First Point Minerals Reports 2012 Decar Drilling Expands

First Point Minerals Reports 2012 Decar Drilling Expands Higher-Grade
Area of Baptiste 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/27/12 -- First
Point Minerals Corp. (TSX:FPX) ("First Point" or the "Company") is
pleased to announce the second batch of results for 15 of the 27
resource definition holes completed during this year's drilling
campaign at the Decar nickel-iron alloy project in central British
Columbia. The Decar project is in the Preliminary Economic Assessment
("PEA") phase, and is managed and operated by Cliffs Natural
Resources Exploration Canada Inc., an affiliate of Cliffs Natural
Resources Inc. (NYSE:CLF)(PARIS:CLF) ("Cliffs"). Highlights, as
reported in Davis Tube magnetically-recovered ("DTR") nickel,
include: 


 
--  South-Central Area 
    --  12BAP-37 495m of 0.147% DTR nickel 
    --  12BAP-39 553m of 0.153% DTR nickel 
    --  12BAP-43 508m of 0.151% DTR nickel 
    --  12BAP-44 320m of 0.153% DTR nickel 
    --  12BAP-46 487m of 0.150% DTR nickel 
    --  12BAP-55 456m of 0.158% DTR nickel
          
--  Northwestern Area 
    --  12BAP-45 466m of 0.143% DTR nickel 
    --  12BAP-47 442m of 0.145% DTR nickel 

 
The 2012 results reported to date have significantly expanded a
near-surface, higher-grade zone in the south-central area of the
Baptiste deposit by extending the nickel-iron alloy mineralization a
further 380 metres to the southeast. Long intercepts of DTR nickel
averaging from 0.147% to 0.158% across down-hole lengths of 320 to
563 metres indicate a very continuous higher-grade zone of
mineralization. 
The 2012 drill holes, together with 2010 holes 1 and 7, plus 2011
holes 1, 5 and 7, define a higher-grade zone measuring 650 metres
long in an east-west direction and from 315 metres wide on the west
side expanding to 625 metres wide on the east side. The deeper
drilling has confirmed the nickel-iron alloy mineralization extends
vertically to at least 460 metres depth.
The higher-grade zone remains open to the east. 
During the 2012 drill program at Decar, the Baptiste zone was tested
with 27 resource definition core holes totalling 15,205 metres.
Fifteen of the holes reached a targeted down-hole length of 600
metres, which is double the depth of all previous drilling with the
exception of a single deep hole drilled in 2011 that extended the
nickel-iron alloy mineralization to at least 430 metres vertically.
In addition, eight holes comprising 1,473 metres of core were
completed as part of a hydrological drilling program. Four of the
hydrological holes were drilled in the mineralized zone and were
tested for DTR nickel. Assay results remain pending for eight
resource definition holes and two hydrological holes of the 2012
program. A drill hole location map can be viewed at
www.firstpointminerals.com. 
As reported in First Point's April 16, 2012 news release, the
Baptiste zone at Decar is estimated to contain an inferred mineral
resource of 1.197 billion tonnes of DTR nickel grading 0.113%,
equivalent to 2.982 billion pounds nickel using a 0.06% cut-off
grade. One of the main objectives of this year's drilling campaign
was to test the lateral and deeper limits of higher grade zones by
stepping out in the south-central and northwest areas of the Baptiste
deposit. 
The 2012 results to date, presented in the table below (Table 1), are
for 19 resource definition holes in the Baptiste zone and two
hydrological holes, including 12 step-out holes in the south-central
area and nine infill holes in the northwestern portion of the
deposit. Drill results from this year's campaign will be used to
update the mineral resource estimate, which will be incorporated into
the PEA, due no later than March 12, 2013. 


