|By Marketwired .||
|August 6, 2013 07:30 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/06/13 -- First Point Minerals Corp. (TSX:FPX) ("First Point" or the "Company") wishes to announce that by mutual agreement of the parties, First Point and Cliffs Natural Resources Exploration Canada, an affiliate of Cliffs Natural Resources Inc. (NYSE:CLF)(PARIS:CLF) ("Cliffs"), have extended by 30 days, to September 5, 2013, the deadline by which Cliffs can make its election to self-fund the Pre-feasibility Study phase of the Decar project, under the terms of the existing option agreement between the Company and Cliffs.
Cliffs can elect to earn an additional 5% interest in the Decar nickel-iron alloy project in British Columbia by completing a NI 43-101 compliant Pre-feasibility study by August 6, 2015, and maintain its right to earn a further 10% interest by self-funding a bankable feasibility study. Absent Cliffs' election to earn such additional interest, a joint venture will be formed, with Cliffs and First Point having initial participating interests of 60% and 40%, respectively.
About First Point
First Point Minerals Corp. is a Canadian base metal exploration company operating worldwide. For more information, please view the Company's website at www.firstpointminerals.com.
On behalf of First Point Minerals Corp.
Jim 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.
Neither the Toronto Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.