VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/21/12 -- Full Metal Zinc Ltd. (TSX VENTURE: FZ) is pleased to provide an update on the 2012 exploration program at the high-grade Fortymile Zn-Pb-Ag-Cu project in Alaska. Full Metal Zinc has also amended the Company's Agreement with Doyon Limited ("Doyon"), an Alaskan Native Corporation and underlying Property owner.
The 2012 Exploration Program has commenced and is focused on soil sampling, trenching and mapping, and is expected to be completed in mid-September. Exploration is focused on developing drill targets near the high-grade LWM zone, trenching and extending the soil grid. Previous drilling and surface sampling results from the Fortymile Property, as well as geological maps and photos can be reviewed at www.fullmetalzinc.com, and include the following:
-------------------------------------------------------------------------- Hole-ID From (m) To (m) Length (m) Zn (%) Pb (%) Cu (%) Ag (g/t) -------------------------------------------------------------------------- -------------------------------------------------------------------------- LWM07-07 101.9 117.5 15.60 21.20 8.70 0.22 127.0 -------------------------------------------------------------------------- LWM08-32 157.0 180.18 23.18 12.49 8.13 0.18 158.7 -------------------------------------------------------------------------- LWM10-68 113.1 117.5 4.40 23.71 23.63 0.07 314.2 -------------------------------------------------------------------------- LWM11-88 251.0 257.22 6.22 9.51 0.43 0.16 26.4 --------------------------------------------------------------------------
In conjunction with the 2012 work program, Doyon has agreed with Full Metal Zinc to revise the terms of the Exploration Agreement with Option to Lease. The revised work commitment for 2012 will be $240,000, with $1,060,000 to be incurred during the 2013 exploration year. The option period under the Exploration Agreement will be extended from December 31, 2012 to December 31, 2013. Upon acceptance from the TSX Venture Exchange, FZ will issue Doyon 500,000 shares.
Steve Hayes, President and CEO of FZ, commented "we remain committed to advancing Fortymile at a rate justified by its exceptional grade. We look forward to advancing Fortymile, and evaluating other opportunities to work with Doyon."
FZ will also issue 135,000 options to an FZ director.
In addition to the ongoing work at Fortymile, FZ continues to evaluate other corporate development opportunities.
The 2012 exploration program at Fortymile is managed by Robert McLeod, P.Geo, Director for Full Metal Zinc and a Qualified Persons as defined by NI 43-101. Rock and soil samples will be collected by experienced geologists and technicians, placed in sealed bags and delivered by Company employees to ALS-Chemex Labs facility in Fairbanks or Anchorage, Alaska. A sample quality control/quality assurance program using standards and blanks has been implemented. Mr. McLeod approved the information contained in this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Steve Hayes, President & CEO
Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Full Metal Zinc Ltd.
Steve Hayes
President & CEO
604-484-7855
www.fullmetalzinc.com