 
Table 1. 2012 Baptiste Drill Hole Results                                   
----------------------------------------------------------------------------
South-Central Area                                                          
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               Intersections (m)                                            
            ----------------------                                          
Hole #        From    To Intercept DTR Nickel (%)  Comments                 
----------------------------------------------------------------------------
12BAP-37      64.0 600.0     494.9          0.147  Excludes 8.2m & 33m dyke 
                                                   sequence                 
----------------------------------------------------------------------------
12BAP-39      38.2 594.1     552.7          0.153  Excludes 3.1m dyke       
----------------------------------------------------------------------------
12BAP-42     154.0 234.0      80.0          0.120  Abandoned at 301m, rods  
                                                   stuck                    
----------------------------------------------------------------------------
12BAP-43      33.2 600.0     508.1          0.151  Excludes 22.3m, 9m,      
                                                   14.2m, 3.2m & 9.9m dykes 
                                                   + minor wall rock        
----------------------------------------------------------------------------
12BAP-44     240.0 579.0     319.9          0.153  Excludes 3.4m &15.7m     
                                                   dykes + minor wall rock  
----------------------------------------------------------------------------
12BAP-46      28.6 600.1     487.4          0.150  Excludes 20m, 20m, 8m,   
                                                   13.6m, 12m & 10.6m dykes 
                                                   + less than 0.1% DTR Ni  
                                                   intervals                
----------------------------------------------------------------------------
12BAP-50      34.5 229.0     194.5          0.147                           
----------------------------------------------------------------------------
12BAP-52     283.0 600.1     317.1          0.156                           
----------------------------------------------------------------------------
12BAP-55     106.0 569.7     456.2          0.158  Excludes 7.4m dyke       
----------------------------------------------------------------------------
12BAP-58     484.0 600.1     116.1          0.163                           
----------------------------------------------------------------------------
(i)Holes 36 and 40 were previously reported in First Point's October 25,    
2012 News Release                                                           
----------------------------------------------------------------------------
12BAP-36(i)   31.1 600.1     563.0          0.156  Excludes 5.7m dyke       
----------------------------------------------------------------------------
12BAP-40(i)   33.0 588.0     549.9          0.153  Excludes 5.1m dyke       
----------------------------------------------------------------------------
Northwestern Area                                                           
----------------------------------------------------------------------------
12BAP-45       6.0 487.0     465.8          0.143  Excludes 4m & 10.3m dykes
                                                   + less than 0.1% DTR Ni  
                                                   intervals                
----------------------------------------------------------------------------
12BAP-47     150.0 600.0     442.0          0.145  Excludes 8m dyke + minor 
                                                   wall rock                
----------------------------------------------------------------------------
12BAP-48            No Significant Results         Geotechnical hole drilled
                                                   outside of margin        
----------------------------------------------------------------------------
12BAP-49     482.0 600.0     118.0          0.119                           
----------------------------------------------------------------------------
12BAP-53     486.0 600.0     114.0          0.115                           
----------------------------------------------------------------------------
12HG-02       20.0 300.0     280.0          0.131  Hydrological hole        
----------------------------------------------------------------------------
12HG-03        5.3 287.0     281.7          0.134  Hydrological hole        
----------------------------------------------------------------------------
(i)Holes 38 and 41 were previously reported in First Point's October 25,    
2012 News Release                                                           
----------------------------------------------------------------------------
12BAP-38(i)    6.0 114.0     108.0          0.114                           
----------------------------------------------------------------------------
12BAP-41(i)   10.0 551.3     533.6          0.140  Excludes 6m & 1.7m dykes 
----------------------------------------------------------------------------
                                                                            
The reported nickel grades are based on a threshold of 0.10%. Intercepts of 
non-mineralized dykes less than 1 metre wide are included in the averaged   
mineralized intercepts.                                                     

