First Point Minerals Corp.
TSX VENTURE : FPX

First Point Minerals Corp.

July 26, 2011 08:00 ET

First Point Minerals Defines Nickel-Iron Alloy Drill Target on its 100%-Owned Klow Property in Central B.C.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 26, 2011) - First Point Minerals Corp. (TSX VENTURE:FPX) ("First Point" or the "Company") is pleased to announce that based on regional exploration field work currently in progress on its 100%-owned nickel-iron alloy properties in central and northern British Columbia, the Company has successfully outlined a drill-ready target on the Klow property.

First Point is planning an initial 2,000-metre drilling program to test this new nickel-iron alloy target which, depending on the length of the permitting process, could be drilled either this fall or late spring of next year.

"The Klow property hosts significant nickel-iron alloy mineralization. The drill target is comparable at surface in size and grade to the Baptiste zone at our flagship Decar joint venture project, currently being drilled by Cliffs Natural Resources," said Ron Britten, First Point's Vice-President of Exploration. "Klow could be a very interesting and exciting drill program."

The Klow property is located 135 kilometres north of Fort St. James and 55 kilometres north of the Decar project. Based on the results of this year's geological mapping and surface sampling program, First Point has staked an additional 2,093 hectares at Klow, which now totals 5,197 hectares in size. The Company has also staked a new claim group, called the Nat property, totaling 3,537 hectares to the north of Klow. An all-season public road runs along the eastern margin of the Klow property, linking the town of Fort St. James to the village of Takla Landing. An active CN rail line is located about 30 kilometers west of Klow, near Takla Landing.

During preliminary regional exploration work in 2009 and 2010, mineralized showings of nickel-iron alloy were discovered on the Klow property at the lower reaches of the main ridge where bedrock exposure is limited due to overburden cover.

The main zone of nickel-iron alloy mineralization at Klow measures at least 950 meters long and 270 meters wide, based on the results of surface rock-chip samples collected from sparse outcrops of bedrock exposed on shallow-to-moderately dipping slopes. Thirteen samples returned values ranging from 455 to 1,075 ppm (0.05 to 0.11%) nickel-in-alloy, for an average of 780 ppm (0.08%). Eleven additional angular rock float samples taken in the same area show a similar range of values, reaching a high of 1,274 ppm (0.13%) nickel-in-alloy.

This newly defined zone exhibits a fine-to-coarse grained range of nickel-iron alloy sizes from 50 to greater than 600 microns, similar to Decar. Rock samples from this area also assayed up to 4.9% iron, primarily as magnetite, and 1,272 ppm (0.13%) chromium, occurring mainly as ferrichromite/chromite. Both of these minerals are also present at Decar.

There is significant potential to expand the southern half of the target zone, some 1,750 metres in an east-west direction, where dense vegetation and overburden obscures the area. Several widely spaced rock samples from this area contained coarse nickel-iron alloy grains measuring greater than 400 microns in size, with assay values ranging between 691 to 825 ppm (0.07-0.08%) nickel-in-alloy.

As part of a minimum $2 million worldwide search for "naturally occurring stainless steel" nickel-iron alloy targets in 2011, First Point is spending at least $370,000 on a regional sampling and mapping program on its seven 100%-owned nickel-iron alloy properties in central and northern British Columbia.

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

About First Point

First Point Minerals Corp. is a Canadian base and precious metal exploration company. The company's flagship Decar nickel property in central British Columbia is the subject of an exploration and development program being funded by Cliffs Natural Resources, an international mining and natural resources company headquartered in the United States. For more information, please view the Company's website at www.firstpointminerals.com.

On behalf of First Point Minerals Corp.

"Peter Bradshaw"

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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