Name and Location
Decar nickel project, British Columbia, Canada.

Client
The Decar project is currently 60% owned by Cliffs Natural Resources Exploration Canada and 40% owned by First Point Minerals Corporation.

Cliffs has the right to increase its ownership to 65% by completing a National Instrument (NI) 43-101-compliant prefeasibility study (PFS) by August 2015, and ultimately to 75% by completing a bankable feasibility study (BFS). Should Cliffs earn a 75% interest in Decar, First Point will hold a 25% participating interest, plus a 1% net smelter return royalty interest.

Project Description
The Decar project is the first of its kind, as it represents a potential new source of nickel that is neither sulphide nor laterite. The nickel mineralisation is in the form of a naturally occurring nickel-iron alloy called awaruite.

A preliminary economic assessment (PEA) completed on the project has demonstrated the positive potential for establishing a greenfield openpit nickel mine and an on-site magnetic separation and gravity concentration processing plant using conventional technology and equipment.

Value
The PEA estimates initial capital expenditure at C$1.384-billion.

Duration
Not stated.

Latest Developments
First Point has announced that Cliffs has decided to proceed to the PFS phase at the Decar project.

Sole-funding the completion of an NI 43-101-compliant PFS by August 2015 will enable Cliffs to earn an additional 5% interest in the Decar project. Cliffs also maintains the right to earn a further 10% interest in the Decar project through sole-funding a BFS.

Cliffs will determine the scope of work to be conducted at the Decar project in 2014, including whether a drilling programme aimed at resource extension and/or a bulk sampling effort to support pilot plant testing will be undertaken.

Since optioning Decar from First Point in November 2009, as a grassroots discovery without a single hole drilled, Cliffs has spent an estimated $21-million advancing the project to completion of a positive PEA, more than two years ahead of the original schedule contemplated by the Decar Option Agreement.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
First Point Minerals Corporation, tel +1 604 681 8600, fax +1 604 681 8799 or email info@firstpointminerals.com.
Cliffs Natural Resources Exploration Canada, tel +1 216 694 5700 or email info@cliffsnr.com.