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VANCOUVER, BRITISH COLUMBIA, Nov 30 (MARKET WIRE) -- Full Metal Minerals (TSX VENTURE: FMM) is pleased to announce that it has signed an Option Agreement, dated November 22, 2007, with Freeport-McMoRan Exploration Corporation ("FMEC"), subsidiary of Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) pursuant to which FMEC can an earn an initial 60% interest in Full Metal's 480 km2 Pebble South Property.

The Pebble South Property is located in southwest Alaska and borders three sides of Anglo American/Northern Dynasty's claims that include the giant Pebble Deposit. Multiple drill targets have been identified through surface mapping, sampling and IP geophysics. FMEC and Full Metal are planning an initial minimum 2,000 meter drilling program to commence in the Spring of 2008. Prior to commencing drilling, the Companies will continue to consult with local Alaska Native Corporations and Elders regarding the proposed exploration program.

FMEC may earn an initial 60% interest in the Property by funding US$1.8 million in exploration expenditures over four years, including a minimum of 2,000 meters of drilling in the first year. Subsequent to the earn-in, FMEC may earn an additional 20% interest (80% total) by, among other things, funding all expenditures related to the Property through and including the Decision to Commence by the Board of Directors of FMEC to build a mine on the Property with a minimum capacity of 30,000 tonnes of ore per day. Upon a positive decision, if FMEC intends to earn the additional 20% interest, FMEC may fund Full Metal's equity portion of construction financing to be repaid through future production.

Full Metal is a generative exploration company with twelve active projects in Alaska and one in the Yukon Territory. The company currently has seven active Joint Venture Agreements. Drill results are expected shortly from the high grade 40 Mile Zinc-Lead-Silver Project, the Lucky Shot Gold Project, CJ Gold Project, Inmachuk Zinc-Lead-Silver Project, and the Boulder Creek Uranium Project.