First Point Minerals Corp.

First Point Minerals Corp.

September 24, 2007 14:37 ET

First Point Reports Encouraging Results From Corralitos Gold/Silver Property in Mexico Includes 10.7 g/t Gold Over 3 Metres

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 24, 2007) - First Point Minerals Corp. ("First Point") (TSX VENTURE:FPX) has received significant rock channel assay results that include 3.7 grams/tonne (g/t) gold over 9.2 metres and 10.7 g/t gold over 3 metres (see table below) from the Main Zone at the Corralitos Property, located in the State of Chihuahua, Mexico.

Old Workings & Width Gold Gold Silver
Main Zone Outcrop (Metres) (ppb) (g/t) (g/t)
Structure A pit 5.6 5745 5.7 7
Structure A old trench 2.4 5777 5.8 16
Structure B old trench 3.0 10700 10.7 5
Structure C stripped outcrop 9.2 3713 3.7 17
Disseminated Zone outcrop 3.0 6258 6.3 13

In addition to the above, three rock grab samples that assayed 1.5 to 3.3 g/t gold and 67 to 285 g/t silver were taken from old workings about 3.5 kilometres east of the Main Zone and are part of First Point's ongoing wide spaced mapping and sampling program on the Corralitos Property area. Altered oxidized intrusions and altered sediments in this area will be mapped and sampled in the next stage of work.

In the Main Zone samples were taken mainly from old workings (pits and trenches) within a 300 by 450 metre area where recent mapping and a soil grid-controlled survey were also completed. The two samples shown in the table above from structure A were taken 40 metres apart.

Structures A and C consist of strong silicification and zones iron oxide mineralization whereas Structure B contains both calcite and quartz fillings. All three structures are hosted in limestone. The Disseminated Zone occurs in strongly clay-pyrite altered mudstone of unknown dimension or strike. Except for the Disseminated Zone, the widths reported in the table are estimated true widths based on surface structural features or silicified zone orientations.

Structure A trends north-northeast and based on mapping, grab rock sample results and the distribution of soil anomalies has a potential of strike length of 350 metres. The Structure B trends east-northeast and soil results indicate a potential 180 metre strike length. Structure C is irregular in shape and exhibits both north-northeast and northwest structural controls which aggregate over a 150 metre strike length. Selected float rock samples taken from the area of Structure C range between 9.5 to 13.9 g/t gold. The gold bearing structures (A, B & C) and Disseminated Zone will be trenched during the next stage of surface work.

Feldspar porphyries have intruded both the Cretaceous limestone-sedimentary package and overlying Tertiary volcanics at Corralitos are spatially associated with gold bearing structures in the Main Zone as noted in the table. Zones of disseminated sericite-clay and iron oxide alteration in the porphyry and volcanics have not been demonstrated to carry elevated gold values but are associated with significant zinc and arsenic anomalies in both soil and outcrop. This suggests that the porphyries are the likely source of the gold bearing structures in the limestones-sediments.

Carbonate-hosted (mainly limestone) deposits in North America are one of the biggest producers of silver - lead - zinc in the world (i.e. Santa Eulalia, Mexico with past production of at least 400 million ounces of silver and 3 million tonnes of both zinc and lead). The Corralitos Property contains several carbonate hosted targets including this exceptional gold target in the Main Zone which is partly covered by Tertiary volcanics and overburden. First Point's objective is to further explore this gold target as well as other silver-lead-zinc targets on Corralitos Property.

First Point has the right to option the Corralitos Property from Teck Cominco Limited's Mexican subsidiary, Minera Teck Cominco, S.A. de C.V. "MTC". Under the terms of the agreement First Point, through a Mexican subsidiary, can earn a 100% interest in the property by spending US$2 million on exploration over the next 5 years and issuing MTC 500,000 First Point shares. On First Point vesting with 100% MTC shall have a one time right to back-into the property and earn an initial 51% by spending US$4 million. MTC can increase its interest to 65% by spending a further $20 million or completing a feasibility which ever comes first and to 70% by arranging financing for First Point's share of development costs. If MTC does not make the election to back-in then it shall retain a 1% NSR.

Surface exploration work at the Corralitos Property was supervised by Ron Britten, P.Eng. All samples were submitted to Acme preparation lab in Guadalajara, Mexico and ICP-MS analytical work was completed at Acme Analytical Laboratory Ltd in Vancouver, BC.

First Point is a Canadian precious and base metal exploration company focused on the Americas.


Peter M.D. Bradshaw, President

The TSX Venture Exchange has not reviewed, nor accepts responsibility for the adequacy or accuracy of this news release.

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