Mr. Michael Williams reports

FULL METAL AND ANTOFAGASTA MINERALS S.A. SIGNIFICANTLY EXPAND PYRAMID PORPHYRY PROJECT, ALASKA; INTERCEPTS 155.9 METERS AVERAGING 0.71% CU, 0.018% MO, 0.179 G/T AU OR 0.97% CU EQUIVALENT

Full Metal Minerals Ltd. has received final assay results for the 2011 drilling completed at the Pyramid porphyry project, located in southwest Alaska. These results suggest a significant new copper-gold-molybdenum porphyry discovery that is wide open for expansion.

Highlights from the 2011 drilling program include:

• PY11-007: 104.0 metres of 0.72 per cent copper equivalent;
• PY11-010: 310.29 metres of 0.53 per cent copper equivalent;
• PY11-012: 208.00 metres of 0.54 per cent copper equivalent;
• PY11-014: 100.00 metres of 0.76 per cent copper equivalent;
• PY11-016: 155.94 metres of 0.97 per cent copper equivalent;
• PY11-017: 117.54 metres of 0.81 per cent copper equivalent.

During the 2011 season, 12 holes totalling 2,576 metres were completed. Drill holes were typically shallow for a porphyry system, with most holes less than 300 metres in total length. Drilling spanned an area measuring approximately 1,100 metres east-west and 900 metres north-south, is open for expansion in all areas and at depth.

Of significance was drill hole PY11-016 which intersected 155.94 metres averaging 0.71 per cent copper, 0.179 gram per tonne gold and 0.018 per cent molybdenum, or 0.97 per cent copper equivalent underneath a 94.0-metre-thick leach cap. The intercept includes several higher-grade zones, including 20.0 metres averaging 0.99 per cent copper, 0.151 gram per tonne gold and 0.012 per cent molybdenum, or 1.19 per cent copper equivalent. This hole was shut down in strong mineralization, with the final 7.94 metres averaging 0.78 per cent copper, 0.124 gram per tonne gold and 0.03 per cent molybdenum. This hole was completed at the extreme of southeastern area of drilling to date, suggesting a grade and hydrothermal vector in this direction.

Drill hole PY11-017 was a 60-metre northeast step-out from hole PY10-05, which encountered 72.0 metres averaging 0.75 per cent copper, 0.162 gram per tonne gold and 0.017 per cent molybdenum (0.957 per cent copper equivalent). This hole intersected 117.54 metres averaging 0.60 per cent copper, 0.081 gram per tonne gold and 0.024 per cent molybdenum, or 0.81 per cent copper equivalent. Mineralization remains open to expansion to the north. Complete drill results are shown in the attached table.

Hole ID        From       To  Interval       Cu       Au       Mo     CuEq
                 (m)      (m)       (m)      (%)    (ppm)      (%)      (%)

11PY-006      No significant intercepts
11PY-007       6.00   110.00    104.00     0.56    0.129    0.009     0.72
Including     12.00    60.00     48.00     0.74    0.152    0.011     0.93
Including     26.00    36.00     10.00     0.86    0.167    0.018     1.11
11PY-008      70.00   154.00     84.00     0.27    0.036    0.013     0.38
11PY-009      No significant intercepts
11PY-010      16.76   327.05    310.29     0.39    0.102    0.009     0.53
Including    162.00   198.00     36.00     0.54    0.132    0.005     0.68
Including    238.00   264.00     28.00     0.63    0.190    0.003     0.81
Including    184.00   196.00     12.00     0.74    0.152    0.003     0.89
Including    246.00   258.00     12.00     0.82    0.271    0.005     1.08
11PY-011      No significant intercepts
11PY-012      60.00   268.00    208.00     0.35    0.088    0.019     0.54
Including    222.00   234.00     12.00     0.47    0.105    0.016     0.65
11PY-013      43.00    63.00     20.00     0.25    0.051    0.009     0.35
              91.00   103.00     12.00     0.30    0.083    0.031     0.56
             123.00   140.21     17.21     0.28    0.101    0.019     0.48
11PY-014      46.00   146.00    100.00     0.48    0.102    0.033     0.76
Including     84.00   106.00     22.00     0.57    0.102    0.027     0.82
Including    118.00   146.00     28.00     0.67    0.142    0.024     0.93
Including    138.00   144.00      6.00     0.98    0.165    0.014     1.20
11PY-015      Lost hole
11PY-016      94.00   249.94    155.94     0.71    0.179    0.018     0.97
Including     94.00   108.00     14.00     0.95    0.201    0.025     1.27
Including    226.00   246.00     20.00     0.99    0.151    0.012     1.19
Including    230.00   240.00     10.00     1.15    0.185    0.012     1.38
11PY-017      44.00   161.54    117.54     0.60    0.081    0.024     0.81
Including     46.00   136.00     90.00     0.66    0.087    0.025     0.88
Including     96.00   136.00     40.00     0.77    0.094    0.026     1.00

