First Point and Cliffs Settle Arbitration Action on Decar Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 31, 2012) - First Point Minerals Corp. (TSX VENTURE:FPX) ("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.
On behalf of First Point Minerals Corp.
James Gilbert, President and CEO
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.