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906-1112 W. Pender St.
Vancouver, B.C. V6E 2S1
Telephone: 604-681-8600
Toll Free: 1-866-FPM-8601
Fax: 604-681-8799
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  May 28, 2009
President's Letter with the Annual Report for 2008
Dear Shareholder,
First Point has had a very exciting year indentifying large zones of nickel mineralization in its 100% owned Decar deposit in central British Columbia, however the Company was not immune to the very difficult market and equity conditions, especially since August last year. Your company is now well placed to benefit from improving commodity and market prices in the coming months.
First Point's focus for the last year has been on nickel exploration, and particularly on a form of nickel deposit with some very special characteristics. These include:
• The nickel is in the form of naturally occurring nickel-iron alloy, where the mineral contains 75% nickel and 25% iron, there is no sulphur.
• This alloy is widely disseminated over a large area.
• The mineral is highly magnetic and quite heavy with a specific gravity (or density) of 8.2. Metallurgical recovery is expected to be by magnetic separation but the use of gravity separation is also being investigated.
• Because of the absence of sulphur a concentrate can be sold directly to steel mills, bypassing smelters.
• This target type can be characterized as "green" deposit because sulphur is absent and there will be no acid mine drainage.
• The nickel alloy has been defined in outcrop over an area 4,000 by 800 meters and over a vertical relief of 600 meters. The initial target is 300 million tonnes which is equivalent to a major porphyry copper deposit in size. To give some idea of the size of this target it can be represented by a cube 500 meters on each side which very easily fits within the mineralized zone.
• The property is extremely well located with the CN railroad running along the east side of the property and existing forestry roads provide access to all the lower slopes of the property.
The most cost effective metallurgical recovery is currently being investigated. First Point has engaged the services of a very senior metallurgical consultant to assist with this work. Plans for 2009 include completing the first phase of metallurgical work, field work to completely define the outcrop expression of the deposit and a drill program.
Due to the success of the Company's nickel exploration on the one hand, the depressed economic climate and need to preserve cash on the other, First Point has reduced the exploration effort on the Corralitos gold-silver property in Mexico. Several drill targets have been outlined on this property and with the return of better economic conditions the company intends to mount a drill programme.
First Point continues to hold three mineral properties in Honduras, Central America, but until the National Senate enacts a new mining law First Point will not commit to further field work and will incur only minor holding costs to keep the properties in good standing.
The last 6 to 12 months have certainly been a challenging time for investors in mineral exploration companies and First Point has been no exception. However with improving metal prices, including nickel, we have every confidence that the latter part of 2009 with see a dramatic improvement in your Company's fortunes.
May all your investments be successful.
Dr. Peter Bradshaw P.Eng
President
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