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Article on First Point Minerals in the recent issue of the
Northern Miner Newspaper
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The Northern Miner
Daily News Thursday, January 10, 2008
Northern Miner Newspaper, January 21, 2008
First Point Adds to B.C. Nickel Portfolio
Vancouver - Since acquiring a pair of B.C. nickel projects in mid-2007
First Point Minerals (FPX-V, FPOCF-O) recently added to its holdings
and picked up two more properties in a move to target potential
large-tonnage, open pittable nickel deposits.
Last year the company grabbed the Azul and Letain early-stage projects
near Dease Lake in northern B.C. - based on work undertaken several
years previously examining the feasibility of metallurgically
recovering naturally occurring non-silicate nickel-iron minerals and
nickel sulphides.
First Point earlier demonstrated nickel could indeed be recovered by
using a combination of leaching and physical separation from the
ultramafic host rocks with "particular, and moderately unique, nickel
mineralogy."
The company notes that at the time of its initial studies nickel traded
around the US$3.50 per lb. level -- negatively affecting potential
economics. Nickel's price rise over the past couple years prompted
First Point's management to reexamine the projects.
The latest acquisition sees the Decar project, located near Fort St.
James in central B.C., and the Shulaps property near Lillooet in
south-central B.C. added to the nickel portfolio.
First Point has completed a preliminary round of surface sampling --
taken at roughly 200-metre spacing along traverses - on all four
projects. The company utilizes a portable field analyzer to ascertain
nickel concentrations in the rock prior to sending a sample for assay.
Sampling on its 64-sq. km Shulaps property, which covers part of the
Shulaps ultramafic complex, returned 19 surface samples averaging 0.23%
nickel (ranging from 0.17%-0.31% nickel). Nickel-iron alloys were
identified through petrographic and scanning electron microscope
analysis.
At the 18-sq. km Decar project, covering part of the Mount Sydney
Williams ultramafic complex west of Fort St. James, 42 samples assayed
averaged 0.21% nickel (ranging from 0.12%-0.28% nickel).
The half dozen samples taken from the Letain property, which covers
about 102-sq. km of the Cache Creek ultramafic complex east of Dease
Lake, averaged 0.22% nickel (ranging from 0.17%-0.25% nickel).
Nickel-iron alloys occur in streams draining a portion of the complex
and the company is undertaking microscopic examinations to identify the
extent and concentration of the alloy.
Sampling of its Azul project, covering 19-sq. km of the Blue River
ultramafic complex north of Dease Lake, returned 65 samples averaging
0.22% nickel (ranging from 0.14%-0.29% nickel). Petrographic and
scanning electron microscope analysis has identified disseminated
millerite (a nickel sulphide) but no nickel-iron alloys. The company
notes nickel-iron alloys are known to occur in the streams draining a
portion of this complex and plans further work to locate its source.
Outside of its early-stage B.C. nickel projects the company also holds
precious metal projects in Honduras and Nicaragua.
Shares of First Point have recently traded around the 14�-level to give
the company a $7.1-million market capitalization based on its
50.6-million shares outstanding. The stock has a 52-week trading range
of 11�-27�.
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Copyright (c) 2008 FIRST POINT MINERALS CORP. (FPX) All rights
reserved. For more information visit our website at
http://www.firstpointminerals.com/ or send
mailto:info@firstpointminerals.com
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