by FPX Nickel FPX Nickel

First Point Minerals Discovers New District-Scale Nickel-Iron Alloy Mineralization at the Wale Property in BC

Vancouver, January 19, 2012 — First Point Minerals Corp. (FPX-TSX.V) (“First Point” or the “Company”) is pleased to announce that it has discovered widespread nickel-iron alloy mineralization while exploring the 100%-owned Wale property in northern British Columbia.

The mineralized footprint at Wale includes a 10-kilometer-long stretch of anomalous grade, disseminated nickel-iron alloy mineralization. “Wale is one of the best properties we have found to date, and is comparable to Decar in both scale and stage of exploration at the time Decar was optioned to Cliffs Natural Resources in November 2009,” said Dr. Ron Britten, First Point’s Vice-President of Exploration.

This northwest-southeast trending zone of nickel-iron alloy mineralization measures roughly 3.1 kilometres long and from 670 to 1,060 metres wide. It is defined by 113 bedrock samples that average a grade of 945 parts per million (“ppm”), or 0.09% nickel-in-alloy, based on a threshold of 500 ppm. Within this main major zone, First Point has defined two highly prospective drill targets: Head and Eagle — based on elevated nickel-in-alloy results and coarser nickel-iron alloy grain sizes.

The Head target, measuring 780 metres in length and up to 460 metres wide, is located on the crest of a north-trending ridge. It is defined by 12 rock sample sites that returned grades in the range of 460 to 1,590 ppm (0.05% to 0.16%), for an average of 1,065 ppm (0.11%) nickel-in-alloy. All of these samples contain coarse grains of nickel-iron alloy with a maximum size of between 200 and 500 microns (or 0.2 and 0.5 mm). First Point believes that surface sample assay results of greater than 500 ppm nickel-in-alloy and coarse alloy grain sizes of more than 100 microns (0.1 mm) are significant parameters to evaluate early-stage exploration prospects.

The Eagle target is located on the flank of a northwest-trending ridge and measures 2.3 kilometres long and varies from 120 to 470 metres wide. It remains open to the west and northwest. Twenty-nine rock samples averaged a grade of 946 ppm (0.09%) nickel-in-alloy within a range of 504 and 1,484 ppm (0.05% to 0.15%). All of these samples contain coarse nickel-iron alloy maximum grains that reach from 200 to 600 microns (0.2 to 0.6 mm) in size.

The Wale property is located 50 kilometres east of Dease Lake (a town on the Stewart-Cassiar Highway 37) and covers an area of 119 square kilometres. The nickel-iron alloy mineralization is hosted in a moderately serpentinized, fine-grained ultramafic that is bounded by the major Nahlin and Eaglehead faults. It is accessible by helicopter, while a rough road provides access to the southern margin of the claims.

About 50% of the property was explored in 2011, which involved mapping and the collection of 464 rock samples, of which 219 samples contain higher than 500 ppm nickel-in-alloy and average 5.2% iron, occurring primarily as magnetite, and 1,610 ppm (0.16%) chromium. Additional analyses, petrographic work and preliminary Davis Tube magnetic separation testing are anticipated over the winter months.

First Point will continue to explore the remainder of the Wale property in 2012 and follow-up with detailed mapping and sampling on the known targets in preparation of a proposed 2,000-metre drilling program later this summer.

Orca and Letain Properties

The Company also recently staked the Orca property, which covers 64 square kilometres west of Wale, based on a mapped large ultramafic body and geochemical sample results. Orca is located about 35 kilometres east of Dease Lake and 16 kilometres northwest of Wale, and will be the focus of an aggressive exploration program in 2012.

During the 2011 field season, First Point has further defined a nickel-iron alloy target at the Letain property through mapping and rock sampling. The 100%-owned Letain property is 39 square kilometres in size and covers part of the same ultramafic belt as Wale and Orca. It is situated about 77 kilometres east of Dease Lake and 34 kilometres southeast of Wale.

The main target at Letain measures approximately 820 metres in length as defined by eight rock sample sites containing disseminated nickel-iron alloy mineralization. It is located along a narrow east-trending ridge. The width of the target is obscured by talus cover that flanks both sides of the ridge.

