Full Metal Minerals Ltd.
TSX VENTURE : FMM

Full Metal Minerals Ltd.

August 31, 2005 09:30 ET

RETRANSMISSION: Full Metal Intersects 62.23 g/t Gold Over 3.05 m at Lucky Shot

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 31, 2005) - Full Metal Minerals (TSX VENTURE:FMM) is pleased to announce that assay results from the first two drill holes have been received, and that Full Metal has discovered a high-grade extension to the historic Lucky Shot Mine - located 50km from Anchorage, Alaska. A summary of these intercepts is as follows:



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True
From To Length Width Au
Hole # (m) (m) (m) (m) (g/t)
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C05-08 128.68 132.28 3.61 3.61 24.13
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including 128.68 129.24 0.56 0.56 121.37
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C05-09 142.27 145.31 3.05 2.74 62.23
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including 142.70 143.26 0.56 0.50 179.04
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and 144.63 145.31 0.69 0.62 108.41
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Drill holes C05-08 and C05-09 have confirmed the extension of the Lucky Shot Shear approximately 200 meters up-dip (650 ft) from historic underground workings. Drill holes with pending assays, as well as historic drill holes have tested approximately 250m (820ft) of up-dip extension and 250m (820ft) along strike, all of which have intersected the Lucky Shot Shear. Seven core holes were completed at Lucky Shot totaling 920 meters of drilling - the remaining assays are expected by mid-September.

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. 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.

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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