Full Metal Options Mount Andrew IOCG Property to Mosam Capital
October 14 2008 - 6:00AM
Marketwired
Full Metal Minerals Ltd. (TSX VENTURE: FMM) and Mosam Capital Corp.
(TSX VENTURE: MOS.P) have entered into a Binding Letter of Intent
whereby Mosam can earn a 60% interest in Full Metal's Mount Andrew
Property, subject to acceptance from the TSX Venture Exchange.
Mosam has the option to earn a 60% interest in the Property by
incurring exploration expenditures totaling $3,000,000 over four
years ($200,000 first year). Additionally, Mosam must make cash
payments to Full Metal totaling $125,000 ($50,000 first year) and
issue 1,000,000 shares (250,000 first year) over the four year
option term.
Mineralization at Mount Andrew occurs within a 14 kilometer long
trend of historic copper mines, located adjacent to tidewater on
the Kasaan Peninsula. Historic production from Mount Andrew and
adjacent operations totaled 5,729 tonnes copper, 1.74 tonnes silver
and 216 kg gold. This production figure was compiled from historic
literature by the U.S. Bureau of Mines, has not been independently
verified and should not be relied upon. The Mount Andrew deposit
was drilled for iron ore by Utah Construction (Utah
International/BHP) in 1957 and 1960-1961 and by Kaiser Resources in
1970-1971.
Drilling completed by Full Metal, coupled with historic drilling
results has outlined a minimum 350 meter (north-south) by 300 meter
(east-west) area of IOCG mineralization, with a copper-dominant
northern zone and an iron dominant southern zone (see FMM NR 2007
#24, dated October 4, 2007). Multiple zones of mineralization occur
in the Mount Andrew area, the majority of which have not been drill
tested.
The style of mineralization and alteration encountered at Mount
Andrew suggests an IOCG (iron-oxide copper-gold) system. Copper
mineralization occurs within semi-massive to massive magnetite
bodies within andesitic volcanic rocks and associated intermediate
intrusive rocks, cross-cut by later post-mineralization dykes.
Andesitic rocks commonly exhibit tactite-style alteration, coupled
with strong sodic and potassic alteration.
Robert McLeod, P.Geo., VP Exploration for Full Metal Minerals
and a Qualified Person as defined by NI 43-101, prepared and
approved the information contained in this release. Additional
information on the Mount Andrew Property can be reviewed at
www.fullmetalminerals.com.
Chignik and Port Moller Properties
Full Metal has been informed by New Gold Inc. (formerly
Metallica Resources Inc.) that they are terminating the Option
Agreements on the Port Moller and Chignik Properties, located in
southwest Alaska. Full Metal appreciates the quality technical work
completed by New Gold, and will be seeking a new Partner to explore
these prospective properties.
Full Metal is a generative exploration company with multiple
precious and base metal projects in Alaska and the Yukon. Full
Metal is completing a bulk sample to confirm the continuity of
high-grade gold mineralization within the Lucky Shot Shear. The
Company has Joint Venture Agreements with Kinross Gold, Freeport
McMoRan, BHP Billiton, Mosam Capital, Triex Minerals, Altair
Ventures, Highbury Projects, and Ashburton Ventures Inc.
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 Ltd. Jeff Sundar Vice President,
Investor Relations (604) 484-7855 (604) 484-7155 (FAX) Email
info@fullmetalminerals.com Website: www.fullmetalminerals.com
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