CIM Cagim Real Estate Corp

First Point Minerals Corp. (TSX VENTURE:FPX) ("First Point" or the "Company") is
pleased to announce the results of an independent National Instrument ("NI")
43-101 compliant mineral resource estimate for the Baptiste deposit at its Decar
nickel alloy project in central British Columbia. The Decar project is managed
and operated by Cliffs Natural Resources Exploration Canada Inc., an affiliate
of Cliffs Natural Resources Inc. (NYSE:CLF)(PARIS:CLF) ("Cliffs").


Baptiste Deposit Mineral Resource:



                       Tonnes        Davis Tube Recoverable Nickel Content  
                                  ------------------------------------------
                                         (% Ni)      (Tonnes)       (Pounds)
                                                                            
Inferred        1,197,000,000             0.113%    1,352,610  2,981,900,000



This first inferred mineral resource estimate for the Baptiste deposit is based
on a Davis Tube recoverable nickel cut-off grade of 0.06%, using results from
12,565 metres of core in 42 drill holes and applying an ordinary kriging method.
The mineral resource block model was prepared by Caracle Creek International
Consulting Inc. ("Caracle Creek"), which supervised and managed the 2011
drilling program at Decar on behalf of Cliffs. Caracle Creek views this inferred
resource calculation as a reasonable base case scenario. The mineral resource
block model was reviewed on Cliffs' behalf by Roscoe Postle Associates ("RPA"),
an engineering and geological consulting firm.


"First Point is gratified that Cliffs' efforts in quickly advancing the project
from a greenfields discovery through to a maiden mineral resource estimate in
two years have validated our exploration approach in identifying large-scale
nickel-iron alloy targets," said Jim Gilbert, President & CEO of First Point.


"The homogenous and robust nickel alloy mineralization at Decar, demonstrated by
drill sections over a strike length of 2.3 kilometres and by surface mapping,
confirms the continuity of this style of mineralization," said Dr. Ron Britten,
First Point's Vice-President of Exploration.


Proposed 2012 Decar Program

Caracle Creek has recommended a 2012 infill drilling program consisting of 49
core holes totalling 16,500 metres. The objective of the proposed 2012 program
is to upgrade the inferred resource to an indicated category. Six of the 49
drill holes are planned to be drilled to a down-hole depth of 600 metres whereas
all others will be approximately 300 metres deep.


In addition, six vertical diamond drill holes totalling 1,800 metres will be
drilled for hydrological purposes. Additional geotechnical drill holes may be
planned depending on recommendations by Tetra Tech WEI Inc. (formerly Wardrop
Engineering), which is preparing a NI 43-101 compliant Preliminary Economic
Assessment ("PEA") of the Decar project, due to be completed no later than March
2013. Environmental baseline studies commenced in May 2011, and scoping-level,
laboratory-scale metallurgical testing was completed in July 2011.


In preparation for the 2012 drill season at Decar, Cliffs has secured drilling
services and is currently reviewing quotes for a 50-person exploration camp.


Resource Estimate Details

The block model tonnage and grade were calculated at various cut-off grades in
order to demonstrate the sensitivity of the mineral resource estimate with
respect to reporting cut-off grade. Cut-offs shown in Table 1 are based on %
Davis Tube recoverable nickel.


Table 1: Block Model tonnage and grades reported at various cut-off grades.



----------------------------------------------------------------------------
                                                                  Davis Tube
                                                          Recoverable Nickel
Cut-off Grade (%)                        Tonnes                    Grade (%)
----------------------------------------------------------------------------
0.02                              1,283,530,000                        0.108
----------------------------------------------------------------------------
0.04                              1,257,920,000                        0.110
----------------------------------------------------------------------------
0.06                              1,197,040,000                        0.113
----------------------------------------------------------------------------
0.08                              1,060,460,000                        0.118
----------------------------------------------------------------------------
0.10                                862,030,000                        0.125
----------------------------------------------------------------------------
0.12                                486,770,000                        0.135
----------------------------------------------------------------------------



The geological resource model was constructed by Caracle Creek and is based on
raw drill hole data and down-hole survey data in conjunction with regional and
local geology maps. The geological model consists of a large, curved volume,
which is 2.3 kilometres long, 350 to 600 metres wide and extends up to 350
metres vertically. The Baptiste deposit 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. It is covered by an average of
10 metres of overburden.


