SOURCE: FIRST NARROWS RESOURCES CORP.

October 31, 2007 15:10 ET

First Narrows Adopts Shareholder Rights Plan

VANCOUVER, BC--(Marketwire - October 31, 2007) - First Narrows Resources Corp. (TSX-V: UNO) ("First Narrows" or the "Company") is pleased to announce that the Board of Directors has adopted a shareholder rights plan (the "Rights Plan") in order to ensure the fair treatment of all of its shareholders in connection with any take-over bid for the outstanding shares of the Company. The Rights Plan is intended to provide shareholders with adequate time to properly evaluate and assess a take-over bid or corporate transaction if, as and when such circumstances arise without facing undue pressure. The Rights Plan also provides the Board with additional time to consider any take-over bid and, if applicable, to explore alternative transactions in order to maximize value for the Company's shareholders.

The Rights Plan is not being adopted in response to any proposal to acquire control of the Company and the Company is not aware of any transactions by any party that would trigger the provisions of the Rights Plan at this time.

Pacific Corporate Trust Company will act as rights agent and the record date for the issuance of the rights under the Rights Plan has been set as October 19, 2007, the record date set in connection with the Company's upcoming annual and special general meeting. The Rights Plan must be ratified by the shareholders of the Company. If ratified by the shareholders, the Rights Plan will have a term of three years. The Rights Plan is also subject to final acceptance by the TSX Venture Exchange.

A copy of the Rights Plan will be available on SEDAR and can also be obtained from the Company.

About First Narrows Resources Corp.:

First Narrows Resources Corp. (TSX-V: UNO) is a Canadian-based mineral exploration company whose corporate strategy is to develop overlooked and undervalued mineral properties that offer near term production potential. The Company has active projects in the Province of New Brunswick, Canada and in the State of Sonora, Mexico. The most advanced project is the 100%-owned Chester copper-polymetallic deposit in New Brunswick's Bathurst Mining Camp, which is rapidly moving forward to NI 43-101 mineral resource estimate and conceptual mine design status. For more information visit: www.uno.ca.

ON BEHALF OF THE BOARD OF DIRECTORS
"Peter K. Gummer"
Peter K. Gummer, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein. We seek safe harbor.

Contact Information

  • For Corporate, Media, or Investor Communications contact:

    Greg Lytle
    Communications Manager
    First Narrows Resources Corp.
    Toll-free: (866) 285-5817
    Int'l. or Vancouver: (604) 839-6946
    Email: Email Contact

    First Narrows Resources Corp.
    Suite 402 - 1228 Hamilton Street
    Vancouver, BC
    Canada V6B 6L2
    Toll free: 866-285-5817
    Tel.: (604) 677-5143
    Fax: (604) 677-4702
    Website: http://www.uno.ca