Full Metal Minerals Ltd.

Full Metal Minerals Ltd.

January 30, 2008 17:44 ET

Full Metal Sells 100% Interest in Kamishak Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 30, 2008) - Full Metal Minerals (TSX VENTURE:FMM) intends to divest its option to acquire a 100% interest in the Kamishak property in Alaska to Alix Resources Corp. (Alix) (TSX VENTURE:AIX) for a total of 750,000 Alix shares.

As consideration for the transfer, Alix has agreed to: (a) issue to Full Metal 500,000 common shares on the day of receipt of the TSX Venture Exchange's written approval of the transaction (b) issue to Full Metal 100,000 Alix Shares on or before October 31, 2008 and (c) issue to Full Metal 150,000 Alix Shares on or before October 31, 2010 (d) pay to Full Metal a 2.0% net smelter return royalty on all future production from the Kamishak property. Alix can purchase one-half of the royalty (i.e., a 1.0% royalty) 1.0% for $1,000,000.

Full Metal is a generative exploration company with 12 active projects in Alaska and one in the Yukon Territory. The 2008 drill programs include the 40 Mile Project, Lucky Shot Property, Mt. Andrew Property, Moore Creek Property, CJ Property, Pebble South Project, Chignik Project, Boulder Creek Property and OG Properties. The Company has Joint Venture Agreements with Freeport McMoRan, BHP, Metallica Resources, Triex Minerals, Altair Ventures, Highbury Projects and Millrock Resources.


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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