VANCOUVER, BRITISH COLUMBIA is pleased to announce the first
Phase of exploration plans for all Alaska and Yukon Properties
during the 2008 season. This work will include a minimum of eight
drill programs totaling 28,200 meters, with a minimum overall
budget of US$17 million. A minimum $5.2 million in exploration will
be funded by JV partners. The budget could increase as final work
programs from some Joint Venture partners are currently being
proposed and budgeted. Part of Full Metal's exploration strategy is
to enter into Option Agreement with major mining companies and
qualified junior explorers, while retaining a 100% interest in key
'Flagship' Properties such as 40 Mile and Lucky Shot.
The bulk of Full Metal's exploration spending will occur at the
40 Mile Property, where high grade zinc, lead and silver results
were returned from drilling and surface sampling surveys during the
2007 exploration program. At Lucky Shot, the Company is currently
evaluating several options including underground and surface
drilling and a bulk sampling program.
With Joint Venture Partner Freeport-McMoRan Exploration
Corporation, an initial drilling program has been proposed that
would test multiple copper-gold-molybdenum porphyry targets at the
Pebble South Property.
Drill programs are expected to commence at the 40 Mile, Moore
Creek and CJ Properties during the next six weeks. Exploration
programs will be initiated on the remainder of Full Metal's
Properties in spring and early summer. The Company will provide
further details on the 2008 exploration programs for the respective
Properties as they commence. A summary of the planned Exploration
Programs is as follow:
40 Mile Property (100% Full Metal)
Full Metal's largest exploration program during 2008 will focus
following up on last year's high grade zinc, lead silver discovery
at the 40 Mile Project in eastern Alaska. This US$6.5 million
program will include 15,000 meters of drilling and additional
exploration on the 235,376 acre property. The Phase 1 program will
include step-out, and infill drilling at the LWM discovery, where
drilling during 2007 included 44.6 meters averaging 15.9% Zn, 5.3%
Pb and 76.6 g/t Ag, 15.6 meters averaging 21.2% Zn, 8.7% Pb, and
127.0 g/t Ag, and 6.48 meters averaging 464.2 g/t Ag, 31.6% Zn,
11.3% Pb and 1.41% Cu (see FMM NR#17 dated July 30th 2007).
The Phase 1 drilling will also target the highly prospective
Oscar, Eva and Drumstick prospects, Additional surface sampling
programs to be completed at numerous other showings and anomalies
all which occur within a 90 kilometer long trend of CRD-style
prospects, the majority of which have never been drill tested.
Pebble South Property (40% Full Metal / 60% Freeport
McMoRan)
In early May 2008, an initial 2,000 meter drilling program is
planned at the Pebble South Property, which surrounds three sides
of the Pebble Partnership's (Anglo American / Northern Dynasty)
giant Pebble Deposit in southwest Alaska. This $1,000,000
exploration program, which Freeport-McMoRan Exploration Corporation
will fund if it successfully completes due diligence review, will
test multiple geochemical and geophysical targets on the
Property.
Lucky Shot Property (100% Full Metal)
Full Metal is currently awaiting results from metallurgical
testing from the high-grade Lucky Shot Gold Property, located north
of Anchorage, Alaska. The Company has identified multiple
high-grade areas (see FMM 2007 NR#33 dated December 18, 2007)
within the 2,400 meter long Lucky Shot shear.
The Company is considering an underground exploration,
development and bulk sampling program within the Lucky Shot shear
zone, as well as surface drilling testing of multiple targets on
the Property. A minimum US$2.5 million exploration program is
planned.
Moore Creek Property (40% Full Metal / 60% Highbury
Projects)
Full Metal and Highbury Projects will be following up on last
season's gold discovery at Moore Creek with an initial 3,000 meter
drill program. Moore Creek is a bulk tonnage gold target in western
Alaska, located near the giant Donlin Creek Deposit (Barrick /
Novagold). An initial 3,000 meter drill program is expected to
commence in late March 2008. Drilling will test coarse-gold bearing
quartz stockwork within a open-ended 300 meter by 400 meter area
that was discovered during the 2007 trenching program, which
included 8.9 g/t Au over 11 meters (see FMM 2007 - NR #29 dated
November 16, 2007). A total of 40 samples were taken over 300
meters of strike length from the Spring Zone at Moore Creek (the
majority of which are channel samples) with grades ranging from
30.15 g/t Au to 0.005 g/t Au, and averaging 2.38 g/t Au. The Phase
one budget for the 2008 program is US$1.2 million.
