FIRST POINT MINERALS CORP.
TSX VENTURE SYMBOL: FPX
DECEMBER 11, 2003 - 09:00 ET
First Point Minerals Closes $1,500,000 Private Placement
Offering To Fund Drilling Program And Generative Work
VANCOUVER, BRITISH COLUMBIA--
Dr. Peter M D Bradshaw, P. Eng, President of First Point Minerals
Corp. (TSXV: FPX) is pleased to announce that effective December
9, 2003, the Company closed the private placement announced on
October 30th, 2003. The private placement consists of 6,000,000
units ("Units") at a price of $0.25 per Unit, for gross proceeds
to the Company's treasury of $1,500,000. Each Unit is comprised
of one common share (a "Share") and one-half of one transferable
share purchase warrant (a "Warrant") of the Company. Each whole
Warrant will entitle its holder to acquire one additional common
share (a "Warrant Share") at an exercise price of $0.30 for a
period of 24 months from closing.
Golden Capital Securities Ltd., Raymond James Ltd., Leede
Financial Markets Inc. and Coniston Investment Corp.
(collectively, the "Finders") acted as finders on a portion of
the financing. The Finders received a finder's fee comprised of
cash in the amount of $43,750 and 100,000 Warrants.
In accordance with securities legislation currently in effect,
the Shares, the Warrants and the Warrant Shares will be subject
to a "hold" period of four months plus one day expiring on April
10, 2004.
The funds from the private placement will be used to drill test
the Company's Rio Luna gold property in Nicaragua, explore the
Cacamuya gold property in Honduras and for on-going work to
generate new exploration properties throughout Central and South
America. The proceeds from the exercise of the Warrants, if any,
will provide general working capital.
At Rio Luna a geophysical survey has been initiated to help
further define portions of the targets for the upcoming drill
program and to augment the successful trenching program carried
out earlier this year. This funding will allow expansion of that
drill program. Mapping, trenching and sampling at Rio Luna have
defined 8.4 line kilometers of epithermal vein mineralization to
date, with 5 well defined drill target areas each requiring
several drill holes. Typical grades in these zones range from 3
to 21 grams/tonne gold. Fluid inclusion, quartz texture and
geochemical analysis all indicate that the surface trenches are
above the productive horizon typical of epithermal veins and
better grades can be anticipated with depth.
Geophysical techniques are also being tested on select areas at
Cacamuya to determine if geophysics will be an effective
exploration tool to further define and prioritize the multiple
drill targets on this property. First Point Minerals Corp., in
joint venture with BHP Billiton, is also aggressively exploring
for porphyry copper-gold deposits in Honduras, Nicaragua and El
Salvador.
First Point Minerals Corp. is a Canadian precious and base metal
exploration and development company focused on the Americas.
ON BEHALF OF THE BOARD OF DIRECTORS
"Peter Bradshaw"
Peter M. D. Bradshaw, President
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
First Point Minerals Corp.
Peter M. D. Bradshaw
President and CEO
604-681-8600
www.firstpointminerals.com
The TSX Venture Exchange has not reviewed, nor accepts
responsibility for the adequacy or accuracy of this news release.
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