Full Metal Minerals Ltd.
TSX VENTURE : FMM

Full Metal Minerals Ltd.

October 14, 2008 06:00 ET

Full Metal Options Mount Andrew IOCG Property to Mosam Capital

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 14, 2008) - Full Metal Minerals Ltd. (TSX VENTURE:FMM) and Mosam Capital Corp. (TSX VENTURE:MOS.P) have entered into a Binding Letter of Intent whereby Mosam can earn a 60% interest in Full Metal's Mount Andrew Property, subject to acceptance from the TSX Venture Exchange.

Mosam has the option to earn a 60% interest in the Property by incurring exploration expenditures totaling $3,000,000 over four years ($200,000 first year). Additionally, Mosam must make cash payments to Full Metal totaling $125,000 ($50,000 first year) and issue 1,000,000 shares (250,000 first year) over the four year option term.

Mineralization at Mount Andrew occurs within a 14 kilometer long trend of historic copper mines, located adjacent to tidewater on the Kasaan Peninsula. Historic production from Mount Andrew and adjacent operations totaled 5,729 tonnes copper, 1.74 tonnes silver and 216 kg gold. This production figure was compiled from historic literature by the U.S. Bureau of Mines, has not been independently verified and should not be relied upon. The Mount Andrew deposit was drilled for iron ore by Utah Construction (Utah International/BHP) in 1957 and 1960-1961 and by Kaiser Resources in 1970-1971.

Drilling completed by Full Metal, coupled with historic drilling results has outlined a minimum 350 meter (north-south) by 300 meter (east-west) area of IOCG mineralization, with a copper-dominant northern zone and an iron dominant southern zone (see FMM NR 2007 #24, dated October 4, 2007). Multiple zones of mineralization occur in the Mount Andrew area, the majority of which have not been drill tested.

The style of mineralization and alteration encountered at Mount Andrew suggests an IOCG (iron-oxide copper-gold) system. Copper mineralization occurs within semi-massive to massive magnetite bodies within andesitic volcanic rocks and associated intermediate intrusive rocks, cross-cut by later post-mineralization dykes. Andesitic rocks commonly exhibit tactite-style alteration, coupled with strong sodic and potassic alteration.

Robert McLeod, P.Geo., VP Exploration for Full Metal Minerals and a Qualified Person as defined by NI 43-101, prepared and approved the information contained in this release. Additional information on the Mount Andrew Property can be reviewed at www.fullmetalminerals.com.

Chignik and Port Moller Properties

Full Metal has been informed by New Gold Inc. (formerly Metallica Resources Inc.) that they are terminating the Option Agreements on the Port Moller and Chignik Properties, located in southwest Alaska. Full Metal appreciates the quality technical work completed by New Gold, and will be seeking a new Partner to explore these prospective properties.

Full Metal is a generative exploration company with multiple precious and base metal projects in Alaska and the Yukon. Full Metal is completing a bulk sample to confirm the continuity of high-grade gold mineralization within the Lucky Shot Shear. The Company has Joint Venture Agreements with Kinross Gold, Freeport McMoRan, BHP Billiton, Mosam Capital, Triex Minerals, Altair Ventures, Highbury Projects, and Ashburton Ventures Inc.

ON BEHALF OF THE BOARD OF DIRECTORS

Michael Williams, President and Director

Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.

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

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