The samples range in value from 791 to 1,964 ppm (0.08% to 0.20%), averaging 1,420 ppm (0.14%) nickel-in-alloy. Fine to coarse grains of nickel-iron alloy reach up to 50 to 200 microns (0.05 to 0.2 mm) in size. The samples will be reanalysed using Davis Tube magnetic separation to confirm whether the fine-grained nickel-iron alloy can be easily recovered magnetically. Additional field work planned for Letain in 2012 will depend on the magnetic recovery results.

Rock samples, each averaging about 1 kilogram, were taken on 200- to 300-metre spaced sites where outcrop was available along traverses. These samples were delivered to Acme Analytical Laboratories Ltd. in Vancouver (“Acme,” an ISO Certified Laboratory) for nickel-in-alloy and total nickel analysis, using the analytical procedures discussed in the Company’s November 7, 2011 news release.

In summary, First Point currently holds a 100% interest in eight different properties in British Columbia, Yukon and Australia, including drill defined targets on the Wale, Mich and Klow properties. First Point has dropped the Wheat and Bodine properties in British Columbia and the Joe property in Oregon, based on disappointing exploration results from the 2011 regional field program.

Dr. Ron Britten, P. Eng., First Point’s Qualified Person under NI 43-101, has reviewed and approved the analytical content of this news release.

About 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 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 & 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.

by FPX Nickel FPX Nickel

First Point Reports Baptiste Target is at Least 2.3 Kilometres Long and 450 to 600 Metres Wide as Defined by Drilling

Vancouver, January 16, 2012 – First Point Minerals Corp. (FPX-TSX.V) (“First Point” or the “Company”) is pleased to announce positive drill results for the remaining 27 of the 36 holes completed during the 2011 drilling campaign at the Decar nickel-iron alloy project in central British Columbia. The Decar project is managed by Cliffs Natural Resources Exploration Canada Inc., an affiliate of Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) (“Cliffs”).

The drill results confirm earlier indications of the presence of long intervals of relatively uniform nickel grades. Highlights from this second and final batch of results of the 2011 program include:

11BAP-09 226m of 0.132% magnetically-recovered nickel*
11BAP-13 208m of 0.144%
11BAP-17 269m of 0.119%
11BAP-20 269m of 0.134%
11BAP-21 249m of 0.129%
11BAP-23 268m of 0.125%
11BAP-29 290m of 0.129%
11BAP-32 240m of 0.114%
11BAP-35 293m of 0.121%

*Throughout this news release, unless stated otherwise, the reported nickel assay is the magnetically-recovered nickel as determined using the Davis Tube method. See the footnote following Table 1 for an explanation of this method.

Table 1 attached presents the results of the 35 holes completed in 2011 and the 7 holes drilled in 2010 to test the Baptiste target. The drill-tested zone is defined over an open-ended strike length of at least 2,300 metres and a width ranging from 450 to 600 metres. This large zone of nickel-iron alloy mineralization reaches an average 220 metres of vertical depth in most holes, with the single deep hole, 11BAP-09, extending the mineralization to at least 430 metres vertically. Many of the holes bottomed in mineralization. The long intervals of continuous nickel-iron alloy mineralization in serpentinized peridotite at Baptiste represent a potential open-pit target.

A weighted average grade of 0.128% magnetically-recovered nickel is based on all the intervals listed in Table 1 using a threshold of 0.1%. This is not a resource grade calculation. At the direction of Cliffs, Caracle Creek International Consulting Inc. (“Caracle Creek”), a consulting group managing the 2011 drill program, is preparing a National Instrument (“NI”) 43-101 mineral resource estimate that is expected to be completed in the next several weeks.

The continuity of the nickel grade of the mineralized zone is remarkably consistent, particularly in the west and central parts of the Baptiste target. The twenty highest grade samples range from 0.193% to 0.275% magnetically-recovered nickel.

A drill hole location map at www.firstpointminerals.com provides a plan projection interpreted by First Point from Davis Tube analyses of all the Baptiste drill holes. Specific gravity measurements taken on 325 samples from the 2011 drill core range from 2.49 to 3.23, for an average of 2.72 grams per cubic centimetre. These will be used in the mineral resource estimate.

The Baptiste zone resembles the shape of a boomerang in plan view and remains open in several directions, including along strike in both the east and west directions, to the south in the central area and at depth over the entire system. The overburden ranges from 2 to 36 metres deep, averaging about 10 metres.

