First Point Minerals Corp.

First Point Minerals Corp.

August 30, 2010 13:46 ET

First Point Completes Five Additional Holes at Baptiste Target, Decar Nickel-Iron Alloy Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 30, 2010) - First Point Minerals Corp. (TSX VENTURE:FPX) ("First Point" or the "Company") is pleased to announce the completion of an additional 5 diamond drill holes at the Baptiste target at the Decar Nickel-Iron Alloy property in British Columbia, Canada. All 7 holes drilled on the Baptiste target have intersected disseminated nickel-iron alloy mineralization that ranges from less than 50 microns to a maximum 600 microns in grain size. (Refer to First Point news release dated August 9, 2010, for an overview of the visual observations of the core from holes 1 and 2, located in the central area of the Baptiste target).

The west, central and east areas of the Baptiste target have now been tested with two or more drill holes, all inclined at 50 degrees. These three areas span 1,700 metres of the elongate, arc-shaped axis of the Baptiste mineralization and approximately 60% of the target is covered by overburden.

Holes 3 (341 metres long) and 4 (93 metres) were collared from the same setup, located approximately 740 metres west of the collar of hole 2, and were oriented roughly northeast and northwest, respectively. The entire lengths of both of the holes contain 50 to 400 micron nickel-iron alloy grains in size and range up to 600 microns locally. Intensely crushed and faulted zones halted hole 4 at 93 metres. Hole 3 penetrated to a vertical depth of 262 metres and horizontal width of 215 metres and the mineralization remains open in all directions and at depth.

Holes 5 (236 metres long) and 6 (341 metres) were drilled from the same setup, located approximately 870 metres east of the collar of hole 2, to test the east Baptiste area. Hole 5, oriented northeast, intersected 50 to 300 micron nickel-iron alloy grain in size until 151 metres where the grain size decreased to an average of less than 100 microns though to the end of the hole. The entire length of hole 6 intersects 50 to 300 micron nickel-iron alloy grain size. The area of these two drill holes show that coarse grained Ni-Fe alloy mineralization is open in all directions and at depth, except to the east.

Hole 7 was drilled from the same setup as hole 1 oriented southeast (the opposite direction of hole 1) and was abandoned at 71 metres due to a severe fault zone. In hole 7, the nickel-iron alloy grains range from 50 to 300 microns in size and are comparable to grain sizes in holes 1 and 2. The coarser grained nickel-iron alloy mineralization in the three holes extends 290 metres in horizontal width, 250 metres in vertical depth and remains open at depth, and in all directions, except to the north.

Disseminated, coarse-grained nickel-iron alloy found present throughout holes 1,3, 4, 6 and 7, and in the upper portions of holes 2 and 5, indicates a high potential of a large zone of mineralization in the Baptiste target area. First Point will continue to quantify the amount of nickel-iron alloy through analysis at an accredited geochemical laboratory and will use this data and grain size estimates to select suitable drill core samples for detailed metallurgical test work.

Samples will be sent to ACME laboratories, Vancouver, for nickel analysis. Selected core samples will be sent to Cliffs Natural Resources Exploration Inc. ("Cliffs") for detailed metallurgical test work. The diamond drill rig has been mobilized to complete two drill holes on the Sidney target at the Decar property.

The fieldwork is being undertaken by First Point under a services agreement with Cliffs. Cliffs can earn an initial 51% interest in a joint venture on the Decar property by spending US$4.5million on the property in four years, of which US$1million is a firm commitment in this first year. For further details of the agreement, please refer to First Point news releases dated November 13, 2009, and December 2, 2009.

Dr. Ron Britten, P. Geo., First Point's Qualified Person under NI43-101, has reviewed and approved the technical content of this news release. First Point emphasizes that interpretations presented in this release are based purely on visual inspection of the core, and an understanding of economic potential will not be possible before assay results for samples from the current drilling program are available.

About First Point

First Point Minerals Corp. is a Canadian base and precious metal exploration company. The Company's flagship Decar property hosts naturally formed nickel-iron alloy mineralization that is the subject of an exploration program being financed by Cliffs Natural Resources Exploration Canada Inc., a wholly-owned subsidiary of Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF), an international mining and natural resources company.

On behalf of First Point Minerals Corp.

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

Forward-Looking Statements

Certain of the statements made and information contained herein is considered "forward-looking information" within the meaning of the British Columbia Securities Act, the Alberta Securities Act and the Ontario Securities Act. 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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