 
South-central area 
The higher-grade, south-central area of the Baptiste deposit was
tested and expanded with a total of 12 holes drilled 100 to 200
metres apart. The holes were inclined at minus 50 degrees to the
north, with the exception of hole 43, which was steepened to minus 60
degrees, and hole 50, which was drilled in the opposite direction to
the south. Eleven of the holes reached a down-hole depth of 525
metres or greater, while hole 42 was abandoned at 301 metres after
the drill rods became stuck. All bottomed in mineralization, with the
exception of hole 42. 
The south-central area, which remains open to the east, is completely
masked by alluvial overburden, however surface mapping and airborne
geophysical magnetic data helped guide drill hole locations. The top
of the drill holes intersected overburden, or non-mineralized
sediments, volcanics, dykes or ultramafics, before entering the
Baptiste south-central mineralized zone. The zone's south boundary is
interpreted to be sub-vertical or dips steeply to the north at 80
degrees. The mineralized peridotite body is cut in places by a number
of non-mineralized dykes, which range in thickness from 3 to 30
metres down-hole. 
Northwestern Area 
A total of eight resource definition holes were collared in the
northwestern area of the deposit. A number of the holes (41, 45, 47
and 56) were originally designed as infill holes to test the
continuity of mineralization for mineral resource purposes. The
others (holes 38, 48, 49 and 53) were positioned to locate and define
the dip of the mineralized boundary and to provide geotechnical data
to characterize the proposed pit high north wall. 
Most of the holes completed in 2010 and 2011 were drilled at an angle
of minus 50 degrees and oriented in either a northeasterly or
northwesterly direction. Six of the 2012 infill holes were drilled in
the opposite direction to the southwest at varying angles of minus 50
to 70 degrees for geostatistical and geotechnical purposes.  
Caracle Creek International Consulting Inc. ("Caracle Creek")
supervised and managed the 2012 drilling programs at Decar on behalf
of Cliffs. 
Sampling and Analytical Method 
The 2012 drill NQ core was sawn in half and sampled every four metres
down-hole unless there was a change in rock type. Larger diameter HQ
core was quartered for the sampling in the same fashion. Davis Tube
magnetically-recovered ("DTR") nickel is the nickel content recovered
by magnetic separation using a Davis Tube followed by standard
assaying procedures to determine the nickel assay of the concentrate;
in effect a mini-scale metallurgical test. Cliffs employs large scale
magnetic separation methods in several of its operating iron ore
mines, and the Davis Tube method is used to provide a more accurate
measure of variability in recoverable nickel. The Davis Tube method
is the global, industry standard geometallurgical test for magnetic
recovery operations and exploration projects. Final recoveries of
nickel using both magnetic and gravity separation processes are
subject to confirmation in the PEA currently underway. 
Drill core samples were shipped in batches to Activation Laboratories
for analysis. The laboratory protocol involves a grinding/pulverizing
stage (95% of crushed material to pass a 75 micron sieve), following
which a 30-gram split of the sample is passed through a Davis Tube
magnetic separator in slurry form to produce a magnetic fraction.
This magnetic fraction is dried, weighed and analyzed by standard
fusion X-Ray Fluorescence ("XRF") that generates high quality
multi-element data, including nickel analysis. The Davis Tube
recoverable nickel is calculated by multiplying the fusion XRF nickel
value by the weight of the magnetic fraction, divided by total
recorded weight. Standards, blanks and duplicates are inserted in the
batches to provide quality control.  
Cliffs is advancing the Decar nickel project under an option/ joint
venture agreement with First Point that was signed in November 2009.
Under the original agreement, Cliffs could earn an initial 51%
interest in Decar by spending US$4.5 million over a period of four
years. In September 2011, Cliffs was deemed to have earned a 51%
stake, more than two years ahead of schedule. Cliffs has the right to
increase its ownership (i) to 60% by completing a NI 43-101 compliant
PEA by March 2013, (ii) to 65% by completing a NI 43-101
prefeasibility study, and (iii) ultimately to 75% by completing a
bankable feasibility study. Should Cliffs earn a 75% interest in
Decar, First Point would hold a 25% participating interest, plus a 1%
net smelter return royalty interest. 
Dr. Ron Britten, P. Eng., First Point's Qualified Person under NI
43-101, has reviewed and approved the technical content of this news
release. Qualified analytical data was supplied by Cliffs. Cliffs is
the operator and technical work is supervised by Caracle Creek. QA/QC
is under the direct supervision of Dr. Elisabeth Ronacher, P. Geo., a
Qualified Person under NI 43-101. 
About First Point  
First Point Minerals Corp. is a Canadian base and precious metal
exploration company operating worldwide. For more information, please
view the Company's website at www.firstpointminerals.com. 
On behalf of First Point Minerals Corp. 
Jim Gilbert, President and CEO 
Forward-Looking Statements 
Certain of the statements made and information contained herein is
considered "forward-looking information" within the meaning of
applicable Canadian securities laws. 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. 
Neither the TSX Venture Exchange nor its Regulation Services Provider
accepts responsibility for the adequacy or accuracy of this release. 
Contacts:
First Point Minerals Corp.
Jim Gilbert
President and CEO
(604) 681-8600 
First Point Minerals Corp.
Rob Robertson
VP Corporate Development
(604) 681-8600
604.681.8799 (FAX)
info@firstpointminerals.com
www.firstpointminerals.com
 
 
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