First Point Minerals Corp.

First Point Minerals Corp.

January 10, 2008 13:11 ET

First Point Acquires Two More Large Nickel Properties in British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 10, 2008) - First Point Minerals Corp. ("First Point") (TSX VENTURE:FPX) has acquired by staking two additional BC nickel properties, the Decar property near Fort St. James and the Shulaps property near Lillooet, to add to the original Azul and Letain nickel properties near Dease Lake acquired early in 2007. Preliminary widely-spaced rock sampling, generally averaging 200 meters apart along traverses with each sample being taken over a 3 by 3 meter area, has been completed on all four properties.

First Point's ongoing nickel program involves the exploration of disseminated nickel-iron alloy targets that occur in a very specific geological environment found within ultramafic rocks, plus the evaluation of methods for the extraction of nickel from these alloys. Rock sampling and staking are based on identifying this geological environment, and determining the nickel concentration with a portable analyser in the field, before sending representative check samples to an analytical laboratory for analysis. Within this geologic environment nickel values tend to be fairly uniform thus making them excellent targets for bulk tonnage "porphyry style" mineralization amenable to open-pit mining methods within this specific geological environment. Nickel, which is currently more than three times the price of copper, is a very attractive exploration target, particularly if a low cost effective extraction method can be used to recover the nickel.

The Decar Property is 18 square kilometers and covers part of the Mount Sydney Williams ultramafic complex west of Fort St. James. Forty-two rock samples out of a total of 58 samples collected in the field were analysed by Acme Analytical Laboratories ("Acme Labs") in Vancouver, BC, averaged 0.21% nickel with a range of 0.12% to 0.28% nickel. Nickel-iron alloys have been identified in this complex by earlier work and their presence in further samples is being confirmed using petrographic microscope and scanning electron microscope ("SEM") testing methods.

The Shulaps Property is 64 square kilometers and covers a selected part of the much larger Shulaps ultramafic complex west of Lillooet. A total of 84 rock samples were collected in the field. Of these 19 samples were analysed by Acme Labs and averaged 0.23% nickel with a range of 0.17% to 0.31% nickel. The identification of nickel-iron alloys will be confirmed using petrographic microscope and SEM methods.

The 102 square kilometer Letain Property, acquired in early 2007 covers a portion of the Cache Creek ultramafic complex east of Dease Lake. Of 180 rock samples collected in the field the six samples analysed by Acme Labs averaged 0.22 % nickel with a range of 0.17% to 0.25% nickel. Nickel-iron alloys are known to occur in the streams draining a portion of this complex and petrographic plus SEM work is in progress to identify the extent and concentration of this alloy.

The Azul Property, 19 square kilometers, covers part of the Blue River ultramafic complex north of Dease Lake. Sixty five of the 72 rock samples collected were analysed by Acme Labs and averaged 0.22% nickel with a range of 0.14% to 0.29% nickel. Petrographic and SEM work to date has identified disseminated millerite (a nickel sulphide) and no nickel-iron alloys. However nickel-iron alloys are known to occur in the streams draining a portion of this complex and further work will be undertaken to determine the location and concentration of this alloy in bedrock. At this time this property is considered a lower priority.

All four BC properties are owned 100% by First Point. A portion of nickel in a specific geological environment of the four properties is believed to be present as nickel-iron alloys. Ongoing work will determine the percentage of nickel held in alloys verses nickel in sulphides or silicates, and identify the most commercially viable method of extracting this nickel. Results from this work will be reported as the work progresses.

Surface exploration work at the Decar and Shulaps properties was supervised by Peter Bradshaw, P.Eng and at Letain and Azul by Ron Britten P.Eng. All quoted analyses were performed by Acme Labs using its standard ICP-MS method for rock samples.

First Point is a Canadian precious and base metal exploration company focused on the Americas.


Peter M.D. Bradshaw, President

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