Full Metal Minerals Ltd (FMM)

[PENNY_STOCKS]

Vancouver, BC -- August 11th, 2008 - Full Metal Minerals Ltd. (FMM-TSX:V) is pleased to announce that drilling has commenced at the Pebble South Property in Alaska.

The Pebble South Property is located in southwest Alaska and borders three sides of Anglo American/Northern Dynasty's claims that include the giant Pebble Deposit. Multiple drill targets have been identified through surface mapping, sampling and IP geophysics. The Companies are planning an initial 2,000 meter core drilling program, testing several of these targets.

Freeport-McMoRan Exploration Corporation is earning an initial 60% interest in the Pebble South Property (See FMM 2007 NR - #30 dated November 30, 2007).

The 2008 exploration program at Pebble South supervised by Greg Thurow CPG#3403 (Wyoming) with Alaska Earth Sciences, an Anchorage-based Consulting Group and a Qualified Person as defined by NI 43-101. Drill cores are cut in half using a diamond saw, with one-half placed in sealed bags, and delivered to ALS-Chemex Labs facility in Vancouver, B.C. A sample quality control/quality assurance program is in place. Contents of this release were written and approved by Robert McLeod, P.Geo., Vice President of Exploration for Full Metal Minerals and a Qualified Person as defined by NI 43-101.

Additionally, Full Metal notes that the Company's April 24, 2008 news release announcing the acquisitions of the Angie Cat and Nadaleen properties, Yukon Territory indicated incorrect total cash payments and exploration expenditures for each of the properties. The correct terms pursuant to the agreements are as follows.

Full Metal can earn a 100% interest in the Nadaleen Project from a Third-Party Yukon resident, by paying $250,000 in cash payments ($50,000 first year), issuing 385,000 common shares of Full Metal (50,000 first year), and incurring $2.5 million in exploration expenditures ($250,000 first year).

Full Metal can earn a 100% interest in the Angie-Cat Project from a Third-Party Yukon resident, by paying $250,000 in cash payments ($50,000 first year), issuing 385,000 common shares of Full Metal (50,000 first year), and incurring $2.5 million in exploration expenditures ($250,000 first year).

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 Exploration Agreements with Kinross Gold, Freeport-McMoRan Exploration Corporation, BHP Billiton, New Gold, Triex Minerals, Altair Ventures, Highbury Projects, and Ashburton Ventures Inc.