Full Metal Minerals Ltd.

Full Metal Minerals Ltd.
Fury Explorations Ltd.

Fury Explorations Ltd.

August 04, 2005 09:00 ET

Full Metal Options Ganes Creek Property to Fury Explorations; Drilling to Commence Immediately

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 4, 2005) - Full Metal Minerals Ltd. (TSX VENTURE:FMM) and Fury Explorations Ltd. (TSX VENTURE:FUR) are pleased to announce that Fury has signed a Letter of Intent to enter into an option agreement with Full Metal, whereby, Fury can earn a 45% working interest in and to Full Metal's Ganes Creek Property, subject to approval from the TSX Venture Exchange.

Full Metal Minerals has an option to earn an 85% interest in the 65 km2 Ganes Creek property from Clark-Wiltz Mining. Fury Explorations will have the option to earn a 45% interest in the Property by incurring exploration expenditures totaling US$3,500,000 over a four year option term (US$500,000 in the first year). In addition Fury must make cash and share payments to Full Metal, totaling US$200,000 and 800,000 shares to exercise the option. Fury can exercise the right to earn an additional interest from Full Metal, allowing Fury to reach a 65% interest in the Property by completing a bankable feasibility study, and upon a production decision, making a one-time issuance to Full Metal equal to 50,000 shares of Fury for every 1% that Full Metal's share of the Property drops below 30%, up to a maximum of 500,000 shares.

Full Metal intends to issue 25,000 shares to Canaccord Capital Corporation as a finder's fee in connection with the agreement, subject to regulatory approval. The shares will be subject to a hold period and will be restricted from trading for a period of four months and one day from the date of issuance except as permitted by Canadian securities legislation and the TSX Venture Exchange.

"We are pleased to partner with Full Metal Minerals on Ganes Creek. My past involvement at the Pogo Deposit (2004 Teck Cominco Ltd. Estimate: probable reserve of 7 million tonnes grading 16.12 g/t) coupled with Ganes' similar geological nature make this a very exciting project," stated Fury Chairman Ken Thorsen.

The property is located within the Tintina Gold Belt in the west-central interior of Alaska, approximately 40 km west of McGrath, and 440 km northwest of Anchorage.

The target is the bedrock source for several of Alaska's most productive placer gold producing streams. Ganes is famous for producing spectacular gold nuggets including the 5th largest in Alaska, most of which are still encapsulated in quartz. The presence of cobble-size quartz with sulphide boxwork and coarse gold suggests that the placer gold is primary, originating from bedrock sources. Photos of these gold-quartz nuggets and the placer mining operation can be viewed at www.clark-wiltz.com.

The Ganes Creek Intrusive Complex is interpreted to be the faulted-off extension of the Donlin Creek Intrusive Complex (Donlin Creek March 2003 estimate of 11.1 Moz. @ 3.0 g/t Au, Measured and Indicated, plus 14.3 Moz. @ 3.1 g/t Au Inferred), offset 110 km to the northeast by the right-lateral strike-slip Nixon-Iditarod fault.

The 2005 program will consist of a minimum 4,300 feet of diamond drilling and additional surface exploration. The initial phase will focus on targets identified during the extensive 2004 surface mapping, geochemical sampling, and trenching program. Full Metal will be the operator for the 2005 program.



Michael Williams, President and Director


Steve Vanry, President

The TSX-Venture exchange does not accept responsibility for the adequacy or accuracy of this release.

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