Full Metal Minerals Ltd.
TSX VENTURE : FMM

Full Metal Minerals Ltd.

December 12, 2007 09:01 ET

Full Metal Signs Option Agreement to Explore Multiple Porphyry Targets in Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 12, 2007) - Full Metal Minerals (TSX VENTURE:FMM) is pleased to announce that it has signed an Option Agreement with BHP Mineral Services Company ("BHP Billiton") (NYSE:BHP)(NYSE:BBL) pursuant to which BHP Billiton can acquire up to an 80% interest in Full Metal's six copper-gold-molybdenum porphyry targets in Alaska.

BHP Billiton can earn an initial 60% interest in the Properties by incurring US$2.5 million in expenditures over 36 months (First Option), with a Second Option to acquire a further 20% interest by incurring an additional US$3.5 million within 36 months of exercising the First Option. Full Metal holds the right to request that BHP Billiton finance its share of subsequent Pre-Development costs, subject to the two parties agreeing to acceptable financing terms. In the event that BHP Billiton does finance Full Metal's share of Pre-Development costs, they would be entitled to a first call on 75% of Full Metal's share of positive operating cash flow resulting from Commercial Production. During the First Option Period, Full Metal will be the Operator of the Project for a 10% Management Fee.

During the spring and summer of 2007, Full Metal staked multiple copper-gold-molybdenum porphyry targets in Alaska, and conducted reconnaissance scale mapping and sampling programs. During 2008, Full Metal and BHP Billiton will complete mapping and sampling programs as well as airborne and ground geophysics with the purpose of identifying drill targets.

Full Metal's 2007 exploration program was performed under the supervision of Robert McLeod, P.Geo, Vice-President Exploration for Full Metal Minerals, and a Qualified Person as defined by NI 43-101. Surface samples were placed in sealed bags and delivered to ALS-Chemex Labs sample preparation facility in Fairbanks, Alaska. A sample quality control/quality assurance program was implemented. Mr. McLeod prepared and approved the information contained in this release.

A finders fee of 25,000 common shares is payable by Full Metal with this agreement.

Full Metal is a generative exploration company with twelve active projects in Alaska and one in the Yukon Territory. The Company currently has eight active Joint Venture Agreements. Full Metal and its Partners are planning a minimum of eight drill programs during the 2008 field season.

ON BEHALF OF THE BOARD OF DIRECTORS

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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