The Baptiste target was tested in 2011 on 200-metre centres by 35 delineation core holes totalling 10,861 metres. The holes were drilled at a -50 degree angle in a northerly direction and tested the arcuate or boomerang-shaped zone of nickel-iron alloy mineralization to a depth of roughly 300 metres down-hole, representing a vertical depth of 230 metres. The deepest hole, 11BAP-09, was drilled in the centre of the Baptiste zone to a down-hole depth of 606 metres, or about 460 metres vertically.

Starting 5.9 metres below surface, hole 11BAP-09 intersected 226.1 metres grading 0.132% magnetically-recovered nickel; followed closely by 136 metres of 0.148% between 256 and 392 metres down-hole and 124 metres averaging 0.125% from 436 to 560 metres depth; ending in 46.3 metres of below threshold value grading 0.084% at the bottom of the hole beyond the northern mineralized boundary. The mineralized sections of hole 11BAP-09 are separated by two lower-grade sections of weakly mineralized peridotite and non-mineralized dykes.

The Baptiste zone remains open along strike in both directions. The most westerly drilled hole, 11BAP-28, intersected 104.4 metres of 0.131% magnetically-recovered nickel in the bottom half of the hole, which ended in mineralization at a down-hole depth of 298.4 metres. Hole 11BAP-30 is one of the most easterly drilled holes, intersecting 149 metres of 0.125% magnetically-recovered nickel beginning at the top of the hole, followed closely by a 124.5-metre section averaging 0.141% at the bottom of the hole.

The dip or orientation of the limits of mineralization as defined by drilling appears to correlate with the boundaries of relatively coarse-grained nickel-iron alloy mineralization mapped at surface. Both the northwest and southwest boundaries can be traced up the hillside over a distance of 300 metres in elevation indicating a sub-vertical orientation of the limits of the Baptiste mineralization. Holes 11BAP-03, 11BAP-09 and 11BAP-17 are collared on the same section, where weight averaged values for each hole or interval are shown on cross section 03-09-17 at www.fpxnickel.com and indicate a sub-vertical 80-degree south dip of the mineralized body’s northern boundary. The cross section also demonstrates the width and the depths of mineralization, and was interpreted by First Point from data received from Cliffs.

Table 1. 2011 Baptiste Drill Hole Results

Hole
#
Intersections (m) Magnetically-
Recovered Nickel*
From To Intercept (%)
11BAP-09 5.9 232.0 226.1 0.132
and 256.0 392.0 136.0 0.148
and 436.0 560.0 124.0 0.125
11BAP-10 122.0 194.0 72.0 0.135
and 206.0 290.0 84.0 0.118
11BAP-11 64.0 132.0 68.0 0.124
and 148.0 302.0 154.0 0.126
11BAP-12 14.4 70.0 55.6 0.131
and 106.0 301.5 195.5 0.143
11BAP-13 8.9 217.0 208.1 0.144
and 229.0 285.0 56.0 0.108
11BAP-14 52.0 268.0 216.0 0.132
11BAP-15 254.0 304.6 50.6 0.122
11BAP-16 119.0 253.0 134.0 0.122
and 283.0 302.0 19.0 0.108
11BAP-17 17.0 286.0 269.0 0.119
11BAP-18 8.7 301.5 292.8 0.124
11BAP-19 258.0 300.5 42.5 0.136
11BAP-20 6.9 276.0 269.1 0.134
11BAP-21 53.0 302.0 249.0 0.129
11BAP-22 118.0 302.0 184.0 0.127
11BAP-23 32.7 301.1 268.4 0.125
11BAP-24 7.6 122.0 114.4 0.107
and 142.0 178.0 36.0 0.121
and 238.0 302.0 64.0 0.131
11BAP-25 174.0 301.4 127.4 0.111
11BAP-26 4.5 56.0 51.5 0.099
11BAP-27 3.3 102.0 98.7 0.102
and 118.0 301.5 183.5 0.124
11BAP-28 194.0 298.4 104.4 0.131
11BAP-29 8.4 298.4 290.0 0.129
11BAP-30 12.0 161.0 149.0 0.125
and 177.0 301.5 124.5 0.141
11BAP-31 5.0 56.0 51.0 0.104
11BAP-32 2.3 242.0 239.7 0.114
11BAP-33 18.7 200.0 181.3 0.109
11BAP-34 5.4 114.0 108.6 0.125
and 126.0 298.4 172.4 0.119
11BAP-35 5.9 298.4 292.5 0.121
For the sake of completeness, the results for following eight holes from the 2011 Baptiste target drilling campaign (previously reported in the Company’s News Release dated December 16, 2011) are included in this table.
11BAP-01 12.5 275.2 262.7 0.132
11BAP-02 34.0 94.0 60.0 0.138
and 190.0 250.0 60.0 0.140
and 282.0 309.4 27.4 0.127
11BAP-03 6.0 310.9 304.9 0.128
11BAP-04 79.5 304.5 225.0 0.132
11BAP-05 45.0 303.5 258.5 0.145
11BAP-06 32.0 144.0 112.0 0.135
and 164.0 256.0 92.0 0.109
11BAP-07 51.0 304.5 253.5 0.163
11BAP-08 162.0 302.0 140.0 0.133
The following seven holes from the 2010 Baptiste target drilling campaign were reported in the Company’s News Releases dated September 22 & 29, 2010. The samples were reanalyzed using the Davis Tube procedure to determine their magnetically recoverable nickel content, and the results are as follows:
10BAP-01 3.1 176.0 173.0 0.138
and 196.5 321.5 125.0 0.133
10BAP-02 91.5 160.5 69.0 0.129
and 185.0 265.0 80.0 0.127
and 280.5 305.5 25.0 0.122
10BAP-03 47.2 336.0 288.8 0.148
10BAP-04 33.8 93.0 59.2 0.111
10BAP-05 14.3 149.4 135.1 0.106
10BAP-06 13.5 340.5 327.0 0.111
10BAP-07 3.1 71.0 68.0 0.132

