First Point Minerals Corp.

First Point Minerals Corp.

October 19, 2010 09:30 ET

First Point Releases Drill Assay Results from Sidney Target, Decar Nickel-Iron Alloy Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 19, 2010) - First Point Minerals Corp. (TSX VENTURE:FPX) ("First Point" or the "Company") is pleased to release nickel in alloy assay results from the Sidney target, the second zone of mineralization drilled at the Decar Nickel-Iron Alloy property, located northwest of Fort St. James, British Columbia.

Summary of Nickel Assay Results from Sidney Target

Hole Intersection (metres) Length (metres) % Ni in Alloy
9 182.8 – 346.0 (EOH) 163.2 0.126
incl. 250.0 – 346.0 96.0 0.138
10 116.0 – 398.0 (EOH) 282.0 0.143
  EOH = End of Hole

Holes 9 and 10 averaged 0.126 and 0.143% nickel in alloy over 163 and 282 metres, respectively, with both holes ending in mineralization indicating exceptional exploration potential in all directions except to the northeast.

The holes were drilled to test the depth extent of mineralized ultramafic rock outcrops located west of the drill hole locations. Both holes were drilled to the southwest at an inclination of 60 degrees and were located 327 metres apart on the inferred northwestern boundary of the Sidney target area (see drill location map at The top portion of the holes intersected a mixed sequence of un-mineralized volcanics, sediments and intrusives that are in fault contact with ultramafics. Hole 8 was abandoned at 102 metres in caved ground, before the Sidney target was reached. Nickel in alloy results were initially less than 0.1% within the ultramafics, and gradually increased with depth to exceed 0.1% nickel in alloy from 182.8 metres and 116.0 metres to final depth in Holes 9 and 10, respectively.

In Hole 9, twenty seven out of thirty-two samples (84%) ranged from greater than 0.1% to a maximum of 0.176% nickel in alloy from a depth of 182.8 metres to the end of the hole at 346.0 metres, with the exception of a 16.2 metre un-mineralized dike and associated alteration envelope that averaged less than 0.05% nickel in alloy. Throughout the 163.2 metre mineralized interval, disseminated nickel-iron alloy grains ranged from less than 50 to 400 microns.

In Hole 10, fifty-five out of fifty-seven samples (96%) ranged from 0.1% to a maximum of 0.185% nickel in alloy from 116.0 metres to end of hole at 398 metres. In this interval, nickel-iron alloy grains ranged from less than 50 to greater than 500 microns. One interval, from 237 to 316 metres, contained the largest nickel-iron alloy grains encountered during the ten-hole drill program at Decar, with grains in excess of 500 microns.

Hole 10 has very consistent, higher-grade nickel in alloy with the coarsest nickel-iron alloy grain size at the Decar property and is an excellent candidate for future mechanical mineral processing test work.

The Sidney target is located on a flat-topped ridge 3,200 metres north-northwest and 600 metres higher in elevation than the Baptiste target. From the Sidney surface mineralization to the bottom of the Baptiste drill holes spans an elevation of more than 850 vertical metres. Disseminated, coarse-grained nickel-iron alloy mineralization intersected in Holes 9 and 10 confirmed the surface expression of the Sidney Target's mineralization and expanded the northwest-southeast trending mineralization to more than 450 metres long and up to 345 metres deep. The Sidney target is approximately 300 metres wide based on surface mapping and these drill results. Most of the Sidney target is obscured by overburden, especially to the northwest and southeast. All of these characteristics indicate very good future exploration potential.

Samples were collected by cutting a one-metre interval of drill core in half within each five-metre interval down each drill hole. The remaining core has been retained for future mechanical mineral process testing. The samples were sent to Acme Analytical Laboratories Ltd. in Vancouver ("Acme", an ISO Certified laboratory) for total and alloy nickel analysis, as described in news release dated September 22, 2010. The commercially certified alloy-selective analytical method for alloy nickel analysis was developed for the exclusive use of, and is proprietary to, First Point.

With all drill hole assay results from the Decar project now received, core samples will be selected for mechanical mineral processing test work to be carried out by Cliffs Natural Resources Exploration Canada ("Cliffs"), a wholly-owned subsidiary of Cliffs Natural Resources Inc., an international mining and natural resources company headquartered in the United States.

Dr. Ron Britten, P.Eng., First Point's Qualified Person under NI 43-101, 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 property hosts naturally formed nickel-iron alloy mineralization.

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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