FMM Full Metal Minerals Ltd

Full Metal Minerals (TSX VENTURE: FMM) ("Full Metal" or the "Company") is pleased to announce that it has, subject to regulatory approval, entered into an option agreement (the "Harmony Option Agreement") with Harmony Gold Corp. ("Harmony") entitling Harmony to acquire a 60% interest (the "Harmony Option") in the Company's Lucky Shot Property in Alaska (the "Property"). The Property was acquired by Full Metal pursuant to the terms of a mining lease (the "Mining Lease") entered into as of March 31, 2008 among Alaska Hardrock, Inc., the Company, and the Company's wholly-owned Alaskan subsidiary, Full Metal Minerals (USA), Inc.

The completion of the transaction is subject to a number of conditions including, but not limited to: completion of a due diligence review by the parties within the next 90 days; approval of the board of directors of each of the parties by November 30, 2009; written consent of the holders of a majority of the common shares of Harmony to any change of control of Harmony resulting from the transaction; and the acceptance for filing by the TSX Venture Exchange (the "Exchange").

The Company and Harmony have arranged for a National Instrument 43-101 compliant technical report (the "Technical Report") to be prepared on the Property by Donald L. Stevens, Ph.D., P.Geo., the Company's independent Qualified Person for the purposes of NI 43-101. The Technical Report will be filed on SEDAR at www.sedar.com under the Company's profile.

In order to acquire and exercise the Harmony Option, Harmony must: (A) make a US$2,000,000 cash payment to the Company on the later of (i) the fifth business day following acceptance of the transaction by the Exchange, or (ii) the date on which the parties confirm that they are satisfied with their due diligence review (the "Payment Date"); (B) issue to the Company 4,000,000 common shares of Harmony, of which 2,000,000 shares are to be issued on the Payment Date and 2,000,000 shares are to be issued upon completion of the construction of an underground access production ramp on the Property, as set out in Phase II of the recommended work program in the Technical Report; and © incur US$8,000,000 of exploration and development expenditures on the Property on or before December 31, 2012 in respect of Phase I and II of the recommended work program in the Technical Report.

Once the Harmony Option has been fully exercised, the Company and Harmony have agreed to form a joint venture for the purpose of the continued exploration and development of the Property.

Harmony has also agreed to issue an additional 8,000,000 common shares to Full Metal outside of the option earn-in requirements, of which 3,000,000 shares are to be issued on completion of the processing of a bulk sample from the Property of not less than 7,500 tonnes, as recommended by Phase II of the Technical Report, and 5,000,000 shares are issuable on the commencement of commercial production on the Property. In addition, Harmony has agreed to pay an additional sum of $500,000 on the commencement of commercial production on the Property.

Harmony is currently listed on the NEX board of the Exchange and has agreed to use its best efforts to cause its shares to be elevated from the NEX board and become listed as a Tier 2 issuer on the Exchange as soon as practicable.

As a result of review of its files in connection with the Harmony Option, the Company has determined that an additional, non-participating royalty exists on certain of the claims comprising the Property, owned by Daniel E. Renshaw of Anchorage, Alaska, entitling Mr. Renshaw to receive 3.3% of net smelter returns on minerals extracted and sold from certain of the patented mining claims comprising the Property.

The Lucky Shot Property

The Property is located in the Willow Creek Mining District in south-central Alaska. The centre of the district is 20 miles (32 kilometres) north of the north end of Knik Arm, a north-eastward extension of Cook Inlet. The district covers an area measuring 8 miles (13 kilometres) long and 4 miles (6 kilometres) wide. The mineralized district lies along the south-western margin of the Talkeetna Mountains at approximately 61 degrees 46' 30" North Latitude and 149 degrees 20' 30" W Longitude. The district is mostly Alaska State Lands, and lies within the Matanuska-Susitna Borough.

The Property currently consists of 80 patented federal mining claims in two areas held by Alaska Hardrock Inc. and 53 contiguous 160 acre state mining claims staked by Full Metal and included in the area of influence covered by the Mining Lease. The claims cover approximately 8,800 acres.

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 exercise of the Option and completion of the recommended expenditures and exploration programs. These statements are based on management's current expectations and beliefs and are subject to a number 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. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not assume any obligation to update the forward-looking information contained in this news release, other than as may be required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Full Metal Minerals Ltd. Jeff Sundar VP, Investor Relations 604-484-7855 604-484-7155 (FAX) info@fullmetalminerals.com www.fullmetalminerals.com