Full Metal Intersects 7.7 Meters of 12.7% Zn, 15.6% Pb and 259.6 g/t Ag at Fortymile Property, AK: Financial News

Full Metal Intersects 7.7 Meters of 12.7% Zn, 15.6% Pb and 259.6 g/t Ag at Fortymile Property, AK
Wednesday July 16, 2008 11:30 am ET

VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jul 16, 2008 -- Full Metal Minerals (CDNX:FMM.V - News) is pleased to announce results from an additional nine drill holes from the LWM Carbonate Replacement Deposit (CRD), The LWM Deposit is high grade zinc, silver, lead, copper discovery located at the Fortymile Property in Eastern Alaska. Highlights include:

- LWM08-28: 1.6 meters true width averaging 26.2% Zn, 14.3% Pb and 246.0 g/t Ag

- LWM08-32: 19.9 meters true width averaging 12.5% Zn, 8.1%, Pb and 158.7 g/t Ag

- LWM08-33: 7.7 meters true width averaging 12.7% Zn, 15.6% Pb and 259.6 g/t Ag

- LWM08-34: 3.7 meters true width averaging 17.3% Zn, 9.5% Pb and 158.3 g/t Ag

- LWM08-41: 3.6 meters true width averaging 4.7% Zn, 33.5% Pb and 459.4 g/t Ag

At least two subparallel zones of massive carbonate-replacement (CRD) mineralization have been traced over 550 meters of strike length and over 300 meters below surface. The deposit is open for expansion in all directions. Drill hole LWM08-41 is the furthest southwestern step-out hole completed to-date on the property, and encountered multiple high grade zones of both zinc dominant, and lead dominant mineralization, including 3.6 meters true width averaging 4.7% Zn, 33.5% Pb, 0.35% Cu and 459.4 g/t Ag. Drill hole LWM08-34, a step-out hole to the northeast, encountered 3.7 meters true width averaging 17.3% Zn, 9.5% Pb, 0.3% Cu and 158.3 g/t Ag.

To date, 28 drill holes have been completed at LWM, with massive to semi-massive sphalerite-galena-chalcopyrite mineralization intersected in the majority. A 15,000 meter drill program is planned for the 2008 season. Step-out and infill holes are being completed on 50 meter centers along strike and down-dip. Infill hole LWM08-32 encountered 19.9 meters true width averaging 12.5% Zn, 8.1% Pb, 0.2% Cu and 158.7 g/t Ag, including 14.3 meters true width averaging 14.5% Zn, 11.1% Pb, 0.2% Cu and 217.5 g/t Ag. Infill hole LWM08-33, intersected 7.7 meters true width averaging 12.7% Zn, 15.6% Pb 0.4% Cu and 259.6 g/t Ag.

Nine individual samples from holes LWM08-23, 28 and 34 were also analyzed for Indium; values range from trace to 39.8 g/t In, averaging 16.1 g/t In. Global Indium production is generally a byproduct of zinc mining, and is used in many high-technology applications including LCD screens and solar panels. Indium currently trades in the US$745 per kilogram range. Full Metal plans on more extensive analysis for Indium at the Fortymile Property.

Mineralization occurs within dolomitized marble host rock, with the primary zone located adjacent to a fault zone. In the southwestern area of drilling, surface oxidation is locally variable in the upper zone. In some areas, the oxidation extends to over 200 meters below surface; the lower zone is typically less oxidized, with primary sulphide commonly located at surface. In the northeast, surface oxidation is much shallower. The thickness of mineralization can vary dramatically in CRD systems, with this variability common at LWM. A plan map with drill hole collar locations can be viewed at www.fullmetalminerals.com.

 

Complete drill results are as follows:

                                      True
Hole-ID       From      To   Width   Width     Zn %   Ag (g/t)  Cu %   Pb %
LWM08-28    227.69  230.22    2.53    1.62  26.22(i)      246   0.54  14.34

LWM08-30       244     247       3    2.94     1.78      26.7   0.05   1.48

LWM08-31    141.36  142.49    1.13    0.91     20.5        33   0.35   0.84

LWM08-32       157  180.18   23.18   19.86    12.49     158.7   0.18   8.13
including      157  173.67   16.67   14.28    14.46     217.5   0.24  11.14

LWM08-33     39.42    48.3    8.88    7.69    12.71     259.6   0.42  15.58

and           57.9   65.94    8.04    6.96    12.35     138.5   0.22    6.6
including    58.91   62.82    3.91    3.38    17.87     235.5   0.33  11.84

and          168.1  171.55    3.45    2.98    12.33     140.7   0.25  11.57

LWM08-34       105   108.9     3.9     3.7    17.25     158.3    0.3   9.52
including   107.82   108.9    1.08    1.02     28.5       326   0.57  19.85

LWM08-37     10.34   11.69    1.35    1.34     5.87       154    0.3    3.9

LWM08-40     78.36      80    1.64    1.61     0.97       125   0.23   3.29

LWM08-41        94     109      15   14.77    13.11      29.8   0.11   1.45
including       94   100.5     6.5     6.4    17.35      60.3   0.19   2.96

and          120.3   123.3       3    2.95    11.85     104.7   0.14   4.74

and         127.42  131.08    3.66     3.6     4.71     459.4   0.35  33.52

LWM08-43         Rods Dropped; Hole Abandoned

(i) Individual assays greater than 30% Zn are pending.

The LWM discovery, the Fish oxide zinc-silver discovery (See FMM NR 2007 #21), as well as the Oscar, Eva and Drumstick regional targets occur within an extensive trend of CRD-style prospects, the majority of which have never been drill tested. Additionally, surface exploration crews have identified new target areas and prospects during the 2008 exploration program.

Full Metal has options to earn numerous 100% leasehold interests within 235,376 acres of lands selected by Doyon, Limited, an Alaska Native Regional Corporation (See FMM 2006 NR #9, dated May 23, 2006).

Full Metal's 2008 exploration program at Fortymile 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. Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags. Core and surface samples were delivered by Full Metal personnel to ALS-Chemex Labs facility in Fairbanks, Alaska. A sample quality control/quality assurance program is in place. Mr. McLeod prepared and approved the information contained in this release.

Full Metal is a generative exploration company with multiple precious and base metal projects in Alaska and the Yukon. Drilling and underground development is currently underway at the high-grade Lucky Shot Gold Project. The Company has Joint Venture Agreements with Kinross Gold, Freeport McMoRan, BHP Billiton, New Gold, Triex Minerals, Altair Ventures, Highbury Projects, and Ashburton Ventures Inc.

ON BEHALF OF THE BOARD OF DIRECTORS

Michael Williams, President and Director

Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.