First Point Minerals Corp.

First Point Minerals Corp.

January 21, 2011 08:45 ET

Status Update on First Point's Seven Nickel-Iron Alloy Properties, British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 21, 2011) - First Point Minerals Corp. (TSX VENTURE:FPX) ("First Point" or the "Company") provides an update on its program exploring for awaruite, a naturally occurring nickel-iron alloy, on seven properties located in central and northern British Columbia. 

The properties, all of which are 100% owned by First Point, cover sizeable ultramafic complexes with coincident airborne magnetic highs. Of the seven properties, four are located along a 130 kilometre long semi-continuous belt trending north from the Company's flagship Decar property north of Fort St. James in central British Columbia, while the other three properties are west of Dease Lake in northwestern British Columbia. The Decar property was optioned to Cliffs Natural Resources in 2009, (see November 19, 2009 news release).

The Klow, Mesa, Bodine and Ogden properties are within 30 kilometres of a CNR railway branch line and cover large ultramafic bodies or, in some areas, late stage intrusions. The Klow property contains significant awaruite mineralization. During preliminary property scale exploration in 2009 and 2010, awaruite showings were discovered in the Klow Property, at the lower reaches of the main ridge below the tree line where rock exposures are limited owing to overburden cover. Four rock samples from scarce bedrock were taken in a zone 560 meters long; open in all directions because of overburden cover. The samples contain fine to coarse-grained (50 to more than 500 microns) awaruite or awaruite-sulphide (composite grains up to 1 mm grain size). The samples range from 759 to 849 ppm nickel in alloy with total nickel content, (which includes nickel in alloy, sulphides and silicates) ranging from 2070 to 2460 ppm. A second zone in the southern half of the Klow property contains mainly fine to medium grained, rare to common awaruite in several rock samples. One sample from this second zone contains awaruite grains measuring up to 300 microns in size and assays 640 ppm nickel in alloy. Both of these anomalous zones are located less than 1.5 kilometres from an all season gravel road, and both are covered by talus, alluvial and dense bush. 

The three other properties, Letain, Wheat and Wale, are located west of Dease Lake and range in area from 2,295 to 11,497 hectares. Two of the three properties have known awaruite occurrences. The Letain property hosts fine- to medium-grained awaruite, ranging from less than 50 to 200 microns in size. Five widely-spaced samples contain 750 to 1910 ppm nickel in alloy and one sample contains 1501 ppm nickel in alloy and awaruite grains reaching 100 microns in size. Future exploration is anticipated north of this sample. Other four sample locations containing awaruite were closed off with no further exploration planned.

Significant drill core results from the Decar Project, disclosed in recent news releases, range from 0.1 to 0.15% (1000 to 1500 ppm) nickel in alloy where awaruite grains range from 200 to more than 500 microns in size. First Point believes assays that are greater than 0.1% (1000 ppm) nickel in alloy and grains that are larger than 200 micron in size are both useful and positive yardsticks to evaluate early stage exploration program results. Both the Klow and Letain clearly have anomalous values but additional work is required to define drill targets in both of these or any of the other properties.

In 2011 First Point proposes a field work program, mainly mapping and sampling, totaling $370,000 for five properties. The program includes a $150,000 grid-controlled mapping and sampling and either an airborne or ground magnetic survey on the Klow property. If initial results are positive further work will be expanded to include additional mapping and sampling, or a drill program. Summer four-wheel drive roads access parts of the properties, but helicopter support will also be required for less accessible areas of the properties.

Rock samples were sent to Acme Analytical Laboratories Ltd. in Vancouver ("Acme," an ISO Certified laboratory) for nickel in alloy and total nickel analysis, as described in the September 22, 2010 news release. The commercially certified alloy-selective analytical method for alloy nickel analysis was developed for the exclusive use of, and is proprietary to, First Point.

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.

On behalf of First Point Minerals Corp.

"Ron Britten"
Ron Britten, Ph.D., P.Eng., V.P. Exploration

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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