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Vol. 17, No. 46 Week of November 11, 2012
Providing coverage of Alaska and Northwest Canada's mineral industry

Mining Explorers 2012: Full Metal Minerals Ltd.

FMM: TSX-V

President: Michael Williams

CEO & Vice President, Exploration: Rob McLeod

Pyramid, a copper-gold-molybdenum porphyry project situated on the Alaska Peninsula of Southwest Alaska, was the primary target of Full Metal Minerals Ltd.’s 2012 exploration. The Vancouver, B.C.-based junior (49 percent) and its Chile-based project partner, Antofagasta Minerals S.A. (51 percent), carried out a 3,000-meter drill program to follow-up on copper-gold-molybdenum mineralization outlined by 17 holes drilled by the partners in 2010 and 2011. Early results from the 2012 drilling include hole PY12-019, which cut a high-grade zone averaging 1.01 percent copper, 0.165 grams per metric ton gold and 0.009 percent molybdenum over 42 meters, from 24 meters down-hole. This zone occurs within a 70-meter interval averaging 0.7 percent copper, 0.115 g/t gold and 0.008 percent molybdenum. Hole 19 was collared approximately 250 meters southwest of PY11-016, which, intersected 155.9 meters averaging 0.71 percent copper, 0.179 g/t gold and 0.018 percent molybdenum. Drilled in the potassic center of Pyramid, PY12-018 cut 344 meters averaging 0.036 percent molybdenum, 0.11 copper and 0.035 g/t gold from a depth of 154 meters. Drilling at Pyramid has outlined an area measuring some 1,800 meters east-west and 1,050 meters north-south. Full Metal has an exploration agreement with option to lease a 100 percent interest in mineral rights from the Aleut Corp., an Alaska Native regional corporation, and has been granted the surface rights from two Alaska Native village corporations.

Pyramid is but one prospect on 1.4 million acres of prospective Native-owned lands covered under an exploration agreement Full Metal has with Aleut Corp. Unga-Popov – an epithermal gold project on an island about 40 kilometers (25 miles) south of Pyramid is another. This property hosts two historical resources – Apollo with 280,000 metric tons averaging 27.7 g/t gold and 92.6 g/t silver; and Centennial, which has some 6 million metric tons at 1.5 g/t. Redstar Gold Corp. – which can earn a 60 percent interest in Unga-Popov by completing 5 million of exploration by August, 2015 – confirmed and expanded on the historical high-grade gold mineralization at Apollo with a drill program carried out in 2011.

Full Metal’s 85,750-acre Pebble South property is under an option agreement to the Pebble Partnership, co-owned by Northern Dynasty Minerals Ltd. and Anglo American plc. The Pebble owners can earn a 60 percent interest in Pebble South by spending US$3 million 0n exploration over three years. Full Metal believes Pebble-style mineralization trends to the southwest from the Pebble Partnership’s massive deposit onto its property. Geochemical and geophysical surveys have delineated 11 promising prospects at Pebble South.

Full Metal is also seeking the lode source of two prolific placer mining districts in the Tintina Gold Belt, Circle and Fortymile. Unlike similar placer camps in the Tintina Gold Belt, no significant lode source has been identified in these two Alaska gold districts. In 2011, the junior staked 23,747 hectares (56,680 acres) of state mining claims within the Circle placer mining district, located about 130 kilometers (80 miles) northeast of Fairbanks. To locate the source of more than 1 million ounces of placer gold recovered here geologists carried out extensive reconnaissance mapping and soil sampling program on the company’s four large claim blocks in the district. The junior has carried out similar programs at its Rolling Thunder project in the Fortymile, a district that has produced more 500,000 ounces of placer gold. The Fortymile property – a separate zinc-rich carbonate replacement-style massive sulfide deposit found in the same region as Rolling Thunder – was transferred to Full Metal Zinc in 2011.

Cash and short-term deposits: C$129,953 (Feb. 29, 2012)

Working capital: C$744,578 (Feb. 29, 2012) (Completes C$1.5 million financing on June 18, 2012; completes C$467,520 financing on Sept. 4, 2012)

Market capitalization: C$9.5 million (Sept. 12, 2012)

1500-409 Granville St.

Vancouver, B.C. Canada V6C 1T2

Tel: 604-484-7855 • Fax: 604-484-7155

www.fullmetalminerals.com



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