Full Metal Minerals Ltd has entered into an option agreement with Antofagasta Minerals SA to explore the Pyramid Copper Gold Molybdenum porphyry project, located in SW Alaska, US. An initial 2000m core drilling program is underway. Antofagasta Minerals can earn an initial 51% interest by incurring USD 6,000,000 in expenditures during the first four years and pay Full Metal USD 200,000 in cash. Antofagasta Minerals can then earn an additional 14% interest for a total aggregate of 65% interest by preparing and delivering at its sole cost, a Scoping Study costing a minimum of USD 4,000,000 in expenditure. Antofagasta Minerals can then earn an additional 15% interest for a total aggregate of 80% interest by funding at its sole cost a feasibility study on the project. The 2010 exploration program will consist of a 2000m core drilling program, comprising five or six deep drill holes, targeting the potassic core of the porphyry system.