Full Metal Minerals Ltd.

Full Metal Minerals Ltd.

September 21, 2005 09:30 ET

Retransmission: Full Metal Intersects 219.06 g/t Gold over 4.0m at Lucky Shot

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 21, 2005) - Full Metal Minerals (TSX VENTURE:FMM) is pleased to announce that assay results from the from all seven drill holes have been received, and that Full Metal has discovered an additional high-grade extension to the historic Lucky Shot Mine - located 50km north of Anchorage, Alaska. A summary of these intercepts is as follows:

From To Length width Au
Hole # (m) (m) (m) (m) (g/t)
C05-08 128.68 132.28 3.61 3.21 24.13
including 128.68 129.24 0.56 0.50 121.37

C05-09 142.27 145.31 3.05 3.05 62.23
including 142.70 143.26 0.56 0.56 179.04
and 144.63 145.31 0.69 0.69 108.41

C05-10 40.54 42.98 2.44 2.17 3.69

C05-11 46.38 48.77 2.39 2.39 3.16
and 50.90 53.11 2.21 2.21 2.16

C05-12 132.66 137.16 4.50 4.00 219.06
including 132.66 133.40 0.74 0.66 1267.52
and 135.94 137.16 1.22 1.09 37.75

C05-13 128.93 132.05 3.12 3.12 1.09

C05-14 78.64 80.16 1.52 drilled 2.98
down fault

Drill hole C05-12, encountered 219.06 g/t Au (7.0 oz) over a 4.0m (13.1 ft) true width (uncut), including 1,267.52 g/t Au over a 0.66m true width. Hole C05-12 is a 50m step-out hole to the west of hole C05-09, which intersected 3.05 meters true width averaging 62.23 g/t Au. Both intersections occur approximately 200 meters up-dip (650 ft) from historic underground workings. All drill holes intersected the Lucky Shot Shear, which is typified by strong chlorite-serecite-carbonate alteration, brecciation and silicified cataclasites. Intercepts in C05-13, located 70m up-dip on C05-12 shows a continued strong shear zone, typified by 'nuggety' gold mineralizing systems such as Lucky Shot.

Drill holes completed by Full Metal and the historic drill holes have all intersected the Lucky Shot Shear approximately 250m (820ft) up-dip of the historic workings and 250m (820ft) along strike. This structure is wide open for expansion to the west and south. The eastern extent of the structure is projected to outcrop underneath overburden approximately 75m east of holes C05-10 and C05-11. Drill hole C05-14 drilled straight down a brittle fault zone, however strongly anomalous gold values (greater than 100 ppb Au) was encountered throughout the hole within fault gouge, including 1.52m averaging 2.98 g/t Au. A gold in soil anomaly sampled by previous operator Alaska Hardrock Inc. in the 1990's occurs at the up-dip projection of the shear, approximately 100m south of C05-14. The down-dip extension of the Lucky Shot Shear is also open to expansion below, and to the north of the historic workings. Seven core holes were completed by Full Metal during 2005 at the Lucky Shot Shear, totaling 920 meters of drilling.

Full Metal completed surface sampling on additional mineralized structures on the Lucky Shot Property during the 2005 program. A single grab sample of mineralized material from an old dump at the Nippon Vein, located 6km east of Lucky Shot averaged 56.6 g/t Au. A channel sample within a steeply dipping fault zone located south of the Nippon Vein averaged 2.69 g/t Au over 6.1m. This confirms the potential for a mineralized feeder system. Full Metal is planning an aggressive drill campaign in 2006 to fully delineate the Lucky Shot Vein and complete a resource estimation for the deposit. Other targets on the Property targeted for drilling in 2006 include: the Nippon Vein, the Gold Bullion Shear, the Hope Vein, the DeWitt Vein and the Gold Top Vein.

The Lucky Shot mine was the richest historic gold producer in the Willow Creek mining district which is located within Alaska's second largest historic lode gold producing district. Records from the Alaska Department of Mines and Company Records report 250,000 ounces of gold recovered from 1921 to 1940, at an average grade of 1.48 oz/ton Au. Limited modern exploration has been performed in the Lucky Shot area since the closure of the mine. Property infrastructure is excellent, with road access from Anchorage and close proximity to both rail and power. Camp and maintenance facilities are operated year-round.

Gold-bearing structures at Lucky Shot occur within a granitoid batholith, similar to the Grass Valley deposits in the famous Motherlode camp, California. Historic mining exploited shallow-dipping, one to two meter wide gold-bearing quartz veins, however the recent drilling has revealed the veins occur within wider shear zones, with an average true width of three to five meters. Fault gouge occurs at the hangingwall and footwall contacts of the shear zone. These shears are comprised of silicified cataclasites and altered granite, as well as quartz veins with strong visible gold and telluride mineralization and minor amounts of sulphides.

Full Metal's exploration program was supervised by Robert McLeod, P.Geo., Vice President Exploration, for Full Metal Minerals Ltd., and a qualified person as defined by NI 43-101. Drill holes were sampled at approximately one to five foot sample intervals. Core was sawn in half with a diamond saw. Samples were delivered in sealed bags to the Alaska Assay Labs facility in Fairbanks, Alaska for sample preparation and were then sent to the BSI Inspectorate laboratory in Reno, Nevada for analysis (30 gram-tonne gold fire assay with gravimetric finish plus multi-element ICP). Gold values over 30 g/t Au will be analyzed by metallic screen method. All metallic screen assays for high-grade gold values are still pending at this release. A sample quality control/quality assurance program is in place.

A cross section and plan map from Lucky Shot can be viewed on Full Metal's website at www.fullmetalminerals.com.

Full Metal Minerals is currently focusing on drilling its Ganes Creek gold property funded by Joint Venture Partner, Fury Explorations Ltd, exploring the Aleutian Island land package with partner Metallica Resources and advancing the Pebble South Copper/Gold property.


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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