Alaska Exploration Update

OverviewOverview

•• Five Copper Five Copper –– Gold, One Gold, One Uranium and Four Gold Uranium and Four Gold ProjectsProjects

•• All Projects Drill ReadyAll Projects Drill Ready•• Three Joint VenturesThree Joint Ventures•• Evaluating New ProjectsEvaluating New Projects•• Major Presence in Major Presence in

AlaskaAlaska

AlaskaAlaska

•• 250,000 Sq. Miles Open For Exploration 250,000 Sq. Miles Open For Exploration ((size of Chile and twice the size of Nevada)size of Chile and twice the size of Nevada)

•• World Class Mineral EndowmentWorld Class Mineral Endowment•• ProPro--Mining GovernmentMining Government•• New Infrastructure ProposedNew Infrastructure Proposed•• 12 For Profit Native Corporations (1971) 12 For Profit Native Corporations (1971)

44 Million Acres Available For Exploration44 Million Acres Available For Exploration

Alaska ProjectsAlaska Projects

TintinaTintina Gold BeltGold BeltMines and Major DepositsMines and Major Deposits

Central Alaska Regional Central Alaska Regional GeologyGeology

0 100 km

Scale

Denali Fault

Volcanic Fields

Granite-Porphyries

Kuskokwim Group

Yukon Flysch Basin

Pericratonic Terranes

Oceanic Terranes

Cratonic Terranes

Arc and Flyschoid Terranes

Right Lateral Faults

Gold Mines and Prospects

Volc-Plutonic Complex

Ocean

Nixon-Idita

rod Fault

Kuskokwim River

GanesGanesCreekCreek

DonlinDonlinCreekCreek

McGrathMcGrath

Ganes Creek GoldGanes Creek GoldTotal Wt. 18 ozTotal Wt. 18 oz11 oz gold11 oz gold

Ganes Creek Gold 2003 Ganes Creek Gold 2003 Prospector DiscoveriesProspector Discoveries

Gold in Quartz

88 oz and 23 oz Gold and 88 oz and 23 oz Gold and Quartz Cobbles, July 2004Quartz Cobbles, July 2004

Ganes Creek Gold ProjectGanes Creek Gold Project

2004 Field Work2004 Field Work

•• Detailed Structural Detailed Structural MappingMapping

•• 1,600 Soil Samples on 1,600 Soil Samples on 50m by 100m grid50m by 100m grid

•• 150m Mechanical 150m Mechanical TrenchingTrenching

•• ProspectingProspecting•• 3,000 3,000 –– 5,000m Drilling 5,000m Drilling

Scheduled for 2005Scheduled for 2005

Ganes Creek Gold ProjectGanes Creek Gold Project

•• OffOff--set of Donlin Creek set of Donlin Creek Complex Complex --130 km SW130 km SW

•• 1.1 Million oz. Pre1.1 Million oz. Pre--mining mining Placer Gold ResourcePlacer Gold Resource

•• 55thth Largest Nugget in Largest Nugget in Alaska HistoryAlaska History

•• Ultra HighUltra High--Grade Quartz Grade Quartz and Native Gold Boulders and Native Gold Boulders

•• HighHigh--Grade Target Never Grade Target Never Previously ExploredPreviously Explored

•• Drill ReadyDrill Ready 64 oz quartz /Au Boulder - (1633 oz/ton)64 oz quartz /Au Boulder - (1633 oz/ton)

Ring of FireRing of Fire

SW AlaskaSW AlaskaPorphyry and Epithermal BeltPorphyry and Epithermal Belt

•• Option to earn 100% Option to earn 100% in 4 projects, totaling in 4 projects, totaling over 1.4 million acresover 1.4 million acres

•• Potential for Potential for Epithermal Au and Epithermal Au and Porphyry CuPorphyry Cu--AuAu

•• Cretaceous through Cretaceous through Tertiary Age potentialTertiary Age potential

•• Limited Modern Limited Modern ExplorationExploration

ChignikChignik OccurrencesOccurrences

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_̂_̂_̂ _̂

_̂_̂

_̂_̂_̂_̂

450000.000000

450000.000000

500000.000000

500000.000000

550000.000000

550000.000000

600000.000000

600000.000000

6200

000.0

0000

0

6200

000.0

0000

0

6250

000.0

0000

0

6250

000.0

0000

0

6300

000.0

0000

0

6300

000.0

0000

0

µ

0 14,000 28,000 42,000 56,0007,000Meters

ManhattanHigh-Sulphidation Epithermal0.6 opt Au, 16.3 opt Ag

Bee Creek Porphyry Cu-Au4.4 g/t Au 144.0 g/t Ag4 ddh to 150m 0.25% Cu

Warner Bay/Mallard Duck BayPorphyry and Epitherrmal Systemsto 5.7% Cu, 10.7 g/t Au, 720 g/t Ag

