VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/01/13 -- Full Metal Minerals Ltd. (TSX VENTURE: FMM) ("Full Metal") is pleased to announce that it entered into a Membership Interest Purchase and Sale Agreement, dated April 30th 2013, with Pebble Limited Partnership ("PLP"), a 50:50 partnership between a wholly-owned subsidiary of Anglo American plc and a wholly-owned affiliate of Northern Dynasty Minerals Ltd. pursuant to which PLP will purchase an unencumbered 100% membership interest in the joint venture entity (the "JV Co") that is the indirect owner of a 100% interest in Full Metal's Pebble South Property. In an agreement signed September 9, 2010, as subsequently amended and restated, PLP was earning a 60% membership interest in the JV Co that indirectly owns the Property.
Pursuant to the terms of the Membership Interest Purchase and Sale Agreement, PLP will purchase a 100% membership interest in the JV Co that indirectly owns the Property by making a US$750,000 cash payment to Full Metal Minerals. Proceeds from the sale will be used to advance the Full Metal's wholly owned and joint ventured projects in Alaska, and for general working capital.
Full Metal is a generative exploration company with three joint ventures on precious and base metal projects in Alaska. An initial Resource Estimate for the Pyramid copper-gold-molybdenum porphyry deposit is expected shortly.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Williams, President and Director
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Full Metal Minerals Ltd.
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