First Point Minerals Corp.

First Point Minerals Corp.

August 22, 2011 08:00 ET

First Point Announces Expanded Drilling Program to Define Resource at the Decar Nickel-Iron Alloy Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 22, 2011) - First Point Minerals Corp. (TSX VENTURE:FPX) ("First Point" or the "Company") is pleased to announce that Cliffs Natural Resources Exploration Canada Inc., an affiliate of Cliffs Natural Resources Inc. (NYSE:CLF) (PARIS:CLF) ("Cliffs"), has expanded the 2011 drilling program at the Decar nickel project in central British Columbia.

Cliffs has recently added a second drill rig to Decar. The objective is to drill off the Baptiste nickel-iron alloy zone to at least a NI43-101 inferred resource category.

Decar is a greenfield discovery of nickel mineralization in the form of a naturally occurring nickel-iron alloy, with no associated sulphides. The target at Decar is a bulk-tonnage, open-pittable nickel deposit on a mining scale equivalent to that of the large open-pit copper porphyry mines operating in British Columbia.

Under the supervision of Caracle Creek International Consulting (CCIC), the 2011 drilling program is delineating the Baptiste zone over a targeted 2,500-by-700-metre area at 200-metre centres and to a planned depth of 300 metres downhole. A total of 47 holes have been proposed for this year's delineation drilling campaign on Baptiste, which will be weather dependent, with six holes completed to date. One or two of the planned drill holes into the central part of Baptiste will test the extent of mineralization to a depth of 600 metres.

Drilling at Decar will also test a number of highly prospective nickel-iron alloy targets defined by surface rock sampling and geophysical surveys. These targets include Target B, Sidney and Van. One hole has already been completed into Target B, located 4.6 km north-northwest from Baptiste and 2 km northwest from Sidney. Assay results for this hole and the other six holes completed at Baptiste are pending.

The Decar project was drilled for the first time in 2010 with nine widely-spaced holes, including seven holes into the Baptiste target and two holes into the Sidney target. Spaced over a distance of 1,600 metres at Baptiste, the drilling confirmed the outcropping nickel-iron alloy mineralization extends to a depth of at least 300 metres and is uniformly distributed from top to bottom of each hole. All nine holes bottomed in mineralization. The grade of all nine holes averaged 0.13% nickel-in-alloy for the mineralized zones.

The Decar nickel-iron alloy project is being advanced under an option/joint venture agreement with Cliffs that was signed in November 2009. By spending US$4.5 million on exploration and development over a period of four years, Cliffs can earn an initial 51% interest in the Decar project. Cliffs is in the second year of the option agreement and has spent more than US$2 million to the end of June 2011.

Once Cliffs has earned its initial 51% interest, it will then have the right to increase its property ownership (i) to 60% by completing a preliminary economic analysis in the form of a scoping study, (ii) to 65% by completing a prefeasibility study, and (iii) ultimately to 75% by completing a bankable feasibility study. Should Cliffs earn a 75% interest in Decar, First Point would hold the remaining 25% participating interest, plus a 1% net smelter return royalty interest.

Dr. Peter Bradshaw, P. Eng., First Point's Qualified Person under NI43-101, has reviewed and approved the analytical content of this news release.

About First Point

First Point Minerals Corp. is a Canadian base and precious metal exploration company. For more information, please view the Company's website at

On behalf of First Point Minerals Corp.

Peter Bradshaw, Ph.D., P. Eng., President

Forward-Looking Statements

Certain of the statements made and information contained herein is considered "forward-looking information" within the meaning of applicable Canadian securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed in the Company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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