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Re:   News Releases - Saturday, May 05, 2012
      Cliffs Refuses to Provide First Point with Key Data
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Vancouver, May 5, 2012 -- First Point Minerals Corp. (FPX-TSX.V)
("First Point" or the "Company") announces that it has served notice of
arbitration on Cliffs Natural Resources Exploration Canada Inc. and
Cliffs Natural Resources Exploration Inc. (collectively "Cliffs") over
Cliffs' refusal to provide First Point with information prepared by
their consultants with respect to the Decar Nickel-Iron Alloy Project
in British Columbia.

Cliffs has refused to provide First Point with certain key reports
prepared by consultants and contractors with respect to the Decar
Project.  The reporting obligations under the Option Agreement
currently in effect require that Cliffs provide First Point, on a
timely basis, with:  "...copies of all reports...and consultants' and
contractors' reports."

First Point regrets having no alternative to taking this step against a
major company such as Cliffs, but repeated requests by First Point for
delivery of the information have been either refused or ignored, and
Cliffs' refusal thus far to provide these reports is damaging the
interests of First Point and its shareholders.  Management of First
Point cannot speculate on the possible nature of the content of the
reports that would cause Cliffs to refuse to share the information with
First Point as required in the Option Agreement.

The market capitalization of Cliffs' parent company is US$8.6 billion;
the market capitalization of First Point is C$53 million.  Cliffs
currently holds a 15% stake in the First Point parent company.  The
Cliffs ownership interest in First Point is subject to a standstill
agreement through December 27, 2013.

First Point is the original owner of a 100% interest in the Decar
Project, which First Point believes to be the first property of its
type anywhere in the world to be explored for possible commercial
production of nickel entirely from awaruite, a naturally-occurring
nickel-iron alloy, effectively naturally-occurring "stainless steel".
Under the terms of the Option Agreement currently in effect between
First Point and Cliffs, Cliffs has earned a 51% interest in the Project
and has agreed to prepare a NI-43-101 compliant Preliminary Economic
Assessment ("PEA") by March, 2013, delivery of which would increase
Cliffs' interest in the Project to 60%.

On April 16, 2012, First Point announced the maiden Inferred resource
for the Project, totaling 1.2 billion tonnes grading 0.113% Davis Tube
Recoverable Nickel ("Davis Tube Recoverable Nickel" refers to the basis
on which the Inferred resource for the Decar Project has been estimated
and reported, details of which are provided in the First Point press
release, dated April 16, 2012, announcing the resource), or 1,352,610
tonnes of contained Davis Tube Recoverable Nickel, based on a cut-off
grade of 0.06%.  Under the terms of the Option Agreement, Cliffs is the
manager of the ongoing exploration, metallurgical testing, market study
and PEA programs on behalf of the Project.  The mineral resource
estimate was prepared by Caracle Creek International Consulting Inc.
("Caracle Creek"), which supervised and managed the 2011 drilling
program at Decar on behalf of Cliffs.  The mineral resource block model
was reviewed on Cliffs' behalf by Roscoe Postle Associates ("RPA"), an
engineering and geological consulting firm.  

About First Point

First Point Minerals Corp. is a Canadian base and precious metal
exploration company.  For more information, please view the Company's
website at  www.firstpointminerals.com or contact Jim Gilbert,
President and CEO, or Rob Robertson, VP Corporate Development, at (604)
681-8600.

On behalf of First Point Minerals Corp.

"James Gilbert"
James Gilbert, President and 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: info@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) 2012 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 Sat May 5, 2012 at 7:03:24 AM Pacific Time
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