Vancouver, August 27, 2014 – First Point Minerals Corp. (FPX-TSX) (“First Point” or the “Company”) is pleased to provide a corporate update on activities at its 40%-owned Decar nickel project (“Decar” or the “Project”), located in central British Columbia.
Decar is under option to Cliffs Natural Resources Exploration Canada Inc., an affiliate of Cliffs Natural Resources Inc. (NYSE: CLF) (“Cliffs”), pursuant to an option agreement entered into in November 2009. After spending $22 million to date and completing a Preliminary Economic Assessment (“PEA”), Cliffs has earned a 60% interest in the Project and is the operator. In September 2013, Cliffs elected to proceed to the Pre-Feasibility Study (“PFS”) phase. By sole funding completion of a NI 43-101 compliant PFS by August 2015, Cliffs has the option to earn an additional 5% interest in the Decar project and maintains the right to earn a further 10% interest by sole funding a bankable feasibility study.