Vancouver, BC - August 17th, 2010 - Full Metal Minerals Ltd. (FMM-TSX:V) ("Full Metal") is pleased to announce that it has entered into a second amendment agreement (the "2nd Amendment Agreement") with Harmony Gold Corp. ("Harmony"), subject to regulatory approval. In this Agreement with Full Metal and the Company's wholly owned subsidiary, Full Metal Minerals (USA), Inc. (collectively, "Full Metals") Harmony may acquire an additional 20% interest in and to Full Metals' rights, obligations and benefits to the Lucky Shot Property, Alaska (the "Option") acquired by Full Metals pursuant to a mining lease between, Full Metal, Full Metal Minerals (USA), Inc. and Alaska Hardrock Inc. ("AHI").
Terms of the OptionIn consideration for Harmony's acquisition of the Option and in order to exercise the Option, Harmony must: (A) make a US$250,000 cash payment to Full Metal on the closing of its next financing (the "Financing"); (B) make a US$250,000 cash payment to Full Metal on the first anniversary of the closing date of the Financing; (C) issue 1,000,000 common shares of Harmony to Full Metal on the Lucky Shot gold mine producing 200,000 ounces of gold; (D) issue 2,000,000 common shares of Harmony to Full Metal on the Lucky Shot gold mine producing 500,000 ounces of gold; and (E) issue 3,000,000 common shares of Harmony on the Lucky Shot gold mine producing 750,000 ounces of gold.
Full Metal is a generative exploration company with multiple precious and base metal projects in Alaska and the Yukon. Work during 2010 includes drilling programs at the 100%-owned Fortymile zinc-silver-lead Property, the Grizzly Butte and Pyramid copper-gold-molybdenum porphyry Properties, as well as continued advancement of the Lucky Shot deposit by Harmony Gold Corp.
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