CJ Property (40% Full Metal / 60% Altair Ventures)
Full Metal and Altair are currently mobilizing to the CJ gold
Property, located adjacent to a paved highway in southeast Alaska.
A 1,700 meter core drilling program will target the historic Dawson
Mine, which occurs within a 3,200 meter long trend, and where
historic results returned high-grade drill hole intercepts (see FMM
2007 - NR #31 dated December 10, 2007). This US$650,000 exploration
program will commence immediately following final receipt of
exploration permits.
Alaska Porphyry Reconnaissance (40% Full Metal / 60% BHP
Billiton)
The Companies will commence an airborne geophysical survey in
late February 2008, targeting multiple copper-gold-molybdenum
porphyry targets staked by Full Metal. In early May 2008, an
extensive program of surface mapping, sampling and ground
geophysics will commence, with the objective of developing drill
targets. The budget for this program is estimated to be US$1.3
million.
Alaska Peninsula (35% Full Metal / 65% Metallica Resources)
Project operator Metallica Resources Alaska is currently
reviewing results from its 2007 exploration program, and is
budgeting for a field program in 2008. Multiple
copper-gold-molybdenum porphyry targets located near tidewater
occur on the Property, with the undrilled Kawisgag and Mallard Duck
Bay porphyry targets being the primary focus of this year's
exploration program. The 2008 program will include the required
minimum work commitment of US$400,000 to conduct surface mapping,
sampling and geophysics which may be followed by a larger program
involving 1,500 meters of first pass reconnaissance drilling of the
Kawisgag porphyry target.
Boulder Creek and McCarthy Marsh Properties (35% Full Metal / 65
% Triex Resources)
The Boulder Creek Joint Venture, operated by Triex, has spent
three years delineating the Boulder Creek uranium deposit on Seward
Peninsula, and exploring for additional deposits in the district.
Drill programs were completed in both 2006 and 2007, and total
expenditures to date exceed $2.5 million. Work in 2008 has a
preliminary budget of $800,000, and will focus on fully delineating
the extent of surface mineralization (soils and rocks) at the newly
discovered Fireweed occurrence (see FMM 2007 NR#27 dated October
24, 2007), with a contingency for follow-up drilling late in the
summer pending results.
Mount Andrew / Kasaan Property (100% Full Metal)
Drilling during 2006 and 2007 at the Mount Andrew IOCG Project
in southeast Alaska returned encouraging copper and iron values
over significant widths (see FMM 2007 NR#24 dated October 4, 2007).
The Project's location adjacent to tidewater is ideal for a
bulk-tonnage target; Full Metal is planning a minimum 1,000 meter
drilling program to step-out from and infill drill areas tested
during prior programs. The budget for this exploration program is
US$500,000 and is expected to commence in June.
OG Property (100% Full Metal)
The OG Property hosts extensive carbonate-replacement (CRD) type
zinc-lead-silver mineralization and is located north of Dawson in
the Yukon Territory. Surface work during the 2007 exploration
program identified two 1.0 and 1.7 square kilometer multielement
soil anomalies, coincident with massive and semi-massive
mineralization on surface and a gravity geophysical anomaly. Full
Metal is planning a $1.3 million, minimum 2,500 meter core drilling
program to test these anomalies in the spring. Full Metal is
currently considering strategic joint venture options with
qualified mining and exploration companies to jointly explore the
OG Property.
About Full Metal
In addition to the Company's extensive portfolio, Full Metal is
continuing to generate new gold and base metal opportunities in
Alaska and the Yukon. Full Metal invests significantly in grass
roots exploration, with a minimum budget of US$1.0 million planned
for 2008.
Full Metal's 2007 exploration programs in the Yukon and Alaska
were performed under the supervision of Robert McLeod, P.Geo,
Vice-President Exploration for Full Metal Minerals, and a Qualified
Person as defined by NI 43-101. Drill cores were cut in half using
a diamond saw, with one-half placed in sealed bags. Core and
surface samples were delivered by Full Metal personnel to
ALS-Chemex Labs facility in Fairbanks, Alaska. A sample quality
control/quality assurance program is in place. Mr. McLeod prepared
and approved the information contained in this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Williams, President and Director
Some statements in this news release contain forward-looking
information, including without limitation statements as to planned
expenditures and exploration programs. These statements address
future events and conditions and, as such, involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the statements. Such factors include
without limitation the completion of planned expenditures, the
ability to complete exploration programs on schedule and the
success of exploration programs.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Full Metal Minerals Jeff Sundar Manager, Investor
Relations (604) 484-7855 (604) 484-7155 (FAX) Email:
info@fullmetalminerals.com Website: www.fullmetalminerals.com
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