VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 16, 2013) - First Point Minerals Corp. (TSX:FPX) ("First Point" or the "Company") announced today that, as a result of a review by the British Columbia Securities Commission ("BCSC"), the Company is issuing the following news release to clarify its disclosure.
Technical Disclosure Issues
The Company has disclosed the results of the Preliminary Economic Assessment ("PEA") of its 40%-owned Decar Nickel Project (see First Point's news release dated March 22, 2013) in its Corporate Presentation, 2013 President's Message and Management Discussion & Analysis ("MD&A") for the three and nine months ended September 30, 2013, available on its website, without providing proximate cautionary language required by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
Accordingly, investors are cautioned that the PEA is considered preliminary in nature, based, in part, on inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability, and there is no certainty that the results presented in the PEA will be achieved. The Company has updated its Corporate Presentation and website material to include the cautionary language required by NI 43-101.
In its December 2, 2013 news release, the Corporate Presentation, the MD&A for the period ended September 30, 2013, and on the project pages of its website, the Company discloses exploration targets for its 100%-owned Mich, Wale and Orca properties. This disclosure is restricted by section NI 43-101 section 2.3(1)(a) because it does not include the information and cautionary language required by section 2.3(2) of NI 43-101.
Accordingly, investors are cautioned that each of the exploration targets at the Company's Mich, Wale and Orca properties is an early-stage exploration prospect, conceptual in nature, defined by surface rock sampling and ground-based magnetic geophysical surveys. There has been insufficient exploration to define a mineral resource on any of the properties and it is uncertain if further exploration will result in the target being delineated as a mineral resource. The Company has updated its Corporate Presentation and website material to include the cautionary language required by NI 43-101.
In its Corporate Presentation and MD&A for the period ended September 30, 2013, the Company did not identify or disclose the relationship to the Company of the Qualified Person with respect to the technical information disclosed therein. All technical information included in such disclosures was prepared under the supervision of First Point's Vice-President of Exploration, Dr. Ron Britten, Ph.D., P. Eng., a qualified person consistent with NI 43-101. The Company has updated its Corporate Presentation with the appropriate Qualified Person language.
Dr. Ron Britten, P. Eng., First Point's Vice President of Exploration and a 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 metal exploration company operating worldwide. For more information, please view the Company's website at www.firstpointminerals.com.
On behalf of First Point Minerals Corp.
Jim Gilbert, President and CEO
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 Toronto Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.