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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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| |   Mon Jan 5, 2009
First Point Minerals Expands Advisory Committee, Revises the Cedros Agreement and Grants Stock Options
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| | First Point Minerals ("First Point", or the "Company") is pleased to announce the addition of Dr. John McDonald and Mr. Tom Beattie to its Advisory Committee.
Dr. McDonald was the Vice-President Exploration for both Diamondex Resources Ltd. and Winspear Diamonds Inc., where he and his technical team were directly responsible for the discovery and development of the Snap Lake diamond deposit. De Beers Canada acquired Winspear's majority ownership in the Snap Lake deposit for $305 million in 2000. Prior to his employment with Winspear and Diamondex, he worked for ten years for Esso Minerals Canada as Chief Geologist and Exploration Manager, Western Canada. Dr. McDonald was the founding Director for the Mineral Deposit Research Unit (MDRU) at the University of British Columbia, one of the most successful mining industry/university co-operative ventures in the world. Prior to working in industry and at MDRU, his career included five years of mineral deposit research with CSIRO, Australia and a 13-year tenure as a professor at the University of Saskatchewan, Saskatoon and Australian National University, Canberra, Australia. In 2000, in recognition for his contribution to the industry, Dr. McDonald received the HH "Spud" Huestis award for excellence in prospecting and mineral exploration from the B.C. and Yukon Chamber of Mines. He is also a 2007 recipient of the Hugo Dummett Diamond Award for excellence in diamond exploration and development.
Mr. Beattie received a B. Comm. and LLB from the University of British Columbia and has more than 25 years experience in the resource sector working with mineral exploration and mining companies. During this time he has had very extensive international experience in North and South America, Asia and Australasia, including negotiating various types of mining agreements with foreign governments and mining companies. Most recently Mr. Beattie was Vice-President, Corporate Affairs for Southwestern Resources. Prior to that he was a founding member of Orvana Minerals Corp. and served as that company's Executive Vice-President and General Counsel. It was while he served in those capacities that Orvana Minerals acquired the Don Mario gold project in Bolivia, which project was placed into production in 2002. Before joining Orvana Minerals, Mr Beattie was a solicitor for Placer Dome.
In 2004 First Point vended its interest in the Cedros silver, zinc, lead property in Honduras to Aquila Resources Inc. Under the terms of the agreement, First Point was to receive one million common shares of Aquila on transfer of mineral title to the Cedros concession to Aquila. Shortly after the parties entered into the agreement, the Honduran government announced that it would be introducing a new mining code and that pending approval of the new code by the Honduran Congress, a moratorium was being placed on the transfer of all mineral titles and on applications for new mineral concessions. Drafting of the new mining code has now been on going for four years and in spite of the draft code being presented to Congress several times, it has not been passed. As a result of the long delay and major changes in economic conditions, Aquila wished to be relieved of its obligation to purchase the property. Aquila has issued 500,000 free trading Aquila common shares to First Point, in consideration for which the Company has relinquished its claim to the other 500,000 Aquila common shares and Aquila has been released from its purchase obligation.
The Company's Board of Directors has approved the granting of stock options for a total of 2,300,000 shares to thirteen individuals. The grants are being made pursuant to the Company's incentive stock option plan that includes directors, officers, employees and consultants, including members of the Advisory Committee. The options are effective January 5, 2009, have an exercise price of $0.10 per share and expire January 5, 2014.
First Point is a Canadian precious and base metal exploration company focused on the Americas. The Company's property portfolio includes two nickel projects in which it holds a 100% interest, including the Decar nickel alloy property in central British Columbia (see press release November 12, 2008). The nickel occurrences on these targets are in the form of a nickel-iron alloy assaying approximately 75% nickel. The style and grade of the mineralization has the potential for significantly lower bulk mining and processing costs as compared to traditional sulphide and oxide (laterite) nickel deposits. As well has having potential economic advantages, recovery of nickel from this deposit type will also have very low environmental impact because of the absence of sulphide minerals within and adjacent to such deposits.
For more information, please view: www.firstpointminerals.com. As well as other information, at the lower left corner of the home page there is a link to a presentation on the Decar Property. For additional information phone either Peter M.D. 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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| | You can view the Next News Releases item: Thu Feb 26, 2009, First Point Minerals Arranges $250,000 Private Placement Financing
You can view the Previous News Releases item: Wed Nov 12, 2008, First Point Minerals Updates Nickel Alloy Exploration/Metallurgical Results from the Decar Property, British Columbia
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