Full Metal and Antofagasta Announce Maiden Inferred Resource Estimate for Pyramid Deposit, Alaska

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VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 9, 2013) - Full Metal Minerals Ltd. (TSX VENTURE:FMM) ("Full Metal") is pleased to announce that the Company and Antofagasta Minerals S.A. ("Antofagasta") have received the initial Inferred Mineral Resource Estimate at the Pyramid Copper-Gold-Molybdenum Porphyry Project, located near tidewater in southwest Alaska.

At a 0.21% copper equivalent cut-off, total contained copper in the Inferred resource category is estimated to be 1,338,000,000 pounds of copper, 74,000,000 pounds of molybdenum and 488,000 ounces of gold. Both near-surface supergene enriched mineralization as well as hypogene copper mineralization were modeled and interpolated. The mineral resource estimate shows that the hypogene mineral resource remains open to depth and along strike in most areas, and the higher grade supergene enriched mineralization is also open for expansion in several areas.

This 2013 initial resource estimate is based on 30 drill holes totaling 7,486 meters completed by Full Metal and Antofagasta during 2010 to 2012. Additionally, 19 shallow historic holes totaling 1,921 meters completed by Quintana-Duval during the mid-1970's were included in the estimate.

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. 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.

The inferred resource for the Pyramid deposit reported at Cu Eq. grade of 0.21 percent is presented in Table 1.

Table 1: Mineral resource statement, Pyramid Deposit, SRK Consulting (Canada) Inc., May 01, 2013

Deposit Class Tonnes Au g/t Au oz Cu % Cu lb Mo % Mo lb
Pyramid Inferred 173,000,000 0.088 488,000 0.35 1,338,000,000 0.02 74,000,000

Note: All numbers have been rounded to reflect the relative accuracy of the estimates.

Mineral resources are reported in relation to a conceptual pit shell. Mineral resources are not mineral reserves and do not have demonstrated economic viability. The contained copper represents estimated contained metal in the ground and has not been adjusted for metallurgical recoveries.

Supergene Resources

Under zero to 90 meters of leach cap, the Pyramid deposit hosts a supergene enrichment blanket, dominated by chalcocite and local covellite mineralization. The supergene blanket has a variable depth, extending to below 250 meters surface in some areas.

At a 0.21% Cu Equiv. cutoff, this near surface supergene enrichment zone hosts 93.7 million tonnes averaging 0.40% Cu, 0.019% Mo and 0.092 g/t Au, or 0.55% Cu equivalent. This equates to 823,000,000 lb. Cu, 40,000,000 lb. Mo and 277,000 oz Au. Several areas have been identified to date with near-surface high-grade mineralization within the supergene zone, particularly in the south-central area of the inferred resource. These areas include drill hole PY11-016, which, intersected 155.90 meters averaging 0.71% Cu, 0.179 g/t Au and 0.018% Mo or 0.91% Cu equivalent. 250 meters southwest of PY11-016, drill hole PY12-019 encountered a high-grade zone of supergene enrichment averaging 1.01% Cu, 0.165 g/t Au and 0.009% Mo or 1.16% Cu equivalent over 42.0 meters, occurring near surface at 24.0 meters down-hole.

Hypogene Resources

Underlying the supergene zone in most areas, the hypogene zone hosts 79.1 million tonnes averaging 0.26% Cu, 0.020% Mo 0.083 g/t Au, or 0.45% Cu equivalent at a 0.21% Cu Eq. cutoff. This equates to 514,000,000 lb. Cu, 35,000,000 lb. Mo and 212,000 oz Au. The hypogene zone is open for expansion to depth in most areas, as most holes completed to-date at Pyramid are 250 meters long or less. Only two drill holes have been completed to depth of 500 meters.

Complete Inferred resources at various cutoff values for the Supergene and Hypogene Resources are as follows:

Table 2. Inferred Mineral Resources, Pyramid Deposit, SRK Consulting (Canada) Inc., May 01, 2013

