First Point Commences Drilling on the Corralitos Gold Property
Preliminary exploration work by First Point at Corralitos, a carbonate hosted gold-silver-lead-zinc (Au-Ag-Pb-Zn) property with significant historic production, has included mapping, soil and rock sampling that includes the sizeable old workings, pits and trenches. The current drill programme has been developed to follow-up on encouraging results from the preliminary exploration work and will test several targets, including 5.7 g/t Au (grams per tonne gold) over 5.6 meters, 17.2 g/t Au over 1.5 meter and 3.7 g/t Au over 9.6 meters (refer to news releases dated Sept 24, 2007, March 25, 2008 and May 28, 2008).
First Point's VP Exploration, Dr. Ron Britten, recently visited the property to finalize arrangements and staffing to commence the drill programme. Says Dr. Britten, "The Noria target exhibits excellent Carlin gold type characteristics including strong silicification, iron oxide bearing gold, and strong Carlin type indicator elements hosted in carbonates. This first-ever drill program could indicate an exciting upside potential of this gold mineralized zone, and if the results are positive, the drill program will be expanded."
Landdrill International Mexico, based out of Hermosillo, Mexico, has been contracted to complete the drill program. Core samples will be sent to ALS Laboratory Group ("ALS"), Chihuahua, Mexico for core preparation and later analyzed by ALS in Vancouver, Canada.
"While First Point's primary initiatives focus on expanding its nickel-iron alloy prospects, the Corralitos property provides the Company with good secondary exposure to the gold sector," said Dr. Peter Bradshaw, President and CEO of First Point. "We are quite excited at the prospects of this drilling program and the value it could bring to our shareholders."
The Corralitos property is under option from Teck Resources Limited's Mexican subsidiary, Minera Teck S.A. de C.V. (refer to First Point news releases dated May 29, 2007, and July 8, 2009 for details of the option agreement).
About First Point
First Point Minerals Corp. is a Canadian base and precious metal exploration company. The Company's flagship Decar property hosts naturally formed nickel-iron alloy mineralization that is the subject of an exploration program being financed by Cliffs Natural Resources Exploration Canada Inc., a wholly-owned subsidiary of Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF), an international mining and natural resources company. For more information, please view the Company's website at www.firstpointminerals.com or phone Brian Soregaroli, Vice-President of Corporate Development, or Peter Bradshaw, President and CEO, at (604) 681-8600.
On behalf of First Point Minerals Corp.
"Peter Bradshaw"
Peter Bradshaw, Ph.D., P.Eng., President & 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: firstpoint@firstpointminerals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts
responsibility for the adequacy or accuracy of this release.
First Point Provides Update for Exploration on the Decar Nickel-Iron Alloy Property
Current exploration work at the Decar property includes metallurgical testing, an airborne magnetic survey, geological mapping and sampling, and line cutting. This work is being conducted in preparation for an IP survey and a drilling program scheduled for later this summer.
Metallurgical work is ongoing at both Cliffs facility in Michigan and at commercial labs in order to establish a provisional metallurgical flow sheet to test the drill core samples.
A detailed airborne magnetic study was completed last month and the data has recently been received. Initial interpretation fits with the known mineralized areas and indicates additional targets which will be the subject of reconnaissance geological mapping and sampling this summer. While the nickel-iron alloy that is the target of First Point's exploration work is very magnetic; the host rock also contains magnetite associated with the nickel-iron alloy , the effects of which must be taken into account when interpreting the data. Detailed magnetic interpretation by First Point will include inversion of the magnetic data to be completed by Mira Geosciences, Vancouver.
In the field, line cutting has commenced which will be followed by an IP survey on both the Baptiste and Sidney targets. Detailed geological mapping and sampling is being undertaken on these same grids with reconnaissance work extending beyond the grids to areas not yet mapped, including the new magnetic anomalies.
Following completion of the IP survey and geological mapping and sampling program, a 2,000 metre diamond drill programme is scheduled to commence mid-summer.
The fieldwork is being undertaken by First Point under a services agreement with Cliffs and the metallurgical work is being supervised by Cliffs.
As announced previously under the terms of the option and joint venture agreements, Cliffs can earn an initial 51% interest in a joint venture on the Decar property by spending US$4.5million on the property in four years, of which US$1million is a firm commitment in the first year. Upon Cliffs exercising its option, the parties will form a joint venture, with Cliffs having an initial 51% participating interest and First Point holding a 49% participating interest plus a 1% net smelter return royalty interest in all products produced from the entire Decar property. Cliffs may increase its interest in the property to 60% by completing a scoping study, to 65% by completing a pre-feasibility study, and to 75% by completing a feasibility study in a form acceptable to lending institutions (refer to First Point news releases dated November 13, 2009 and December 2, 2009).
