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Saturday, 10/16/2010 5:34:37 PM

Saturday, October 16, 2010 5:34:37 PM

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Full Metal Identifies Multiple New Gold Anomalies, Extending White Gold District Trend from Yukon into Alaska
Press Release Source: Full Metal Minerals Ltd. On Thursday September 30, 2010, 9:00 am ED

VANCOUVER, BRITISH COLUMBIA--(Marketwire - 09/30/10) - Full Metal Minerals Ltd. (TSX-V:FMM - News) is pleased to announce that the Company has received encouraging surface sampling results from multiple gold targets at the Rolling Thunder Project. Full Metal has expanded the land package to 589 km2, covering 16 different target areas, and initiated a follow-up sampling and mapping program.

Full Metal's management and geologic team were shared with Underworld Resources, which made a significant discovery at the White Gold Project in the Yukon. Underworld was acquired by Kinross Gold in the spring of 2010. The technical team utilized this experience and understanding of geologic controls, geochemistry and exploration targeting methods which was successful at White Gold to stake these new claims. During the 2010 season, 428 rock and 1,536 soil samples have been collected to-date, as well as some initial mechanical trenching. Many assays are still pending.

Highlights of the recent exploration include the identification of extensive anomalous gold mineralization in soil samples from the Pika Property. Two separate 100 to 250 meter wide, northeastern trending gold in soil anomalies (greater than 50 ppb Au) have been identified. Individual soil values range from trace to 1090 ppb Au, averaging 108 ppb Au. Strong silver values were also returned. The anomalies are 700 meters and 1,000 meters long separately, with the mineralizing system open for expansion to the north and east. Widespread silicification and high-potassium clay alteration suggest a high-sulphidation Au-Ag epithermal system at Pika. Sampling crews are currently expanding the soil grid at the property. Mineralization at Pika is strongly oxidized due to weathering, with local massive barite and gossan veins identified. Two subcrop samples of gossan assayed 0.30 g/t Au with 4,730 g/t Ag and 0.955 Au with 788 g/t Ag respectively.

A single reconnaissance line was completed a the McElfish prospect, where a single reconnaissance 'ridge and spur' soil line returned several anomalous samples, including an individual sampled that returned 7.16 g/t Au in soil. Follow-up mapping and sampling identified strongly silicified and gossanous altered rocks, with additional assays currently pending.

Reconnaissance work at the Willow property has identified a gold and silver bearing, silicified marble unit hosting gold and silver mineralization. Seven grab and chip samples that assayed over 1.0 g/t Au averaged 1.8 g/t Au and 28.0 g/t Ag, with samples up to 3.3 g/t Au and 98 g/t Ag. The majority of these samples, out of 118 rock occur within a 250 by 100 meter silicified and decalcified area of marble. Silicified marble units have been trace for over 3,000 meters. The target area is surrounded on all sides by active placer gold mines, and represents a sediment-hosted gold target.

Previously reported results (See FMM 2010 NR#10, June 29th 2010) include: the 20X prospect, grab samples from oxidized quartz veins returned 5.5 and 4.0 g/t Au, with anomalous molybdenum and other pathfinder elements similar to the White Gold Property. At the Tweeden prospect, a grab sample from a one meter wide quartz vein trending onto Full Metal claims returned 52.2 g/t Au. Secondary structures splaying off of main structure assayed 1-2 g/t Au on these sheeted structures.

The White Gold district in Alaska occurs within a mineral belt of Cretaceous age deposits, prospects, and placer gold mines trending from the Minto mine in the southwest, and includes porphyry copper and epigenetic gold deposits and prospects such as Freegold Mountain (Northern Freegold), Casino (Western Copper), White Gold (Kinross) and Coffee (Kaminak). This mineral belt strikes to the northeast from the Yukon into Alaska, and includes Full Metal's Rolling Thunder claims, the Fortymile placer district, and Full Metal's high-grade Zn-Ag-Pb-Cu carbonate replacement deposits (see News Release FMM 2010 - NR #5, June 3rd 2010). Over 30 companies are actively exploring along this trend in the Yukon, with an ongoing staking rush up to the Yukon-Alaska border. Full Metal Minerals is the only company that has been actively exploring the Alaska section of this belt during 2010.

Placer gold mining has been ongoing in the Fortymile district since the late 1800's, with over 550,000 ounces of placer gold produced (from Szumigala et al, Alaska DGGS Report 2000). The area is underlain by the same host rocks, a similar tectonic history and intrusive rocks to the White Gold District.

Full Metal and BHP completed an extensive reconnaissance program in the southern portion of the target area during 2008, exploring four porphyry targets. In 2009, Full Metal regained a 100% ownership of this program, after BHP completed extensive geochemical surveys and a large airborne magnetic survey. In addition to a proprietary geochemical data set owned by Full Metal from historic operators, the Company utilized this data in targeting several of the new claim groups.

Full Metal's 2010 exploration program at Rolling Thunder is managed by Robert McLeod, P.Geo, Vice-President Exploration for Full Metal Minerals and a Qualified Persons as defined by NI 43-101. Rock and soil samples have been collected by experienced geologists, placed in sealed bags and delivered by Company employees to ALS-Chemex Labs facility in Fairbanks, Alaska. A sample quality control/quality assurance program using standards and blanks has been implemented. 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. Additional results will be announced shortly from three drilling programs completed during 2010, including 100%-owned Fortymile zinc-silver-lead Property, the Grizzly Butte and Pyramid copper-gold-molybdenum porphyry Properties.


Michael Williams, President and Director

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