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Re: News Releases - Tuesday, July 31, 2012
First Point and Cliffs Settle Arbitration Action on Decar Project
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Vancouver, July 31, 2012 -- First Point Minerals Corp. (FPX-TSX.V)
("First Point" or the "Company") announces that it has agreed with
Cliffs Natural Resources Exploration Canada Inc. and Cliffs Natural
Resources Exploration Inc., both wholly owned subsidiaries of Cliffs
Natural Resources Inc. (NYSE: CLF) (Paris: CLF) (collectively
"Cliffs"), on a comprehensive settlement of a previously announced
arbitration action with respect to the Decar Nickel-Iron Alloy Project
(the "Decar Project" or the "Project") in British Columbia.
The terms of the settlement agreement executed by First Point and
Cliffs maintain the Decar Project option agreement in full force and
effect, enabling Cliffs, as manager of the Project, to continue
progressing the Project towards completion of a NI-43-101 compliant
Preliminary Economic Assessment ("PEA") by March, 2013, delivery of
which would increase its interest in the Project from 51% currently to
60%.
"We are extremely pleased that Cliffs and First Point were able to come
together on a settlement of these contractual matters, and that the
full focus of the parties' efforts can once again be dedicated to the
business of moving the Project forward technically and commercially,"
said Jim Gilbert, President and CEO of First Point. Further details of
the settlement agreement will remain confidential, pursuant to the
terms of the Project option agreement.
First Point is the original owner of, and currently holds a 49%
interest in, the Decar Project, which First Point believes to be the
first property of its type anywhere in the world to be explored for
possible commercial production of nickel entirely from awaruite, a
naturally-occurring nickel-iron alloy, effectively naturally-occurring
"stainless steel". On April 16, 2012, First Point announced the maiden
Inferred resource for the Project, totaling 1.2 billion tonnes grading
0.113% Davis Tube Recoverable Nickel, or 1,352,610 tonnes of contained
Davis Tube Recoverable Nickel.
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 or contact
Jim Gilbert, President and CEO, or Rob Robertson, VP Corporate
Development, at (604) 681-8600.
On behalf of First Point Minerals Corp.
"James Gilbert"
James Gilbert, President and 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: info@firstpointminerals.com
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.
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Copyright (c) 2012 FIRST POINT MINERALS CORP. (FPX) All rights
reserved. For more information visit our website at
http://www.firstpointminerals.com/ or send
mailto:info@firstpointminerals.com
Message sent on Tue Jul 31, 2012 at 5:59:07 AM Pacific Time
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VanEck Vectors Global Alternative Energy ETF
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EXPLORATEUR |
CODE : FPX.T |
ISIN : CA3359371083 |
CUSIP : 335937108 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
First Point Min. est une société d’exploration minière d'or et d'argent basée au Canada. First Point Min. détient divers projets d'exploration au Honduras. Ses principaux projets en exploration sont CORRALITOS au Mexique, DECAR et JOE au Canada et TULE et CAMPORO au Honduras. |