About First Point
First Point Minerals Corp. is a Canadian base and precious metal exploration company. The Company's flagship Decar property hosts naturally formed nickel-iron alloy mineralization that is the subject of an exploration program being financed by Cliffs Natural Resources Exploration Canada Inc., a wholly-owned subsidiary of Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF), an international mining and natural resources company. For more information, please view the Company's website at www.firstpointminerals.com or phone Brian Soregaroli, Vice-President of Corporate Development, or Peter Bradshaw, President and CEO, at (604) 681-8600.
On behalf of First Point Minerals Corp.
"Peter Bradshaw"
Peter Bradshaw, Ph.D., P.Eng., President & 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 firstpoint@firstpointminerals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
First Point Announces Appointment of Vice President Corporate Development
Brian Soregaroli has over 25 years of experience as a technical and business consultant mainly in the mineral industry. He has held senior positions, such as COO and CFO, and has been a director of several public companies. He has worked on projects worldwide on five continents and has broad international experience with a sound background in operations, finance, negotiations, marketing, project management, training, human resources and regulatory affairs. Mr. Soregaroli holds a Bachelor of Science degree from the University of British Columbia and an MBA from Simon Fraser University.
"We are delighted to have attracted Mr. Soregaroli to our team. His ability to effectively communicate the value of the Company's properties to an extensive network of investor contacts within North America and Europe will help create greater awareness of First Point," stated Peter Bradshaw, President of 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 phone Peter Bradshaw, President and CEO, or Ron Britten, Vice-President of Exploration, at (604) 681-8600.
On behalf of First Point Minerals Corp.
"Peter Bradshaw"
Peter Bradshaw, Ph.D., P.Eng., President & 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 firstpoint@firstpointminerals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release
First Point Grants Stock Options
First Point Minerals Corp. is a Canadian base and precious metal exploration company focused on the Americas.
For more information, please view the Company's website 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"
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release
First Point Announces Adoption of Shareholder Rights Plan
Thomas Beattie, Chairman of First Point's Corporate Governance Committee noted that the Plan is consistent with First Point's objective of enhancing value for all shareholders in the event of an unsolicited take-over bid for First Point. "The Plan is intended to give the Board of Directors and the shareholders of First Point a reasonable amount of time to fully consider a bid if one is made and to protect the shareholders from unfair, abusive or coercive take-over strategies", Mr. Beattie stated.
By virtue of the Plan's implementation, anyone seeking to obtain control of First Point will be encouraged to negotiate with the Board of Directors prior to attempting a take-over, or to proceed by way of a "Permitted Bid". Under the Plan, a Permitted Bid must be open for acceptance for 60 days during the balance of the term of the Plan.
Under the Plan, First Point has issued one Right for no consideration in respect of each outstanding common share of First Point to all holders of record of common shares as at 12:01 a.m. (Vancouver time) April 28, 2010. Hereafter, each common share issued by First Point during the term of the Plan will have one Right attached to it. The Rights will trade together with the common shares of First Point and will be represented by the certificates representing the common shares of First Point. The term of the Plan is five years unless the rights are earlier redeemed or exchanged.
The Rights are attached to the common shares and cannot be exercised until ten trading days after a triggering event has taken place. A triggering event is one of the following: (i) an Acquiring Person, as defined in the Plan, acquires 20% or more of the common shares of First Point; or (ii) an Acquiring Person announces the intention to make a take-over bid that would result in the person owning 20% or more of the outstanding common shares of First Point. Upon such a triggering event occurring, each Right would separate from the common share and thereafter entitle each holder other than the Acquiring Person to purchase common shares at a 50% discount to the market price.
The Rights will not be separated from the shares if the Acquiring Person makes a Permitted Bid, defined in the Plan to mean a bid made pursuant to a take-over bid circular to all shareholders of First Point, which has a minimum deposit period of 60 days and pursuant to which not less than 50% of the common shares, other than those held by the Acquiring Person, are deposited and not withdrawn. The Permitted Bid concept is intended to provide protection to First Point and its shareholders while permitting shareholder democracy to operate by extending the time for deposit to ensure due consideration of the bid and allowing the bid to proceed if a majority of the shareholders tender their shares.
First Point is not aware of any pending or threatened take-over bid for 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 phone Peter Bradshaw, President and CEO, or Ron Britten, Vice-President of Exploration, at (604) 681-8600.
On behalf of First Point Minerals Corp.
"Peter Bradshaw"
Peter Bradshaw, Ph.D., P.Eng., President & 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 firstpoint@firstpointminerals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statements.