First Lithium Resources Inc.
TSX VENTURE : MCI
PINK SHEETS : FLNTF
FRANKFURT : MHN

First Lithium Resources Inc.

March 02, 2011 16:35 ET

First Lithium Reports Drill and Assay Results From Its Mollie River Project, Timmins Area

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 2, 2011) - First Lithium Resources Inc. (TSX VENTURE:MCI)(PINK SHEETS:FLNTF)(FRANKFURT:MHN) (the "Company") is pleased to announce that it has completed a ~2000 m 10 drill hole program that tested geophysical anomalies on 2 of its 3 Mollie River claims, ~4 km east of Trelawney's Chester Township gold deposits.

DDH MR-10-10 intersected a 9 m zone between 185 m and the bottom of the hole at 194 m with a range in gold values from <5 ppb to 1830 ppb (1.8 g/t Au) including single sample analyses of 346 ppb and 96 ppb. This zone is encapsulated by a broader zone of elevated copper with a range in concentration of 92 ppm to 1510 ppm (0.15% Cu). Mineralization is present as 1 mm blebs, wisps and fracture fillings of pyrrhotite, chalcopyrite and pyrite hosted by chloritic and silicified gabbro.

It is the Company's interpretation that this gold-mineralized zone was not truncated by DDH MR-10-10 and as such, is open at depth. The association of gold mineralization in altered mafic to intermediate intrusions is strongly suggestive of the geologic setting of the Trelawney gold deposits. Other drill targets did not reveal significant gold values at depths attained.

President, Craig Naughty, stated: "The mineralization that was intersected in the last 9m of DDH MR-10-10 appears to be of the type that the Company had hoped to encounter. The Company intends to perform additional drilling in the immediate proximity of this hole to further determine the extent of gold mineralization." Arrangements have already been made with the drill contractor to return to the site within the next few weeks.

Program Details:

The First Lithium Mollie River drill program was designed to test magnetic and induced polarization anomalies. Drill holes intersected massive, fine- to coarse-grained gabbro, granite and granodiorite that are locally chloritic, silicified and carbonate-altered along narrow late shears and fractures. Mineralization consists of trace to 5% pyrite, pyrrhotite and chalcopyrite over core intervals of up to 14 m. Magnetite was observed as disseminations and wispy laminae in all lithologies. Pervasive fronts of alteration, including silicification and chloritization, were limited but not uncommon in gabbroic lithologies.

Drill core was generally sampled at 1 m intervals where sulphide mineralization was observed. Six hundred and ninety-eight core samples were split and one-half of the sample interval sent to Activation Laboratories for analysis. Assays included gold by fire assay on a 30 g sample and multi-element ICP subsequent to an aqua-regia digest.

Analytical accuracy and reproducibility was assessed for the gold assays by submitting a suite of samples originally assayed by Activation Laboratories to Swastika Laboratories (near Timmins, Ontario). Excellent comparability between laboratories is noted and the result for the high-grade gold assay is summarized in Table form below.

Sample Laboratory Fire Assay-AAS Finish Fire Assay-Gravimetry
       
2600 Activation Laboratories 1830 parts per billion  
       
2600 Swastika Laboratories 2105 parts per billion 1988 parts per billion

The contents of this release have been reviewed and approved by Mark Fedikow, Ph.D., P.Eng., P.Geo., C.P.G., a qualified person as defined by National Instrument 43-101.

ON BEHALF OF THE BOARD

Craig Naughty, President & CEO

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

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