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

Vancouver, January 20, 2011 -- First Point Minerals Corp. (FPX-TSX.V)
("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. For more information, please view the Company's
website at  www.firstpointminerals.com or Peter Bradshaw, President and
CEO, at (604) 681-8600.

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.