The reported nickel grades are based on a threshold of 0.10%. Intercepts of non-mineralized dykes greater than 1 metre wide are reported as zero grade.

*”Magnetically-recovered 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. This procedure recovers the highly magnetic nickel-iron alloy, as well as any other magnetic material, including magnetite, a primary ore mineral in many iron ores. Cliffs employs large scale magnetic separation methods in several of its operating iron ore mines, and the Davis Tube method was 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.

The previously released 2010 drill results were reanalysed using the Davis Tube technique to assist in the interpretation of the geological model in preparation of the forthcoming mineral resource estimate.

Other Targets

The potential for additional similar nickel alloy mineralization at Decar is illustrated by limited drilling on the Sidney and Target B prospects in 2010 and 2011, respectively. The Sidney target area is located 3 kilometres north of Baptiste on a broad ridge at approximately 600 metres higher elevation. The Sidney target currently measures 500 by 400 metres by surface mapping and is open to the northwest and southeast, where it is covered by overburden. Sidney was drilled with two holes in 2010 that intersected a previously reported 0.129% nickel-in-alloy across 163 metres in the lower half of hole 10SID-09 and 0.143% nickel-in-alloy across 282 metres in hole 10SID-10 (see News Release dated October 19, 2010).

As previously reported (see News Release dated December 16, 2011), Target B, located 4.6 km north-northwest of Baptiste, was tested with a single exploration hole during the 2011 drilling campaign. Hole 11B-01 cut 258 metres averaging 0.138% magnetically-recovered nickel.

The Decar project represents a potential new source for nickel. The naturally occurring nickel-iron alloy mineralization contains negligible sulphur, which eliminates a number of environmental issues typically associated with nickel sulphide deposits.

QA/QC

Representative 1-metre-long samples of split drill core were collected every 4 metres down each hole. The remaining core was retained for future metallurgical testing. Drill core samples were shipped in batches to Activation Laboratories in Ancaster, Ontario 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 XRF analysis that generates high quality multi-element data, including nickel analysis. The magnetically recovered 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 were inserted in the batches to provide quality control.

Caracle Creek is preparing a NI 43-101 mineral resource estimate that is expected to be completed in the next several weeks. If this mineral resource estimate is positive and other preliminary marketing and environmental studies are also positive, Cliffs will prepare a NI 43-101 compliant preliminary economic assessment (“PEA”) under the management of Tetra Tech WEI Inc., formerly known as Wardrop Engineering.

Cliffs currently owns a 51% interest in the project and has the right to increase its property ownership (i) to 60% by completing a NI 43-101 compliant preliminary economic assessment by March 2013, (ii) to 65% by completing a preliminary feasibility 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. Completion of a PEA in compliance with the requirements under NI 43-101 – Standards of Disclosure for Mineral Projects, will be dependent upon the delineation of a mineral resource.

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. For more information, please view the Company’s website at www.fpxnickel.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

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.