First Point trenches Rio Luna (August 20, 2003)

Preliminary trenching at the Rio Luna gold project in Nicaragua has returned lackluster results for First Point Minerals (FPX-V).

Situated 10 km north of the town of Boaco, the 126-sq.-km property hosts several sub-parallel and cross-cutting low-sulphidation epithermal quartz veins over 7 sq. km. The main mineralized structure, Anillo, has been traced for 5.8 km along strike and has widths of 2-10 metres.

Highlights from recent trenching include 3.7 grams per tonne over 1.7 metres in the Balsamo area, 1.2 grams over 1.1 metres in the Santa Rita area, and 0.7 gram over 4.4 metres in the Filadefia area. Better results have been reported, with 4.5-21.1 grams assayed over 2 to 8 metres of channelling and up to 18 grams gold and 213 grams silver pulled from grab samples.

Crews are now focusing on the Rodeo area, where four veins have been mapped at surface.

First Point, which acquired its option in late 2002, can earn a 100% interest in the property by paying US$15,000 and issuing 75,000 shares to Inversiones de Terra Nova over three years. The junior also must spend US$10,000 on exploration.