Full Metal Announces Non-Brokered Private Placement and Appoints Investor Relations Manager

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

VANCOUVER, BRITISH COLUMBIA -- (Marketwire - May 3, 2012) - Full Metal Minerals Ltd. (TSX VENTURE: FMM) (the "Company" or "Full Metal") is pleased to announce that it intends to complete a non-brokered financing, subject to regulatory approval, of up to 10,000,000 common shares at a price of $0.155 per share.

The Company intends to use the net proceeds from the financing for exploration expenses on the Company's projects and for general working capital.

The Company is also pleased to announce that is has appointed Josh Serfass to the position of Investor Relations Manager. Mr. Serfass will work on a permanent full-time basis out of the Company's Vancouver office to provide investor and broker liaison and to increase awareness of Full Metal within the investment community. Mr. Serfass will receive a salary of $70,000 per year.

Mr. Serfass previously worked as a relationship manager with Citibank in New York City. He was a part of the bank's 'Citi at Work' team responsible for managing the bank's marketing program.

Full Metal is a generative exploration company with four existing joint ventures and multiple precious and base metal projects in Alaska.


ON BEHALF OF THE BOARD OF DIRECTORS

Michael Williams
President and Director



Caution Regarding Forward-Looking Information

This news release includes certain forward-looking information or forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws, including intentions respecting the completion of a financing and the use of proceeds thereof. Forward-looking statements are subject to a number of risks, including without limitation the ability to complete the financing on timing and terms satisfactory to the Company and obtain necessary regulatory approvals. In making the forward-looking statements included in this news release, the Company has applied several material assumptions, including, but not limited to, the assumption that: (1) proposed exploration and development of mineral projects will be viable operationally and economically and proceed as planned; (2) market fundamentals will result in sustained metal and mineral demand and prices; and (3) required or desired financing will be available on reasonable terms. The Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, unless required by applicable laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.



Contact Information

Full Metal Minerals Ltd.
604-484-7855
604-484-7155 (FAX)
info@fullmetalminerals.com
www.fullmetalminerals.com