Full Metal Announces Proposed Spinout of Fortymile Zinc Project; Termination of its Interest in the Lucky Shot Property

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES.

Full Metal Minerals Ltd. ("Full Metal") (TSX VENTURE:FMM) announces that it
intends to conduct a corporate reorganization by way of statutory plan of
arrangement (the "Arrangement") under the Business Corporations Act (British
Columbia). Through a series of transactions involving wholly-owned subsidiaries
of Full Metal, Full Metal intends to spin out its interest in the Fortymile zinc
project in Alaska in exchange for common shares of Full Metal Zinc Ltd. (a
newly-incorporated wholly-owned subsidiary of Full Metal) to be distributed to
Full Metal shareholders. Under the Arrangement, Full Metal would retain the rest
of its property interests in Alaska and the Yukon Territory, including the
Pyramid and Pebble South projects in Alaska.


Full Metal intends to schedule a special meeting (the "Meeting") to obtain
shareholder approval of the Arrangement in due course. The Arrangement will be
subject, among other things, to approval of the TSX Venture Exchange, the
Supreme Court of British Columbia and the shareholders of Full Metal.


Full details of the proposed Arrangement will be contained in future news
releases and in a notice of meeting, information circular and supporting
documents describing the Arrangement to be mailed to shareholders in due course.


Full Metal also announces that it has terminated its interest in the Lucky Shot
property in Alaska under its lease agreement dated March 31, 2008 with Alaska
Hardrock Inc. (the "Lease Agreement"). This follows the termination of the
option agreement between Full Metal and Harmony Gold Corp., as assignee of Full
Metal's rights under the Lease Agreement, announced on November 18, 2010.


Given the context of the Mining Lease and after evaluating the engineering and
geological data that former partner, Harmony Gold Corp provided, Full Metal felt
that the Lucky Shot Deposit would not meet the Internal Rate of Return required
to justify additional capital.


Full Metal will be focusing on its flagship project the Pyramid Porphyry
Deposit, located in southwest Alaska. In May 2011, Full Metal and its partner
Antofagasta Minerals (one of the world's largest copper producers) will be
initiating the follow up drill program to this recent discovery.


All previous holes at Pyramid encountered mineralization over long intervals,
starting at surface. The 2010 drill program covered a 900 meter (east-west) by
750 meters (north-south) area. Copper mineralization has been traced on surface,
over an approximate 2,000 meter by 1,000 meter area, and mineralization is open
in all directions and to depth.


ON BEHALF OF THE BOARD OF DIRECTORS

Michael Williams, President and Director

This news release includes certain forward-looking statements or information.
All statements other than statements of historical fact included in this news
release, including, without limitation, statements regarding plans for the
completion of a proposed Arrangement, the structure of such Arrangement and
other future plans and objectives of Full Metal are forward-looking statements
that involve various risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from Full Metal's
plans or expectations include Full Metal's ability to obtain approval of the TSX
Venture Exchange, the Supreme Court of British Columbia and the shareholders of
Full Metal to the proposed Arrangement and general economic, market or business
conditions, regulatory changes and other risks detailed herein and from time to
time in the filings made by Full Metal with securities regulators. Full Metal
expressly disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future events
or otherwise except as otherwise required by applicable securities legislation.

Full Metal Minerals (TSXV:FMM)
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