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Re: News Releases - Thursday, October 20, 2011
First Point Minerals Clarifies Technical Disclosure
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Vancouver=======================================================================Re: News Releases - Thursday, October 20, 2011First Point Minerals Clarifies Technical Disclosure======================================================================= Vancouver, October 20, 2011 -- First Point Minerals Corp. (FPX-TSX.V)("First Point" or the "Company") announces that, as a result of areview by the British Columbia Securities Commission ("BCSC"), theCompany is issuing this news release to clarify and update certainaspects of its disclosure provided in its news releases, third partydisclosure and postings previously available on the Company's websitewww.firstpointminerals.com relating to the Company's Decar Property,British Columbia (the "Decar Property"). 1. The Company on October 14, 2011 filed a technical report on theDecar Property prepared by Amerlin Exploration Services Ltd. and datedFebruary 14, 2011 (the "Report"). The Report is available under theCompany's profile on the SEDAR website: www.sedar.com. 2. As of the date of the Report, and as of today's date, there were andare no mineral resource or mineral reserve estimates for the DecarProperty. 3. The Report discloses that inversion modeling of the geological andgeophysical data suggests that there is potential for locating aresource on the Decar Property in the order of 300+ million tonnes ormore averaging 0.1 to 0.15% nickel in alloy. The Company wishes tocaution that this potential quantity and grade is conceptual in nature,there has been insufficient exploration to define a mineral resourceand it is uncertain if further exploration will result in the targetbeing delineated as a mineral resource.  4. The Decar Property was the subject of an article appearing in theOctober 3-9, 2011 edition of The Northern Miner, and the Companyprovided a link to the article on the Company website. The articlerefers to the Decar Property as a bulk-tonnage, open-pittable potentialresource and discusses possible mining and production details. Thearticle also projects a 300-million tonne resource that should be moreaccurately described as an exploration target. This disclosure ismisleading and contrary to NI 43-101, because bulk-tonnage,open-pittable potential resource is not a mineral resource categorypermitted under NI 43-101. Moreover, any discussion of potentialproduction details, based on an exploration target, is premature andmisleading. The article also does not include the information andcautionary language required for exploration targets. The article failsto include appropriate context and cautionary language that would makethe discussion of potential production scenarios or information notmisleading. The Company has removed the link on its website to TheNorthern Miner article. 5. The Company's website also provided a link to a corporatepresentation dated April 2011, which included a table comparing theDecar Property nickel-iron alloy target to various development stageand producing porphyry copper projects in British Columbia, which: (i)discloses an exploration target of 300 million tonnes of proven andprobable mineral reserves for Decar grading 0.126% nickel, contrary tosection 2.2 (a) and (b) of NI 43-101, and which is not based on atleast a preliminary feasibility study; (ii) converts nickel grade tocopper equivalent as a comparable analysis, despite the fact that Decarhas no significant copper and the metallurgy of copper and nickel arenot generally comparable, and (iii) includes an economic analysis inthe form of a net value per tonne that is prohibited under section2.3(1)(b) and (c) of NI 43-101. These references are misleading andare hereby retracted. In addition, the Decar Property is not aporphyry copper property and is in a much earlier stage of developmentthan the properties to which it was compared. Any such comparisons aremisleading and are hereby retracted. The link has now been removedfrom the Company's website. 6. In its news release dated September 13, 2011, First Point announcedthat under an amended option agreement signed September 12, 2011,Cliffs Natural Resources Exploration Canada Inc., an affiliate ofCliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) ("Cliffs"), hasearned a 51% interest in the Decar Property by agreeing to complete apreliminary economic assessment ("PEA"), or scoping study, on the DecarProperty within 18 months. The news release stated: "Cliffs is fasttracking the exploration and development at Decar by greatly expandingand accelerating this year's drilling campaign, with the addition of athird and fourth drill rig. The objectives of the 2011 drill programare to define an inferred resource estimate of the Baptiste mineralizedzone and provide data for the scoping study." First Point wishes to clarify that the PEA is contingent on Cliffsestablishing a mineral resource, and that there is no guarantee thatfurther exploration work will result in the delineation of mineralresources suitable for use in a PEA. Dr. Peter Bradshaw, P. Eng., First Point's Qualified Person underNI43-101, has reviewed and approved the technical content of this newsrelease. About First PointFirst Point Minerals Corp. is a Canadian base and precious metalexploration company. For more information, please view the Company'swebsite at www.firstpointminerals.com or contact Peter Bradshaw,President and CEO, or Rob Robertson, VP Corporate Development, at (604)681-8600. On behalf of First Point Minerals Corp. "Peter Bradshaw"Peter Bradshaw, Ph.D., P. Eng., President Suite 906 -- 1112 West Pender StreetVancouver, BC Canada V6E 2S1Tel: 604.681.8600 Fax: 604.681.8799e-mail "firstpoint@firstpointminerals.com"  Forward-Looking StatementsCertain of the statements made and information contained herein isconsidered "forward-looking information" within the meaning ofapplicable Canadian securities laws. These statements address futureevents and conditions and so involve inherent risks and uncertainties,as disclosed in the Company's periodic filings with Canadian securitiesregulators. Actual results could differ from those currently projected.The Company does not assume the obligation to update anyforward-looking statement.  Neither the TSX Venture Exchange nor its Regulation Services Provideracceptsresponsibility for the adequacy or accuracy of this release.  Renmark Financial Communications Inc.Peter Mahzari: pmahzari@renmarkfinancial.comBettina Filippone: bfilippone@renmarkfinancial.comTel.: (514) 939-3989 or (416) 644-2020www.renmarkfinancial.com =======================================================================Copyright (c) 2011 FIRST POINT MINERALS CORP. (FPX) All rightsreserved. For more information visit our website athttp://www.firstpointminerals.com/ or sendmailto:info@firstpointminerals.comMessage sent on Thu Oct 20, 2011 at 1:53:33 PM Pacific Time=================================================================
 Vancouver, October 20, 2011 -- First Point Minerals Corp. (FPX-TSX.V)
> ("First Point" or the "Company") announces that, as a result of a
> review by the British Columbia Securities Commission ("BCSC"), the
> Company is issuing this news release to clarify and update certain
> aspects of its disclosure provided in its news releases, third party
> disclosure and postings previously available on the Company's website
> www.firstpointminerals.com relating to the Company's Decar Property,
> British Columbia (the "Decar Property").
