First Point Minerals Corp.

TSX VENTURE : FPX


First Point Minerals Corp.

July 13, 2009 15:43 ET

Palladium and Platinum Results in Nickel-Iron Alloy in First Point's Joe Property, Oregon

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 13, 2009) - First Point Minerals Corp. (TSX VENTURE:FPX) - Analysis of nuggets of nickel-iron alloy in stream samples from the Joe Property show that they contain palladium and platinum that could represent significant added value in a nickel concentrate. Two samples, each consisting of several Ni-Fe alloy nuggets taken from streams traversing the Joe Property area, contain up to 5.3 g/t (grams/tonne) palladium with an average of 3.9 g/t and, 0.35 g/t platinum with an average of 0.27 g/t. The two samples carry 43 and 52% nickel and 25 and 35% iron respectively.

The grains of the disseminated nickel-iron alloy in widely spaced rock samples from outcrop on the Joe Property average 61% Ni and 36% Fe and range from 47% to 78% Ni and 22% to 52% Fe based on scanning election microprobe analyses. The rock samples average 0.28% total nickel and at this stage the amount of the total nickel held in alloy versus silicates or sulphides is unknown.

The Joe Property is situated within a large strongly serpentinized and structurally broken ultramafic belt in Josephine County in southwest Oregon that hosts the nickel-iron alloys in bedrock and alluvial nuggets. The nickel-iron alloy nuggets which measured up to several centimeters in diameter were first found by prospectors in their gold sluice boxes in Josephine Creek in 1892. Since that time these nuggets have received considerable attention from mineralogists but there has been no record of recovering and marketing this alluvial nickel material nor have the bedrock sources of the alloy been given serious exploration attention.

First Point first staked this property in the spring of 2008 and conducted surface exploration and rock sampling on 200 to 300 meter intervals over most of the claim group. The area is moderately rugged with a series of cliffs and canyons and was largely burned off in 2005 thus providing excellent outcrop for sampling. The samples containing disseminated alloy grains occur with an assemblage of magnetite, pentlandite, millerite, heazlewoodite and iron sulphides in composite grains. A hydrothermal origin is indicated for this assemblage together with the enrichment of the platinum group elements in the nickel-iron alloy.

The occurrences of widely spaced nickel-iron alloy, the association of good palladium and platinum values in the alloy, along with the intense alteration and structural breakage of the ultramafic host rock point to good exploration potential for the Joe Property. A map of the Joe Property is shown in a presentation on the Company's website at: http://www.firstpointminerals.com/i/pdf/Decar_Presentation.pdf which also presents First Point's bulk mineable nickel alloy targets in the Decar Property and other four early stage nickel properties located in central British Columbia.

ACME Analytical Laboratory Ltd., Vancouver, analyzed the rock samples using ICP-MS techniques. Micron Geological Ltd. employed an AMRAY 1810 scanning electron microscope equipped with an EDAX "Genesis" energy dispersive X-ray analyzer to complete microprobe analytical work. Peter Bradshaw, Ph.D., P. Eng., is the Qualified Person as defined by National Instrument 43-101 and is responsible for the contents of this release.

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

FIRST POINT MINERALS CORP.

Peter M.D. Bradshaw, President

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