Full Metal Minerals recently announced that it signed an option agreement with the world's largest mining company, BHP Billiton, allowing the larger firm to obtain up to an 80 percent interest in Full Metal's six copper-gold-molybdenum exploration sites in Alaska. Billiton can earn an initial 60 percent interest in the properties by spending $2.5 million over three years, and can earn an additional 20 percent by spending $3.5 million in the next three years. In 2008, Full Metal and Billiton will complete mapping and sampling programs as well as airborne and ground geophysics to identify potential drill targets.
Canada-based Full Metal is an exploration company with 12 projects in Alaska and one in the Yukon Territory. In November, it signed an agreement with Freeport-McMoRan Exploration Corp. in which FME can earn up to 80 percent in Full Metal's mining claims that border three sides of the Pebble Partnership's mining claims in Southwest Alaska."