> 
> 1. The Company on October 14, 2011 filed a technical report on the
> Decar Property prepared by Amerlin Exploration Services Ltd. and dated
> February 14, 2011 (the "Report"). The Report is available under the
> Company's profile on the SEDAR website: www.sedar.com.
> 
> 2. As of the date of the Report, and as of today's date, there were and
> are no mineral resource or mineral reserve estimates for the Decar
> Property.
> 
> 3. The Report discloses that inversion modeling of the geological and
> geophysical data suggests that there is potential for locating a
> resource on the Decar Property in the order of 300+ million tonnes or
> more averaging 0.1 to 0.15% nickel in alloy. The Company wishes to
> caution that this potential quantity and grade is conceptual in nature,
> there has been insufficient exploration to define a mineral resource
> and it is uncertain if further exploration will result in the target
> being delineated as a mineral resource. 
> 
> 4. The Decar Property was the subject of an article appearing in the
> October 3-9, 2011 edition of The Northern Miner, and the Company
> provided a link to the article on the Company website. The article
> refers to the Decar Property as a bulk-tonnage, open-pittable potential
> resource and discusses possible mining and production details. The
> article also projects a 300-million tonne resource that should be more
> accurately described as an exploration target. This disclosure is
> misleading and contrary to NI 43-101, because bulk-tonnage,
> open-pittable potential resource is not a mineral resource category
> permitted under NI 43-101. Moreover, any discussion of potential
> production details, based on an exploration target, is premature and
> misleading. The article also does not include the information and
> cautionary language required for exploration targets. The article fails
> to include appropriate context and cautionary language that would make
> the discussion of potential production scenarios or information not
> misleading. The Company has removed the link on its website to The
> Northern Miner article.
> 
> 5. The Company's website also provided a link to a corporate
> presentation dated April 2011, which included a table comparing the
> Decar Property nickel-iron alloy target to various development stage
> and producing porphyry copper projects in British Columbia, which: (i)
> discloses an exploration target of 300 million tonnes of proven and
> probable mineral reserves for Decar grading 0.126% nickel, contrary to
> section 2.2 (a) and (b) of NI 43-101, and which is not based on at
> least a preliminary feasibility study; (ii) converts nickel grade to
> copper equivalent as a comparable analysis, despite the fact that Decar
> has no significant copper and the metallurgy of copper and nickel are
> not generally comparable, and (iii) includes an economic analysis in
> the form of a net value per tonne that is prohibited under section
> 2.3(1)(b) and (c) of NI 43-101. These references are misleading and
> are hereby retracted. In addition, the Decar Property is not a
> porphyry copper property and is in a much earlier stage of development
> than the properties to which it was compared. Any such comparisons are
> misleading and are hereby retracted. The link has now been removed
> from the Company's website.
> 
> 6. In its news release dated September 13, 2011, First Point announced
> that under an amended option agreement signed September 12, 2011,
> Cliffs Natural Resources Exploration Canada Inc., an affiliate of
> Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) ("Cliffs"), has
> earned a 51% interest in the Decar Property by agreeing to complete a
> preliminary economic assessment ("PEA"), or scoping study, on the Decar
> Property within 18 months. The news release stated: "Cliffs is fast
> tracking the exploration and development at Decar by greatly expanding
> and accelerating this year's drilling campaign, with the addition of a
> third and fourth drill rig. The objectives of the 2011 drill program
> are to define an inferred resource estimate of the Baptiste mineralized
> zone and provide data for the scoping study."
> 
> First Point wishes to clarify that the PEA is contingent on Cliffs
> establishing a mineral resource, and that there is no guarantee that
> further exploration work will result in the delineation of mineral
> resources suitable for use in a PEA.
> 
> Dr. Peter Bradshaw, P. Eng., First Point's Qualified Person under
> NI43-101, has reviewed and approved the technical content of this news
> release.
> 
I sure would like to hear/see some comments. GG.