FPX Nickel Corp (FPX)

[Ed Monton]

First Point Minerals Corp.: Drilling Update from the Rio
Luna Gold Property in Nicaragua

VANCOUVER, BRITISH COLUMBIA--Dr. Peter M D Bradshaw, P. Eng,
President of First Point Minerals Corp. (TSXV: FPX) today
provided the following update from the drilling program at the
Company's 100% owned Rio Luna Gold property in Nicaragua.

The first hole in the Rio Luna drilling program has been
completed to a final depth of 107 meters in the Balsamo target
area, and drilling has commenced on the second hole. Hole 1 was
designed to test about 50 vertical meters below and along strike
of a surface trench that carries 6.0 grams/tonne (g/t) gold over
5.2 meters. Significant alteration associated with 3 to 7
centimeter-wide veins that locally form quartz-calcite vein
stockwork and carry mainly pyrite and trace base metals were
noted in the core between 40 and 95 meters down the hole. Core
from this hole is currently being cut by diamond saw for
analyses. Hole 2 was collared about 100 meters west of hole 1 and
at least one additional hole will test the Balsamo target west of
hole 2.

Following this test of the Balsamo target, the drill will be
shifted to Balsamo East, one of three other target areas to be
tested during this first-ever diamond drill program at Rio Luna.
Core samples will be sent for analyses as each of the four target
areas is tested and the results will be released as they become
available. The total drilling in the present program will be
approximately 2,000 meters, or roughly, 15 holes.

As previously reported, First Point's exploration at the Rio Luna
property has identified a total of 8.8 kilometers of strike
length in several vein systems. The Paraiso vein system, which
contains the four targets to be tested in this drill program, has
returned values as high as 21.1 g/t gold over 2 meters estimated
true width and an average grade of 2.5 g/t gold over 2.6 meters
estimated true width from 34 trenches. The El Rodeo system to the
north has returned values as high as 15.4 g/t gold over 2.5
meters true width and an average grade of 4.4 g/t over 2.1 meters
from 7 trenches. Management believes that the surface trenches
are near or above the bonanza grade gold horizon common in
epithermal veins and better grades can be anticipated at depths
that will be tested by this drilling program.

The Company is pleased to announce that Ran Davidson has been
hired full time in the position of Director of Investor
Relations, and has been granted 40,000 stock options at an
exercise price of $0.33 per share effective Feb.1, 2004 for a
period of five years. The stock option grant is subject to the
approval by the TSX Venture exchange.

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 M. D. Bradshaw, President

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FOR FURTHER INFORMATION PLEASE CONTACT:
First Point Minerals Corp.
Ran Davidson
Director of Investor Relations
[phone]
[phone] (FAX)
Email: [e-mail]
Website: www.firstpointminerals.com
The TSX Venture Exchange has not reviewed, nor accepts
responsibility for the adequacy or accuracy of this news release.