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Re: News Releases - Wednesday, June 16, 2010
First Point Provides Update for Exploration on the Decar
Nickel-Iron Alloy Property
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First Point Minerals Corp. (FPX-TSX.V) ("First Point" or the "Company")
is pleased to provide an update of the exploration programme at its
Decar Nickel-Iron alloy property in Central B.C., which is subject to
an option agreement with Cliffs Natural Resources Exploration Inc
("Cliffs").
Current exploration work at the Decar property includes metallurgical
testing, an airborne magnetic survey, geological mapping and sampling,
and line cutting. This work is being conducted in preparation for an
IP survey and a drilling program scheduled for later this summer.
Metallurgical work is ongoing at both Cliffs facility in Michigan and
at commercial labs in order to establish a provisional metallurgical
flow sheet to test the drill core samples.
A detailed airborne magnetic study was completed last month and the
data has recently been received. Initial interpretation fits with the
known mineralized areas and indicates additional targets which will be
the subject of reconnaissance geological mapping and sampling this
summer. While the nickel-iron alloy that is the target of First
Point's exploration work is very magnetic; the host rock also contains
magnetite associated with the nickel-iron alloy , the effects of which
must be taken into account when interpreting the data. Detailed
magnetic interpretation by First Point will include inversion of the
magnetic data to be completed by Mira Geosciences, Vancouver.
In the field, line cutting has commenced which will be followed by an
IP survey on both the Baptiste and Sidney targets. Detailed geological
mapping and sampling is being undertaken on these same grids with
reconnaissance work extending beyond the grids to areas not yet mapped,
including the new magnetic anomalies.
Following completion of the IP survey and geological mapping and
sampling program, a 2,000 metre
Diamond drill programme is scheduled to
commence mid-summer.
The fieldwork is being undertaken by First Point under a services
agreement with Cliffs and the metallurgical work is being supervised by
Cliffs.
As announced previously under the terms of the option and joint venture
agreements, Cliffs can earn an initial 51% interest in a joint venture
on the Decar property by spending US$4.5million on the property in four
years, of which US$1million is a firm commitment in the first year.
Upon Cliffs exercising its option, the parties will form a joint
venture, with Cliffs having an initial 51% participating interest and
First Point holding a 49% participating interest plus a 1% net smelter
return royalty interest in all products produced from the entire Decar
property. Cliffs may increase its interest in the property to 60% by
completing a scoping study, to 65% by completing a pre-feasibility
study, and to 75% by completing a feasibility study in a form
acceptable to lending institutions (refer to First Point news releases
dated November 13, 2009 and December 2, 2009).
About First Point
First Point Minerals Corp. is a Canadian base and precious metal
exploration company. The Company's flagship Decar property hosts
naturally formed nickel-iron alloy mineralization that is the subject
of an exploration program being financed by Cliffs Natural Resources
Exploration Canada Inc., a wholly-owned subsidiary of Cliffs Natural
Resources Inc. (NYSE: CLF) (Paris: CLF), an international mining and
natural resources company. For more information, please view the
Company's website at www.firstpointminerals.com or phone Brian
Soregaroli, Vice-President of Corporate Development, or Peter Bradshaw,
President and CEO, at (604) 681-8600.
On behalf of First Point Minerals Corp.
"Peter Bradshaw"
Peter Bradshaw, Ph.D., P.Eng., President & CEO - 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
Neither the TSX Venture Exchange nor its Regulation Services Provider
accepts responsibility for the adequacy or accuracy of this release.
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Copyright (c) 2010 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 Jun 16, 2010 at 10:51:22 AM Pacific Time
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