Full Metal and Antofagasta Minerals Expand Pyramid Porphyry

Full Metal and Antofagasta Minerals Expand Pyramid Porphyry Project,
Alaska; 350m Stepout Intercepts 273.0 Meters Averaging 0.30% Cu
Equivalent Starting at 10.0 Meters 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/05/12 -- Full Metal
Minerals Ltd. (TSX VENTURE:FMM) ("Full Metal") is pleased to announce
that complete assay results have been received from the 2012 program
at the Pyramid Copper-Gold-Molybdenum Porphyry Project, located near
tidewater in southwest Alaska.  
Pyramid is located on lands under option from The Aleut Corporation,
an Alaska Regional Native Corporation. The deposit is located less
than eight kilometers from deep tidewater. During the 2012 season, 13
core holes were completed, totaling 3,241 meters. Coupled with work
from 2010 and 2011, drilling has spanned an area measuring
approximately 1,800 meters east-west and 1,050 meters north-south.
Drill hole collar location maps, photos and tables are available at
www.fullmetalminerals.com. 
Over the past three field seasons, Full Metal and Antofagasta
Minerals S.A. ("Antofagasta Minerals") have intersected near-surface
copper, gold and molybdenum mineralization over a wide area. Drilling
during 2012 was successful in expanding near-surface supergene copper
mineralization blanket approximately 350 meters to the west and
northwest respectively, within holes PY12-021, 22, 23 and 28. The
deposit is still open for expansion in these directions. Hole
PY12-023 is the westernmost drill hole completed to-date on the
property, and intersected primarily supergene copper mineralization
from 10.0 meters, to the end of the hole at 283 meters. This hole
returned 273.0 meters averaging 0.30% copper equivalent, including
124.0 of 0.41% copper equivalent. Also in this area, hole PY12-21
returned 120.0 meters averaging 0.39% copper equivalent, including a
36.0 meter thick section averaging 0.45% Cu, 0.037 g/t Au and 0.043%
Mo, or 0.74% copper equivalent. 
Complete results are as follows: 


 
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                From       To   Length               Au             Cu.Eq%
Hole ID           (m)      (m)      (m)     Cu%    (g/t)    Mo %        (i)
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12PY018       154.00   498.00   344.00    0.110   0.035    0.036      0.36
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  including   284.00   340.00    56.00    0.114   0.027    0.061      0.50
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12PY019        22.00    92.00    70.00    0.717   0.115    0.008      0.86
--------------------------------------------------------------------------
  including    24.00    66.00    42.00    1.008   0.165    0.009      1.20
--------------------------------------------------------------------------
                                                                          
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12PY020       No significant assays                                       
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12PY021       130.00   250.00   120.00    0.224   0.023    0.026      0.39
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  including   200.00   236.00    36.00    0.448   0.037    0.043      0.74
--------------------------------------------------------------------------
                                                                          
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12PY022        90.00   250.00   160.00    0.267   0.044    0.027      0.47
--------------------------------------------------------------------------
  including   164.00   192.00    28.00    0.407   0.099    0.032      0.59
--------------------------------------------------------------------------
                                                                          
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12PY023        10.00   283.00   273.00    0.267   0.027    0.001      0.30
--------------------------------------------------------------------------
  including    72.00   196.00   124.00    0.371   0.035    0.001      0.41
--------------------------------------------------------------------------
                                                                          
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12PY024       No significant assays                                       
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12PY025       No significant assays                                       
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12PY026       No significant assays                                       
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12PY027       184.00   232.00    48.00    0.319   0.064    0.020      0.49
--------------------------------------------------------------------------
                                                                          
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12PY028        42.00   108.00    66.00    0.214   0.070    0.009      0.33
--------------------------------------------------------------------------
              128.00   192.08    64.08    0.233   0.028    0.014      0.34
--------------------------------------------------------------------------
                                                                          
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12PY029       190.00   196.00     6.00    0.417   0.334    0.001      0.70
--------------------------------------------------------------------------
              222.00   228.00     6.00    0.422   0.077    0.001      0.49
--------------------------------------------------------------------------
                                                                          
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12PY030       138.00   198.00    60.00    0.178   0.014    0.004      0.21
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(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. Au values are capped at 1.0 g/t over 2.0 meter sample intervals. 

 
Previously reported drill hole PY12-019 was collared approximately
250 meters southwest of PY11-016, which, intersected 155.90 meters
averaging 0.71% Cu, 0.179 g/t Au and 0.018% Mo or 0.97% Cu
equivalent. Drilled towards the south, PY12-019 encountered a
high-grade zone of supergene enrichment averaging 1.01% Cu, 0.165g/t
Au and 0.009% Mo or 1.20% Cu equivalent over 42.0 meters, occurring
near surface at 24.0 meters down-hole. This interval occurs within a
70.0 meter thick averaging 0.72% Cu, 0.115 g/t Au and 0.008% Mo or
0.86% Cu equivalent.  
Hole PY12-027 was the easternmost hole completed by Full Metal and
Antofagasta to-date, and intersected a hydrothermal breccia with well
mineralized and veined clasts containing primary chalcopyrite and
molybdenite. The hole intersected 48.0 meters averaging 0.319% Cu,
0.064 g/t Au and 0.020% Mo. Drill holes PY12-024,0 25 and 026
intersected the pyrite halo, and did not encounter significant
mineralization, but locally intersected anomalous copper and
molybdenum values. PY12-026 was a shallow hole by standards for
porphyry copper systems, only 158.48 meters in length, and was
collared higher in elevation than the majority of drill holes on the
property. 
Additional ground magnetic and geological mapping surveys were
completed on the property during 2012. Multiple hydrothermal centers
have been identified at Pyramid, within an oval-shaped 2,300 meter by
1,400 meter mapped extent of phyllic and potassic alteration zones.
Classic vein styles are identified in the core 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 rocks. Quartz
diorite porphyry and quartz feldspar porphyry intrusive rocks make up
the bulk of the igneous rock types and hosts.  
Mineralization at Pyramid is typically comprised of chalcocite,
covellite, chalcopyrite and molybdenite, with supergene enrichment
present within 10 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 2012 exploration program at Pyramid was funded by
Antofagasta Minerals, who have recently earned 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 was performed under the
supervision of Robert McLeod, P.Geo., Vice-President Exploration of
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, 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 labs 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 and 2013 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 has a fifth
mine, Antucoya, under development in Chile, and it 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.
Josh Serfass
Manager, Investor Relations
604-484-7855
604-484-7155 (FAX)
jserfass@fullmetalminerals.com
www.fullmetalminerals.com