Full Metal Minerals Ltd.

Full Metal Minerals Ltd.

October 30, 2006 12:30 ET

Full Metal Partners With Afognak Native Corporation to Explore Chickaloon Coal

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 30, 2006) - Full Metal Minerals (TSX VENTURE:FMM) is pleased to announce that it has entered into a binding letter agreement with Afognak Native Corporation (ANC) to jointly explore Full Metal's Chickaloon coal lease (also known as Castle Mountain).

The 22,647 acre Chickaloon Coal Lease area occurs within the greater Matanuska Coal Field of south-central Alaska. The lease area includes Alaska's only significant occurrences and past-producing operations of metallurgical coal. The Property is located next to the Glenn Highway, approximately 140 road-kilometers to the Point Mackenzie bulk loading facility located on the Pacific Ocean, and approximately 30 kilometers to the Alaska Railway.

Afognak Native Corporation (ANC) can earn an 80% interest in the Property by incurring US$2,000,000 in exploration (US$600,000 first year) and pay Full Metal US$100,000 in cash. Following earn-in, ANC will incur all exploration and development costs until the commencement of commercial production. ANC will be the operator of the Project. A finders fee of 50,000 shares is payable by Full Metal Minerals to Alaska Earth Resource Inc. in connection with the Chickaloon Property.

ANC is an Alaska Native Corporation organized in 1977 and is jointly owned in perpetuity by shareholders who trace their descent from the Alutiiq settlements on Afognak Island in the Kodiak Archipelago. Allotted a small cash settlement and 160,000 acres as a part of the Alaska Native Claims Settlement Act in 1971, ANC has grown that seed into a diverse company with over 4,000 employees and a $500 million worldwide enterprise. ANC has operations in construction, manufacturing, information technology, physical and electronic security, and logistics.

Full Metal has provided notice that it intends on dropping its interest in the Ganes Creek Property.

Full Metal has twelve active mineral projects in Alaska. Drilling is now finished for the season at the Mount Andrew copper-gold Project. Results are currently pending from drilling programs at the Lucky Shot Gold Project, 40-Mile silver-lead-zinc Project, Boulder Creek uranium Project, and the Kamishak copper-gold Project. Details on Full Metal's extensive Alaska property portfolio can be reviewed at the Company's website at www.fullmetalminerals.com.


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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