Full Metal Minerals Ltd.

Full Metal Minerals Ltd.

June 17, 2008 09:00 ET

Full Metal Options OG Zinc-Lead-Silver Property to Ashburton Ventures

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 17, 2008) - Full Metal Minerals Ltd. (TSX VENTURE:FMM) and Ashburton Ventures Inc. (TSX VENTURE:ABR.P) have entered into an Option Agreement whereby Ashburton can earn a 60% interest in Full Metal's OG Zinc-Lead-Silver property, subject to acceptance from the TSX Venture Exchange. The Companies are planning a 2,000 meter drilling program to commence in August 2008. A ground-based gravity survey is currently underway.

Ashburton has the option to earn a 60% interest in the Property by incurring exploration expenditures of $6,000,000 over four years including a minimum $500,000 during 2008. Ashburton must also make cash payments totaling $325,000 ($100,000 first year) and issue 1,250,000 shares (500,000 first year) over the four year option term.

Upon Ashburton successfully exercising the Option to acquire 60% of Full Metal's rights, title and interest in the Property, Full Metal will have the right within 90 days to reacquire 1/3 of Ashburton's interest by reimbursing Ashburton's $6,000,000 in Expenditures. Should Full Metal exercise the Back-In Right the Joint Venture will be 60% Full Metal Minerals/40% Ashburton Ventures.

The OG Property is located 40 km north of Dawson City, Yukon Territory. The 5,426 hectare land package covers several sediment hosted and carbonate replacement zinc-silver-lead prospects and includes extensive multi-element soil geochemical anomalies.

Work completed during 2007 by Full Metal outlined the Raider Zone, a significant new 1.0 square kilometer multi-element soil anomaly (greater than 500 ppm Pb, greater than 1000 ppm Zn, greater than 2 g/t Ag). The Raider Zone is located 750 meters north of the Yankee Zone, which was expanded from 1.4 to 1.7 square kilometers (greater than 500 ppm Pb, greater than 1000 ppm Zn, greater than 2 g/t Ag). Sample spacing ranges from 50 meters by 50 meters to 50 meters by 200 meters at both Zones. The Yankee and Raider anomalies are open for expansion to the east. Multiple other anomalous areas were identified north of the Raider Zone. From July through September 2007, 1,380 samples were collected at the OG Property; soil samples range from 6.8 to 39,200 ppm Pb, average 327 ppm Pb; 27 to 11,100 ppm Zn, average 560 ppm Zn, and 0.2 to 154 g/t Ag, average 0.9 g/t Ag.

Additionally, a ground-based gravity geophysical survey was completed over only the western third of the Yankee Zone soil anomaly. The survey outlined a 1.1 to 1.6 mGal anomaly, measuring approximately 600 by 600 meters. Gravity geophysical surveys identify denser rock, with the intent of identifying massive sulphide mineralization.

The OG Property was drill tested by 12 core holes in 1975 and 76 by Hudson's Bay Mining. Assay results are known for only six holes, which were filed under mandatory Yukon Territory assessment report requirements. Limited exploration work was performed on the Property prior to the 2007 Exploration Program.

Surface mapping identified CRD style mineralization consisting of coarse grained pyrite, sphalerite and galena with local chalcopyrite within a sequence of platformal Proterozoic limestones, commonly altered to dolomite. Mineralization occurs within the footwall to a regional thrust fault, with capping fine grained siliciclastic overlying the mineralization. The Raider and Yankee zones are separated by a window of the upper plate sediments.

Full Metal's 2007 exploration program was supervised by Robert McLeod, P.Geo., Vice President Exploration, for Full Metal Minerals Ltd., a Qualified Person as defined by NI 43-101, who has prepared and approved the information contained in this release. Soil samples were collected by experienced technicians, and placed in sealed bags for shipment to the ALS-Chemex Labs facility in Vancouver, B.C. for analysis. A sample quality control/quality assurance program was implemented.

Full Metal is a generative exploration company with multiple precious and base metal projects in Alaska and the Yukon. Drill programs are currently underway at the high grade 40 Mile zinc-silver-lead project, Moore Creek gold project and underground development at the Lucky Shot Gold Project. The Company has Joint Venture Agreements with Kinross Gold, Freeport McMoRan, BHP Billiton, Metallica Resources, Triex Minerals, Altair Ventures, and Highbury Projects.


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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