The mineralized body is cut by several non-mineralized dykes, which range in
thickness from 2 to 15 metres. It is bound to the south and west by steeply
dipping faults. The northern and eastern limits to mineralization remain open,
but were constrained in the model by a 100-metre step-out equal to half the
drill hole spacing. The bottom boundary was extended past the final depth of
drilling by 100 metres.


Approximately 3.5% of the rock mass consists of various types of dykes, which
were modeled using optical and acoustic televiewer structural information
provided by DGI Geosciences. A specific gravity of 2.7 tonnes per cubic metre
was used for the resource estimate. This value is based on the analysis of 300
samples of the mineralized peridotite host rock by Activation Laboratories in
Ancaster, Ontario. In total, 325 samples were analyzed for specific gravity,
including rock types other than peridotite.


Caracle Creek used ordinary kriging to estimate the "Davis Tube recoverable
nickel" resource, based on block models of 40 metres x 40 metres x 10 metres.
"Davis Tube recoverable 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. 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. Actual recoveries of
nickel-in-alloy are subject to confirmation in the PEA currently underway.


The mineral resource estimate for the Baptiste deposit was completed by Jason
Baker, P. Eng., of Caracle Creek, an independent qualified person as defined by
NI 43-101 Standards of Disclosure for Mineral Projects. Luke Evans, P.Eng, of
RPA, an independent qualified person as defined by NI 43-101, and Valerie
Batterham, Senior Geologist with RPA, were responsible for reviewing and
approving this mineral resource estimate. RPA reviewed, verified and approved
the technical data and underlying sampling, analytical and test data used by
Caracle Creek in the resource estimate. The mineral resource estimate is
classified as inferred, consistent with the Canadian Institute of Mining,
Metallurgy and Petroleum ("CIM") definitions referred to in NI 43-101. This NI
43-101 compliant resource estimate will be filed in a Technical Report on SEDAR
within 45 days of this news release.


QA/QC

Representative 1-metre-long samples of drill core were collected every 4 metres
down each hole during the 2011 drill program. The remaining core was retained
for future metallurgical testing. Drill core samples were shipped in batches to
Activation Laboratories 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 X-Ray Fluorescence
("XRF") that generates high quality multi-element data, including nickel
analysis. The Davis Tube recoverable 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. In addition, the 2010 Baptiste drill holes were
re-assayed using Davis Tube magnetic separation and XRF analysis.


Cliffs currently owns a 51% interest in the project and has the right to
increase its ownership (i) to 60% by completing a NI 43-101 compliant
preliminary economic assessment by March 2013, (ii) to 65% by completing a
prefeasibility 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.


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.


Cautionary Notes

Mineral resources are not mineral reserves and have no demonstrated economic
viability. Mineral resource estimates do not account for minability,
selectivity, mining loss and dilution. These mineral resource estimates include
inferred mineral resources that are normally considered too speculative
geologically to have economic considerations applied to them that would enable
them to be categorized as mineral reserves. There is also no certainty that
these inferred mineral resources will be converted to measured and indicated
categories through further drilling, or into mineral reserves, once economic
considerations are applied. The mineral resource estimates referenced in this
news release use the terms "Inferred Mineral Resources." While these terms are
defined in and required by Canadian regulations (under NI 43-101), these terms
are not recognized by the U.S. Securities and Exchange Commission ('SEC"). The
SEC normally only permits issuers to report mineralization that does not
constitute SEC Industry Guide 7 compliant "reserves" as in-place tonnage and
grade without reference to unit measures. U.S. investors are cautioned not to
assume that any part or all of the mineral deposits in these categories will
ever be converted into reserves. None of First Point's securities has been
registered under the United States Securities Act of 1933, as amended.


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.


On behalf of First Point Minerals Corp.

Jim Gilbert, President and CEO

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.

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