Kawisgag Porphry Cu-AuPotassic core.17% Cu 6.7 g/t Au, 0.024%Mo

Port Port MollerMoller RegionalRegional

_̂

_̂_̂_̂

_̂ _̂

_̂

_̂

_̂ _̂

_̂

_̂

_̂_̂

Mt Dana Au

Aguilla Au

Shumagin Au

Propalof AuRed Cove Au

Orange Mt Au

Nagai Isl Au

Sitka Au Mine

Centennial Au

Kawisgag Mt Au

Pyramid Por Cu

Mud BaY Por Cu

Apollo Au Mine

Zackery Bay Por Cu

San Diago Bay Por Cu

350000.000000

350000.000000

400000.000000

400000.000000

450000.000000

450000.000000

6100

000.0

0000

0

6100

000.0

0000

0

6150

000.0

0000

0

6150

000.0

0000

0

6200

000.0

0000

0

6200

000.0

0000

0µ

Legend

_̂ prospects

Bristol Bay Lands

Port Moller Land StatusSTATUS_TYP

Native Patent or IC

Native Selected

Simplified LithologyLITH1

Ign-Plut

Ign-Volc

Sed

Unconsol0 11,000 22,000 33,000 44,0005,500

Meters

Pyramid Deposit:125 million tons 0.4% Cu0.025% Mo, ?? Au

Centennial Deposit:289,000 oz. Au at 1.5 g/t

Shumagin Deposit:224,000 oz. Au at 24.8 g/t

Sand Point

Pyramid GeologyPyramid Geology

Pyramid Deposit Pyramid Deposit –– Drill ReadyDrill Ready((100 Metres 100 Metres –– Oxidized)Oxidized)

Pebble South Pebble South Land PackageLand Package

((370 Sq, Km)370 Sq, Km)

2005 Exploration Plans2005 Exploration Plans

•• 2,000m+ diamond 2,000m+ diamond drillingdrilling

•• 3D IP geophysical 3D IP geophysical surveyssurveys

•• Soil SamplingSoil Sampling•• Geologic Mapping, Geologic Mapping,

ProspectingProspecting

Kamishak Property, AlaskaKamishak Property, Alaska100% Full Metal Minerals100% Full Metal Minerals

Lucky Shot PropertyLucky Shot Property

%%

%

Fairbanks

Anchorage

Lucky ShotLucky Shot

Lucky Shot Gold Project Lucky Shot Gold Project

•• 22ndnd largest historic Alaska largest historic Alaska Lode Producer (>620,000 Lode Producer (>620,000 oz. Au)oz. Au)

•• Minimal modern Minimal modern explorationexploration

•• Intercepts up to 24.6 oz/ton Intercepts up to 24.6 oz/ton Au over 0.8’Au over 0.8’

•• Excellent Access and Excellent Access and InfrastructureInfrastructure

•• New Geologic Model New Geologic Model appliedapplied

Boulder CreekBoulder Creek(30% FMM / 70% GRC)(30% FMM / 70% GRC)

•• Alaska Largest Alaska Largest Undeveloped Undeveloped Uranium DepositUranium Deposit

•• 1 million lbs U3O8 1 million lbs U3O8 average grade 0.27%average grade 0.27%

•• Resource Open for Resource Open for ExpansionExpansion

•• Multiple Regional Multiple Regional targetstargets

Nunavut ProjectsNunavut Projects

#

#

Yellowknife#S #S

ÊÚ

ÊÚRankin Inlet

Arcadia

Mac & Cache

Full Metal Minerals Full Metal Minerals 8 Million Market Cap8 Million Market Cap

•• One of Alaska’s Largest Land Holdings One of Alaska’s Largest Land Holdings •• Exposure to Gold, Copper, and Uranium Exposure to Gold, Copper, and Uranium •• Ganes Cr. and South Pebble: Potential for a World Class Ganes Cr. and South Pebble: Potential for a World Class

DiscoveryDiscovery•• Aleutian Islands Aleutian Islands –– Unique Exploration Opportunity Unique Exploration Opportunity •• Four Four –– Six Properties to be Drilled in 2005Six Properties to be Drilled in 2005•• Lucky Shot, Arcadia Lucky Shot, Arcadia -- Near Term Production PotentialNear Term Production Potential•• Potential Acquisitions: Gold, Copper and Coal Potential Acquisitions: Gold, Copper and Coal •• Three Joint VenturesThree Joint Ventures•• Two Canadian Gold ProjectsTwo Canadian Gold Projects