Notes:
(i) Copper equivalent calculations use metal prices of $2 (U.S.) per
    pound for copper, $1,150 (U.S.) per ounce for gold and $12 (U.S.)
    per pound for molybdenum. The contained copper represents estimated
    contained metal in the ground and has not been adjusted for
    metallurgical recoveries. Adjustment factors to account for
    differences in relative metallurgical recoveries for gold, copper
    and molybdenum will depend upon the completion of definitive
    metallurgical testing. Copper equivalent equals ((copper multiplied
    by 22.04 pounds multiplied by $2) plus (gold multiplied by $36.973
    per gram) plus (molybdenum multiplied by 22.04 pounds multiplied
    by $12)) divided by (22.04 pounds multiplied by $2).                                    

Multiple hydrothermal centres have been identified at Pyramid, within an oval-shaped 2,300-metre-by-1,400-metre mapped extent of phyllic and potassic alteration zones. Classic vein styles are identified in the core with early halo veins, A, B, and D veins, hosting mineralization. Copper mineralization with variable molybdenum occurs within multiple phases of porphyritic intrusive rocks, as well as hornfelsed sediments. Quartz diorite porphyry and quartz feldspar porphyry intrusives make up the bulk of the igneous rock types and hosts; diorites are known for their gold-bearing affinity.

Mineralization typically comprises chalcocite, covellite, chalcopyrite and molybdenite with supergene enrichment at depths ranging from 120 to over 250 metres below surface.

Surface work completed during the 2011 program included a ground magnetic survey and additional mapping. Survey results identified regions of strong magnetic highs and lows coincident with magnetite-bearing potassic alteration and phyllic alteration respectively. Peripheral magnetic highs respond to early potassic (biotite-magnetite) alteration in hornfelsed sediments. Drill holes PY11-06 and 09 did not encounter significant copper mineralization within these zones of alteration. Areas of relative magnetic lows correlate with phyllic overprinting early potassic alteration and host the bulk of copper mineralization encountered in the majority of this season's drilling. Drill hole PY11-015 was drilled on the far west side of the system and lost at 104.55 metres due to technical problems in intense leached capping with pervasive quartz stockworks (A, B, and D veining), leaving the western side of the property completely open.

Drill hole collar maps and tables are available at the company's website.

The 37,296-hectare Pyramid porphyry project lies along the southern margin of the Alaska peninsula approximately eight kilometres from tidewater. The area was initially explored in 1974 by the Aleut-Quintana-Duval joint venture, who drilled 19 shallow holes (maximum 168 metres depth) in late 1975 (1,695 metres total). Gold content was not an exploration target in the initial exploration effort. More recent exploration by Battle Mountain Gold in the late 1980s identified associated gold values that have enhanced the potential of Pyramid.

The 2011 exploration program at Pyramid was financed by Antofagasta Minerals SA which is currently earning a 51-per-cent interest in the property. Full Metal has an exploration agreement with option to lease a 100-per-cent interest in mineral rights from the Aleut Corp., an Alaska native regional corporation, and has been granted the surface rights from Shumagin and TDX corporations, Alaska native village corporations (see news release on July 9, 2010).

The 2011 exploration program at Pyramid was supervised by Jodie Gibson, PGeo, senior geologist, and Robert McLeod, PGeo, vice-president, exploration, of Full Metal Minerals. Both are qualified persons as defined by NI 43-101. Drill core was cut in half using a diamond saw, with one-half placed in sealed bags and delivered to ALS Chemex facilities in Fairbanks, Ala. A sample quality control/quality assurance program utilizing standards and blanks, as well as third party check labs, has been implemented. Contents of this release were prepared by and approved for release by Mr. McLeod.