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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

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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 5, 2012) - 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
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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
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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
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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
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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
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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



FOR FURTHER INFORMATION PLEASE CONTACT:
Full Metal Minerals Ltd.
Josh Serfass
Manager, Investor Relations
604-484-7855
604-484-7155 (FAX)
jserfass@fullmetalminerals.com
www.fullmetalminerals.com

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