tenneco Mineral Company), drilling between 1979 and 1981 outlined a historic resource of 1,000,000 pounds of U308 for the Boulder Creek deposit. The deposit is not fully defined and is open along strike and at depth. The average grade of the resource was reported to be 0.27% U308 and average thickness is 3 metres within a deposit area of approximately 1,000 metres long by 100 metres wide. Depths of mineralization range from surface to 120 metres (Economic Geology, Volume 82, 1987 pp. 1558-1574). The foregoing is an historical estimate. Triex and Full Metal have not done the work necessary to certify the classification of the resource and are not treating the historical estimate as a NI 43-101 defined resource. The historical estimate should not be relied upon.

Under the terms of the Option Agreement, Triex can earn an initial 65% interest in the property by an initial cash payment to Full Metal of US$75,000, completing US$1,500,000 in exploration expenditures over four years (ending April 1, 2009), and the issuance of 50,000 shares to Full Metal during each year of the Option Agreement to a maximum of 200,000 shares. Triex will have the right to acquire an additional 15% interest in the property by issuing an additional 300,000 shares to Full Metal and incurring an additional US$1,000,000 in expenditures on or before April 1, 2010. Upon completion of the earn-in requirements, an 80:20 joint venture agreement will be formed with Triex as the operator. This transaction is subject to acceptance by the TSX Venture Exchange and board approval of Full Metal.

Triex and Full Metal will jointly manage and conduct exploration in order to most effectively advance the Boulder Creek Deposit. An extensive program of mapping, prospecting, grid-based soil sampling and biogeochemistry commenced on August 17th, 2005. Work is scheduled to be completed in the last week of September 2005.

The objective of this program is to define drill targets for the 2006 program which will focus on resource expansion via in-fill drilling to further delineate the deposit, as well as drilling along-strike to test for deposit extensions and new zones. Exploration is under the direction of Mr. Robert McLeod P.Geo., Vice President Exploration of Full Metal, a qualified person as defined by NI43-101 and Dr. Michael Gunning, Ph.D., P.Geo., Vice President Exploration of Triex, a qualified person as defined by NI43-101.

Full Metal and Garnet Point Resources have mutually agreed to not proceed with the terms outlined in the Boulder Creek Binding Letter of Intent dated April 1, 2005. Garnet Point has acknowledged the termination of the Letter Agreement.

Full Metal recently made a new 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 partner Metallica Resources and is advancing the Pebble South Copper/Gold property.


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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