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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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| |   Wed Jul 8, 2009
One Year Extension Granted to First Point on the Corralitos Gold-Silver Property, Mexico
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| | First Point Minerals Corp. ("First Point") today announced that Minera Teck, S.A. de C.V. ("MT") has granted the company a one year extension to perform the required work to earn a 100% interest in the Corralitos Property in northern Mexico.
This property was optioned from MT as described in the news release of Sept 24, 2007. Under the terms of the original agreement First Point has the right to earn a 100% interest in the property by issuing MT 500,000 First Point shares and spending US$2 million on exploration over the next 5 years. This 5 year period has now been extended to 6 years. On First Point vesting with 100% MT shall have a one-time right to back-in to the property and earn an initial 51% by spending US$4 million. MT can increase its interest to 65% by spending a further $17.5 million or completing a feasibility study whichever comes first and to 70% by arranging financing for First Point's share of development costs. If MT does not make the election to back-in then it shall retain a 1% NSR.
Corralitos is a sediment-carbonate hosted gold-silver property which hosts two styles of mineralization. Intense silicification and iron oxide characterized at the Noria Target are similar to a Carlin setting while the mineralization at the Candelaria Target is epithermal quartz veins. As announced earlier significant results include:
• At Noria, 24.3 g/t (grams/tonne) gold occurs over 1.8 meters estimated true width in structure C and is located three kilometers to the east of Candelaria Target. Structures A and B at Noria also contain significant gold and silver results as reported in the news release of May 28, 2008.
• 1,040 g/t silver and 3.2 g/t gold over 1.2 meters occur in the Vein 1 at the Candelaria Target. A total of 13 veins with historic works have been mapped and sampled over an area 1.6 by 2.2 kilometers. Of these 7 have significant results as reported in the news release of June 10, 2008. These veins were mined historically until 1910 when all mining ceased. This date coincides with the beginning of the Mexican Revolution.
Future work for the Corralitos Property will involve: an induced polarization geophysical survey at the Noria Target and adjacent area; additional underground and surface sampling at the Candelaria Vein Targets; and a follow-up drill program is planned when economic conditions allow.
Ron Britten, Ph.D., P. Eng., is the Qualified Person as defined by National Instrument 43-101 and is responsible for the contents of this release.
First Point is a Canadian precious and base metal exploration company focused on the Americas. For more information, please view the Company's web site at www.firstpointminerals.com or phone Peter 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: Mon Jul 13, 2009, Palladium and Platinum Results in Nickel-Iron Alloy in First Point's Joe Property, Oregon
You can view the Previous News Releases item: Mon Jun 29, 2009, Two Directors Added to First Point Minerals Board at the AGM, Recent Developments at the Decar Nickel Alloy Property Presented
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