First Point Minerals Corp.

First Point Minerals Corp.

April 23, 2012 15:32 ET

First Point Minerals Extends Expiry Date of Warrants

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 23, 2012) - First Point Minerals Corp. (TSX VENTURE:FPX) ("First Point" or the "Company") has received approval from the TSX Venture Exchange to extend the term of the warrants, which would have otherwise expired on April 26, 2012.

A total of 7,500,000 warrants were originally issued in connection with a private placement of First Point units on April 26, 2010. Those warrants had an expiry date of April 26, 2012. During the year ended April 26, 2011, 3,537,100 warrants were exercised at $0.65 per share, leaving a balance of 3,962,500 warrants outstanding, exercisable at $0.80 per share with the April 26, 2012 expiry date. The expiry date has been extended by a full year, such that the 3,962,500 warrants will now expire on April 26, 2013, with each warrant entitling the holder to purchase one common share of the Company at $0.80 per share.

The warrants when originally issued contained a provision whereby the expiry date could be accelerated under certain circumstances. That provision continues to apply to the 3,962,500 warrants with the extended expiry date. If the closing price of the Company's shares equals or exceeds $1.10 per share for a period of 20 consecutive trading days, the Company will have the right to accelerate the expiry date of the warrants by giving 30 days written notice to the warrant holders.

About First Point

First Point Minerals Corp. is a Canadian base and precious metal exploration company.

On behalf of First Point Minerals Corp.

Jim Gilbert, President and CEO

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

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