NWT Mineral Exploration

[Ed Monton]

Mac & Cache Exploration Update – New Showings Found

Vancouver, BC – October 29, 2004 - Full Metal Minerals Ltd. (TSX:V-FMM) and Garnet Point Resources Corp. (TSX.V:GRC); (OTCBB: GRCDF) are pleased to provide an update on this summer's exploration at Mac & Cache property. The Properties are two early-stage Archean Lode-gold prospects located within the Ennadai-Rankin Greenstone Belt in the Kaminak-Quartzite Lake area, 150 km southwest of Rankin Inlet, Nunavut.

The objective of this summer's program was to increase the geological understanding for the Mac and Cache prospects in anticipation of drilling in the spring of 2005, and to identify new mineral occurrences. Compilation of the existing Territorial-Federal government supported mapping and assay data from the MIO program aided in regional targeting for the summer project. Reconnaissance prospecting in the vicinity of Kaminak Lake identified three new mineralized occurrences, including the NWMI showing, which returned grab samples assaying 58.1 g/t and 9.1 g/t Au from quartz veins within a topographic low. This target will be drilled in 2005. At the FBB showing, a composite sample of a 25m long frost-heaved boulder train of quartz averaged 3.8 g/t Au. Grab samples from multiple quartz veins on the WOMI showing returned anomalous gold values including 3.4, 2.8 and 2.4 g/t Au. A total of 15 new claims for 11,000 hectares were staked, covering prospective areas of the Greenstone Belt.

The Cache prospect was tested in the 1980's and 90's with 26 core holes, which discovered an inferred resource of 489,000 tonnes grading 9.3 g/t Au, for approximately 146,000 oz. This Resource was completed prior to 2001, and is not in accordance with NPI 43-101 should therefore not be relied upon. Full Metal and Garnet Point are currently completing a revised estimation of the resource, to be audited by an independent third party. Several high-grade intercepts, including 31.2 g/t Au over 48.2m, and 58.6 g/t Au over 4.0m with coarse visible gold were previously intersected. Work during the 2004 summer program included re-sampling of historic drill core for geochemical modeling of the mineralizing system.

The Mac prospect is located about 15 km west of Cache, on a small island within Kaminak Lake . Mineralization occurs as irregular quartz veins within an alteration zone cross-cutting a gabbro unit. Previous drilling amounted to 12 core holes, several of which encountered high-grade values up to 25.0 g/t Au over 1.5m and 9.6 g/t over 5.4m. The trend of mineralization roughly strikes to the northwest, under Kaminak Lake . Work during 2004 identified a structural break between sediments and mafic volcanics to the east of the showing. This represents a potential source for mineralizing fluids ‘bleeding' off to form the isolated pockets of mineralization at Mac and the surrounding islands. This target will be drilled during 2005.

The exploration program was supervised by Dean Besserer, P.Geol., with Apex Geosciences Ltd., under the direction Robert McLeod P.Geo., Vice President Exploration, for Full Metal Minerals Ltd., both are qualified persons as defined by NI 43-101. A total of 94 rock samples were taken during 2004. Assay results range from trace to 58.1 g/t Au, with a median grade of 28 ppb Au, and a mean grade of 1,210 ppb Au. Additionally, 120 core samples were taken for multi-element geochemistry. Samples were placed in sealed bags and shipped to the ALS-Chemex laboratory in Vancouver, B.C..

Full Metal currently has interests in gold and copper-gold properties in Alaska and Nunavut , including the highly prospective Ganes Creek Gold Project, and the Pebble South Copper-Gold Project.

Garnet Point is expanding its focus to include gold and base metal exploration with the addition of the Arcadia and also Mac and Cache Properties in Nunavut optioned from Full Metal Minerals Ltd. Garnet Point Resources Corp. currently also holds mineral claims in the Fort a la Corne and Candle Lake regions of Saskatchewan for diamond exploration.