Full Metal Announce 2012 Drill Program Underway at the Pyramid Cu-Au-Mo Porphyry Deposit, Alaska

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/01/12 -- Full Metal Minerals Ltd. (TSX VENTURE: FMM) ("Full Metal") is pleased to announce that the 2012 core drilling program with Antofagasta Minerals S.A. is underway at the Pyramid Project, located near tidewater on the Alaska Peninsula. Five holes have been completed to-date and drilling is ongoing.

The primary objective of the 3,000 meter core drilling program is to test extensions of Cu-Au- Mo mineralization, as well as follow up on high grades encountered during the 2011 drilling program. Portions of the surface expression of stockwork veining and favorable alteration have not yet been drilled at Pyramid. Mineralization is open in several directions and at depth.

Highlights from the 2011 drilling program at Pyramid include:

--  PY11-007: 104.00 meters 0.72% Copper Equivalent
--  PY11-010: 310.29 meters 0.53% Copper Equivalent
--  PY11-012: 208.00 meters 0.54% Copper Equivalent
--  PY11-014: 100.00 meters 0.76% Copper Equivalent
--  PY11-016: 155.94 meters 0.97% Copper Equivalent
--  PY11-017: 117.54 meters 0.81% Copper Equivalent

(i) Copper equivalent calculations use metal prices of US$2.00/lb for
copper, US$1,150/oz for gold, and US$12/lb for molybdenum. The contained
copper represents estimated contained metal in the ground and has not been
adjusted for metallurgical recoveries. Adjustment factors to account for
differences in relative metallurgical recoveries for gold, copper and
molybdenum will depend upon the completion of definitive metallurgical
testing.

CuEQ% = ((Cu% x 22.04lbs x $2.00) + (Au g/t x 36.973($/g)) + (Mo% x 22.04
lbs x $12.00))/(22.04 lbs x $2.00)

For complete drill results from the 2010 and 2011 seasons, please visit www.fullmetalminerals.com.

2012 is the third drilling season funded by Antofagasta Minerals S.A.. Drill holes were typically shallow for a porphyry system, with most holes less than 300 meters in total length. Drilling during 2010 and 2011 spanned an area measuring approximately 1,100 meters east-west and 900 meters north-south. 2012 drilling will test beyond these limits, and in particular test for areas of near-surface supergene copper enrichment.

Several hydrothermal centers have been identified at Pyramid, within an oval-shaped 2,300 meters by 1,400 meters mapped extent of phyllic and potassic alteration zones. Classic vein styles are identified in drill core and surface expressions, with early halo veins, A, B, and D veins hosting mineralization. Copper mineralization with variable molybdenum occurs within multiple phases of porphyritic intrusive rocks as well as hornfelsed sedimentary country rocks. Quartz diorite porphyry and quartz feldspar porphyry intrusions make up the bulk of the igneous rock types and hosts.

Mineralization is typically comprised of chalcocite, covellite, chalcopyrite and molybdenite with supergene enrichment at depths ranging from 120 to over 250 meters below surface.

The 37,296 hectare Pyramid Porphyry Project lies along the southern margin of the Alaska Peninsula approximately eight kilometers from tidewater. The area was initially explored in 1974 by the Aleut-Quintana-Duval Joint Venture, who drilled 19 shallow holes (maximum 168 meters depth) in late 1975 (1,695 meters total). Gold content was not an exploration target in the initial exploration effort. More recent exploration by Battle Mountain Gold in the late 1980's identified associated gold values that have enhanced the potential of Pyramid.

The 2012 exploration program at Pyramid is funded by Antofagasta Minerals S.A. ("Antofagasta Minerals"), who are currently earning a 51% interest in the Property. Full Metal has an exploration agreement with Option to Lease a 100% interest in mineral rights from the Aleut Corporation, an Alaska Native Regional Corporation, and has been granted the surface rights from Shumagin and TDX Corporations, Alaska Native Village Corporations (see FMM News Release #12, August 10, 2010).

The 2012 exploration program at Pyramid is supervised by Robert McLeod, P.Geo., Vice-President Exploration of Full Metal Minerals, a Qualified Person as defined by NI 43-101. Drill cores will be cut in half using a diamond saw, with one half placed in sealed bags, and delivered to ALS-Chemex facilities in Anchorage, Alaska. A sample quality control/quality assurance program utilizing standards and blanks, as well as third-party check laboratories is in place. Contents of this release were prepared by and approved for release by Mr. McLeod.

Full Metal is a generative exploration company with four existing joint ventures, and multiple precious and base metal projects in Alaska. Drilling programs are also planned for 2012 at the Company's Unga gold-silver, and Pebble South copper-gold Projects, funded by Joint Venture Partners.

Antofagasta Minerals S.A. is the mining division of Antofagasta plc. Antofagasta plc is listed on the London Stock Exchange and a constituent of the FTSE-100 Index, with interests also in transport and water distribution. Currently, Antofagasta plc activities are primarily concentrated in Chile where it owns and operates four copper mines: Los Pelambres, Esperanza, El Tesoro and Michilla. Total production in 2011 was 640,500 tonnes of copper, 9,900 tonnes of molybdenum and 196,800 ounces of gold. Antofagasta plc also has exploration, evaluation and/or feasibility programs in North America, Latin America, Europe, Asia, Australia and Africa.

ON BEHALF OF THE BOARD OF DIRECTORS

Michael Williams, President and Director

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

Contacts:

Full Metal Minerals Ltd.

Michael Williams

President and Director

604-484-7855

604-484-7155 (FAX)
info@fullmetalminerals.com
www.fullmetalminerals.com