FMM Full Metal Minerals Ltd

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

Full Metal Minerals Ltd. ("Full Metal") (TSX VENTURE:FMM) today announced that
it has entered into an arrangement agreement (the "Agreement") with Full Metal
Zinc ("ZincCo") to give effect to the spin-out of ZincCo announced on February
23, 2011. 


The Agreement, a copy of which has been filed on SEDAR, sets out the terms of
the statutory arrangement (the "Arrangement") involving Full Metal, its security
holders and ZincCo, which will involve, among other things, changes to the
charter documents of Full Metal, a three-for-one consolidation of the common
shares of Full Metal, the transfer of Full Metal's Fortymile zinc project in
Alaska to ZincCo, the transfer of $1 million from Full Metal to ZincCo, and
certain exchanges of securities. 


The Arrangement, if completed, will result in shareholders of Full Metal as at
the effective date of the Arrangement (the "Effective Date") being entitled to
receive 1/3 of a post-consolidation common share of Full Metal (a "Full Metal
Share") and 1/6 of a common share of ZincCo (a "ZincCo Share") for each common
share of Full Metal held as at such date. Holders of Full Metal warrants
("Warrants") will receive warrants entitling them to acquire: (i) the number of
Full Metal Shares that is equal to 1/3 of the number of Full Metal Shares that
were issuable upon exercise of their Warrants immediately prior to the Effective
Date; and (ii) the number of ZincCo Shares that is equal to 1/6 of the number of
Full Metal Shares that were issuable upon exercise of such Warrants immediately
prior to the Effective Date.


ZincCo intends to seek a listing of ZincCo Shares on the TSX Venture Exchange
following the completion of the Arrangement.


Full Metal will be seeking shareholder approval of the Arrangement at the
upcoming special meeting scheduled to be held on May 20, 2011, in accordance
with the terms of the Agreement and the British Columbia Business Corporations
Act. The Arrangement will also be subject to, among other things, approval of
the TSX Venture Exchange and the Supreme Court of British Columbia.


Full details of the proposed spinout will be contained in a notice of meeting,
information circular and supporting documents describing the Arrangement, which
will be mailed to shareholders and filed on SEDAR in due course.


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.

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