FPX Nickel Corp (FPX)

[Ed Monton]

Here is the latest news:

Sat May 31, 2003
First Point Identifies Multiple Gold Vein Targets and Expands Trenching Program at Rio Luna.

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Dr. Peter Bradshaw, President of First Point Minerals Corp. (TSXV: FPX) is pleased to announce results from the first phase of an ongoing trenching program on the Rio Luna Epithermal Gold Property in Nicaragua. To date, analytical results have been received for 46 hand trenches completed over 2.5 kilometers strike length along the El Paraíso vein system (see the Company's website for a detailed map of trench locations). First Point is encouraged by initial results, which indicate that gold bearing veins are more widely distributed than originally thought and have encouraged the Company to expand the trenching program to fully evaluate the El Paraíso vein system.

The first phase of trenching covers the central portion of the El Paraíso vein system including the Santa Rita and Balsamo areas which, based on historical data, represent two of four key areas of gold mineralization in the vein system. Initial trenching has demonstrated that the El Paraíso vein system is continuous over the entire strike length. In addition, the first phase of trenching has consistently returned higher than anticipated gold grades in relation to historical data. This includes up to 4.5 grams/tonne gold over 8 meters width from trench TR-03 and 7.9 grams/tonne gold over 5.9 meters, which includes 21.1 grams/tonne gold over 1.9 meters in trench TR-00 in the Santa Rita area. Significant results in the Balsamo area include 6.0 grams per tonne gold over 5.2 meters, which includes 11.7 grams/tonne gold over 2.2 meters in trench TR-35 and 4.2 grams/tonne gold over 5 meters in trench TR-38. Highlights from the first phase of trenching are presented in the table below.

 
 ------------------------------------------------------------- 
 Trench       Area       Average Gold Grade   True Width 
                         (grams per tonne)     (meters) 
 ------------------------------------------------------------- 
 TR-00   Santa Rita Area      7.9                 5.9 
 incl.                       21.1                 1.9 
 TR-01                        3.6                 2.9 
 TR-02                        3.1                 2.2 
 TR-03*                       4.5                 8.0 
 TR-04                        4.0                 1.8 
 ------------------------------------------------------------- 
 TR-26  Balsamo East Area     4.0                 3.3 
 TR-27                        3.4                 8.0 
 incl.                        8.8                 2.5 
 ------------------------------------------------------------- 
 TR-35    Balsamo Area        6.0                 5.2 
 incl.                       11.7                 2.2 
 TR-37                        4.2                 1.5 
 TR-38                        4.2                 5.0 
 incl.                        9.4                 1.8 
 TR-39                        5.4                 1.0 
 TR-41                        2.7                 2.0 
 ------------------------------------------------------------- 
  
  
 

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* Trench previously reported in March 10, 2003 press release.


Trenching indicates that the mineralized intervals are much wider than anticipated, averaging 2.8 meters and locally up to 8 meters true width. Increased widths are attributed to gold bearing quartz veinlets that extend for several meters away from the veins in argillically altered andesite. Where low grade gold values were encountered between the Santa Rita and Balsamo areas, vein textures are thought to reflect higher levels of the epithermal system and above the level of gold mineralization. This is further supported by the fact that the Santa Rita and Balsamo areas are topographically lower than the intervening ground. In addition, detailed mapping indicates that the El Paraíso vein system includes the central southeast striking, subvertical Anillo vein which is bounded by one or more subparallel veins in the Santa Rita and by a network of southeast and east-west striking, subvertical veins in the Balsamo Area.

Trenching was also completed on the La Mina vein located 500 meters northwest of the Balsamo area. In contrast to the El Paraíso vein system, the La Mina vein strikes northeast and dips steeply to the southeast. Of the five trenches excavated along the La Mina vein, three exposed the vein and returned up to 0.5 grams/tonne gold over 3.1 meters in trench TR-46. Additional trenching is planned towards the projected intersection of the La Mina and the El Paraíso vein system.

The second phase of trenching commenced in early May and includes an additional 40 to 50 hand trenches covering the strike continuation of the El Paraíso vein system to the southeast of the Santa Rita and northwest of the Balsamo area. Trenching is currently evaluating the Filadefia area, located 1.5 kilometers southeast of the Santa Rita Area, where trenching by a previous operator returned up to 10.9 grams/tonne gold and 15.5 grams/tonne silver over 2 meters. The network of veins within the Balsamo area and several newly discovered veins located 1 to 2 kilometers north of the El Paraíso vein system will also be trenched. Results from the second phase of trenching are anticipated in 4 to 6 weeks. Given the number and strike length of targets being developed at Rio Luna, trenching is anticipated to continue through to the fall, and results will be used to define diamond drill targets.

At First Point's Cacamuyá gold/silver property in Honduras, Dr. Peter Bradshaw and Mr. John Chulick, former Exploration Manager at Meridian Gold's El Peñón mine in Chile, have recently completed a property tour. Mr. Chulick's recommendations for future exploration at Cacamuyá are anticipated by mid-June.

First Point Minerals Corp. is a Canadian precious and base metal exploration and development company focused on the Americas. For more information, please view: www.firstpointminerals.com or phone Peter Bradshaw, President & CEO, at [phone].


ON BEHALF OF THE BOARD OF DIRECTORS
"Peter M D Bradshaw"
Peter M. D. Bradshaw, President

The TSX Venture Exchange has not reviewed, nor accepts responsibility for the adequacy or accuracy of this news release.