Zone Cutoff Tonnes Au
(g/t)
Au
(oz)
Cu
(%)
Cu
(lb)
Mo
(%)
Mo
(lb)
NSR
($)
CuEq
(%)
Supergene >0.4% 69,528,515 0.11 239,133 0.46 702,535,609 0.021 32,398,237 49.35 0.632
>0.35% 78,978,212 0.10 257,135 0.44 757,589,748 0.020 35,404,545 46.95 0.602
>0.3% 86,079,432 0.10 267,853 0.42 792,844,809 0.020 37,646,536 45.18 0.579
>0.25% 91,314,699 0.09 274,669 0.40 814,626,519 0.019 39,121,880 43.84 0.562
>0.21% 93,696,332 0.09 276,665 0.40 822,878,710 0.019 39,722,759 43.19 0.553
>0.15% 94,628,683 0.09 277,601 0.40 825,683,995 0.019 39,869,480 42.91 0.550
>0.1% 94,810,052 0.09 277,633 0.40 826,061,951 0.019 39,896,455 42.85 0.549
Total 94,810,052 0.09 277,633 0.40 826,061,951 0.019 39,896,455 42.85 0.549
Hypogene >0.4% 52,957,717 0.09 149,525 0.34 393,205,903 0.021 24,307,227 38.83 0.498
>0.35% 68,474,140 0.09 188,107 0.31 473,123,835 0.020 30,685,813 36.69 0.470
>0.3% 75,802,999 0.08 205,195 0.30 503,046,447 0.020 33,740,607 35.61 0.456
>0.25% 78,235,466 0.08 210,213 0.30 512,085,506 0.020 34,467,021 35.18 0.451
>0.21% 79,128,480 0.08 211,806 0.30 514,736,418 0.020 34,707,556 34.98 0.448
>0.15% 79,411,773 0.08 212,208 0.29 515,554,993 0.020 34,755,283 34.91 0.447
>0.1% 79,411,773 0.08 212,208 0.29 515,554,993 0.020 34,755,283 34.91 0.447
Total 79,411,773 0.08 212,208 0.29 515,554,993 0.020 34,755,283 34.91 0.447
Total 174,221,826 0.09 489,840 0.35 1,341,616,944 0.019 74,651,738 39.23 0.503
Zone Cutoff Tonnes Au
(g/t)
Au
(oz)
Cu
(%)
Cu
(lb)
Mo
(%)
Mo
(lb)
NSR
($)
CuEq
(%)
Combined >0.4% 122,486,231 0.10 388,658 0.41 1,095,741,511 0.021 56,705,464 44.80 0.574
>0.35% 147,452,352 0.09 445,242 0.38 1,230,713,583 0.020 66,090,358 42.18 0.541
>0.3% 161,882,430 0.09 473,048 0.36 1,295,891,256 0.020 71,387,143 40.70 0.522
>0.25% 169,550,164 0.09 484,882 0.35 1,326,712,025 0.020 73,588,901 39.84 0.511
>0.21% 172,824,812 0.09 488,471 0.35 1,337,615,128 0.020 74,430,316 39.43 0.505
>0.15% 174,040,456 0.09 489,809 0.35 1,341,238,988 0.019 74,624,763 39.26 0.503
>0.1% 174,221,826 0.09 489,840 0.35 1,341,616,944 0.019 74,651,738 39.23 0.503
Total 174,221,826 0.09 489,840 0.35 1,341,616,944 0.019 74,651,738 39.23 0.503

Most drill holes at Pyramid are widely spaced, with collars generally from 75 to 250 meters apart. Drill hole collar location maps, photos, tables, isometric views and cross-sections are available at www.fullmetalminerals.com. A complete 43-101 Report on the Pyramid Deposit Inferred Mineral Resources authored by SRK Consulting (Canada) Inc. will be filed soon on www.sedar.com.

Mineral resources were prepared by SRK Consulting (Canada) Inc. under the supervision of Dr. Gilles Arseneau, P.Geo. using 3D Gemcom block modeling software. Resources were estimated in multiple passes in 25 by 25 by 10 m blocks by ordinary kriging. Grade estimates were based on capped two meter composited assay data. Copper capping levels were set at 1.3% Cu for the supergene zone and 0.83% Cu for the hypogene zone. Molybdenum was capped at 0.1% and 0.08% Mo for the supergene and hypogene respectively. Gold grades were capped at 4.2 g/t Au for the supergene and 0.215 g/t for the hypogene. In calculating the CuEq, SRK Consulting (Canada) Inc. utilized the long term metal prices provided by Energy and Metals Consensus Forecast (Cu US$ 3.54/lb, Mo US$ 18.23/lb, Au US$ 1,480/oz). The contained copper represents estimated contained metal in the ground and has not been adjusted for metallurgical recoveries.

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, 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 focus on discovery in Alaska. The Company has completed 18 joint ventures and multiple base and precious metal discoveries since foundation in 2003.

Antofagasta Minerals S.A. is the wholly owned 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 2012 was 709,600 tonnes of copper, 12,200 tonnes of molybdenum and 299,900 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

Contact:
Full Metal Minerals Ltd.
Doug Ramshaw
Corporate Development
604-484-7855
dramshaw@fullmetalminerals.com
www.fullmetalminerals.com

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