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Re: News Releases - Wednesday, July 08, 2009
One Year Extension Granted to First Point on the Corralitos
Gold-Silver Property, Mexico
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First Point Minerals Corp. ("First Point") today announced that Minera
Teck, S.A. de C.V. ("MT") has granted the company a one year extension
to perform the required work to earn a 100% interest in the Corralitos
Property in northern Mexico.
This property was optioned from MT as described in the news release of
Sept 24, 2007. Under the terms of the original agreement First Point
has the right to earn a 100% interest in the property by issuing MT
500,000 First Point shares and spending US$2 million on exploration
over the next 5 years. This 5 year period has now been extended to 6
years. On First Point vesting with 100% MT shall have a one-time
right to back-in to the property and earn an initial 51% by spending
US$4 million. MT can increase its interest to 65% by spending a
further $17.5 million or completing a feasibility study whichever comes
first and to 70% by arranging financing for First Point's share of
development costs. If MT does not make the election to back-in then it
shall retain a 1% NSR.
Corralitos is a sediment-carbonate hosted gold-silver property which
hosts two styles of mineralization. Intense silicification and iron
oxide characterized at the Noria Target are similar to a Carlin setting
while the mineralization at the Candelaria Target is epithermal quartz
veins. As announced earlier significant results include:
.. At Noria, 24.3 g/t (grams/tonne) gold occurs over 1.8 meters
estimated true width in structure C and is located three kilometers to
the east of Candelaria Target. Structures A and B at Noria also
contain significant gold and silver results as reported in the news
release of May 28, 2008.
.. 1,040 g/t silver and 3.2 g/t gold over 1.2 meters occur in the Vein 1
at the Candelaria Target. A total of 13 veins with historic works have
been mapped and sampled over an area 1.6 by 2.2 kilometers. Of these 7
have significant results as reported in the news release of June 10,
2008. These veins were mined historically until 1910 when all mining
ceased. This date coincides with the beginning of the Mexican
Revolution.
Future work for the Corralitos Property will involve: an induced
polarization geophysical survey at the Noria Target and adjacent area;
additional underground and surface sampling at the Candelaria Vein
Targets; and a follow-up drill program is planned when economic
conditions allow.
Ron Britten, Ph.D., P. Eng., is the Qualified Person as defined by
National Instrument 43-101 and is responsible for the contents of this
release.
First Point is a Canadian precious and base metal exploration company
focused on the Americas. For more information, please view the
Company's web site at www.firstpointminerals.com or phone Peter
Bradshaw, President and CEO, or Ron Britten, Vice-President of
Exploration, at (604) 681-8600.
FIRST POINT MINERALS CORP.
"Peter M.D. Bradshaw"
Peter M.D. Bradshaw, President - TSX Venture Exchange: FPX
Suite 906 -- 1112 West Pender Street
Vancouver, BC Canada V6E 2S1
Tel: 604/681-8600
Fax: 604/681-8799
e-mail "firstpoint@firstpointminerals.com"
The TSX Venture Exchange has not reviewed, nor accepts responsibility
for the adequacy or accuracy of this news release.
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Copyright (c) 2009 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
Message sent on Wed Jul 8, 2009 at 11:01:46 AM Pacific Time
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