FMM Full Metal Minerals Ltd

Full Metal Minerals Ltd. (TSX VENTURE: FMM) ("Full Metal") and Antofagasta Minerals are pleased to announce that the 2011 exploration program has commenced at the Pyramid copper-gold-molybdenum porphyry located on the Alaska Peninsula. Two core rigs are currently operating on the Property. Full Metal and Antofagasta are planning a Phase I drill program totaling 5,000 meters.

In October 2010, Full Metal announced significant drill results from an initial five hole program. All holes encountered chalcocite, chalcopyrite and molybdenite mineralization over long intervals, starting at surface. The 2010 drill program covered a 900 meter (east-west) by 750 meters (north-south) area (See FMM 2010 NR #21, October 20, 2010). Copper mineralization has been traced on surface, coupled with current and historic drilling over an approximate 2,000 meter by 1,000 meter area, and is open in all directions and to depth. Highlights include:

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PY10-01   338.0 meters averaging 0.459% Cu eq.%(i)
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PY10-02   352.1 meters averaging 0.440% Cu Eq.%
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PY10-03   74.0 meters averaging 0.494% Cu Eq. %
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PY10-04   289.0 meters averaging 0.519% Cu Eq. %
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PY10-05   194.8 meters averaging 0.823% Cu Eq. %
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(i) Copper equivalent calculations use metal prices of US$2.00/lb for
copper, US$1000/oz for gold, and US$10/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 $2.00) + (Au g/t x 32.15($/g)) +
        (Mo% x 22.04 lbs x $10.00))/(22.04 lbs x $2.00)

Drilling during 2010 tested a wide area of the Pyramid porphyry system totaling 1,668 meters in five HQ core holes. Holes PY10-04 and 05 were collared approximately 230 meters east of hole PY10-01 (see FMM 2010 NR #18, September 27, 2010), and were both terminated in copper-gold-molybdenum mineralization (greater than 0.4% Cu equiv.). Holes 4 and 5 were collared from the same set up, and drilled north-south in opposing directions. Results from these holes suggest a near-surface higher grade vector in the mineralization system, where PY10-05 encountered 72.0 meters averaging 0.75% Cu, 0.162 g/t Au and 0.017% Mo (0.957% Cu Equiv.), starting at 20.0 meters. PY10-04 encountered strong molybdenite mineralization, in addition to chalcocite-chalcopyrite, intersecting 156.3 meters averaging 0.40% Cu, 0.108 g/t Au and 0.039% Mo (0.676% Cu equiv.). Higher grade results, particularly hole PY10-05 suggest an extensive porphyry system at Pyramid, with the potential to host higher base and precious metal grades.

The 37,296 hectare Pyramid Porphyry Project lies along the southern margin of the Alaska Peninsula approximately eight kilometers from tidewater. 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 EDM, A, B, and D veins hosting mineralization. Copper mineralization with variable molybdenum occurs within multiple phases of porphyritic intrusive rocks and surrounding hornfelsed sediments. Quartz diorite porphyry and quartz feldspar porphyry intrusions make up the bulk of the igneous rock types and hosts. Drilled mineralization is open for expansion in all directions and at depth.

The 2011 exploration program at Pyramid will be 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 #8, July 9, 2010).

The 2011 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 and Fairbanks, 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 Minerals is a generative exploration company with multiple precious and base metal projects in Alaska.

Antofagasta Minerals S.A. is a wholly-owned subsidiary and the mining division of Antofagasta plc ("Antofagasta") (ANTO.L). Antofagasta is one of the world's largest copper producers. Its activities are mainly concentrated in Chile where it owns and operates three copper mines with a fourth mine now being commissioned. In 2010, the group produced 521,100 tonnes of copper and 8,800 tonnes of molybdenum. A feasibility study is also in progress at Antucoya in Northern Chile. In Pakistan, a feasibility study has been completed at the Reko Diq joint venture. In the United States, the group has a joint venture agreement to complete the exploration and begin a feasibility study in respect of the Twin Metals Project, a copper, nickel and PGM project located in Minnesota. Antofagasta also has exploration programs in Europe, Australia, and the Americas.

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. Kevin Stewart Investor Relations 604-484-7855 604-484-7155 (FAX) info@fullmetalminerals.com www.fullmetalminerals.com