SOURCE: FIRST NARROWS RESOURCES CORP.

April 16, 2008 10:48 ET

First Narrows Completes Resource Estimate for the Near Surface Portion of the Chester Feeder Deposit

Management Optimizing Design and Project Scheduling Prior to Final Feasibility

VANCOUVER, BC--(Marketwire - April 16, 2008) - First Narrows Resources Corp. (TSX-V: UNO) ("First Narrows" or the "Company") is pleased to announce the completion of the National Instrument 43-101 ("NI 43-101") mineral resource estimate for the near surface extent of the Chester Feeder Deposit copper stringer mineralization. Measured and Indicated Resources total 284,000 tonnes grading 2.78% Cu and 7.3 gpt Ag (2% Cu cut-off) underlying an area of approximately 1.6 hectares and lying within 75 meters of surface. The resource estimate is based on 179 core drill holes completed by the Company over a period of 14 months. An Inferred Resource of 298,000 tonnes grading 2.51% Cu and 3.1gpt Ag lies immediately down dip from the Measured and Indicated resource.

First Narrows is reviewing alternatives for advancing the Chester project. At present, studies are in progress with the objective of identifying an optimal design plan and project scheduling for a small-scale mine (SSM) prior to final feasibility.

Chester Deposit Mineral Resource Summary

Cut-off         Measured         100% First Narrows

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Cu %    ktonnes   Cu %    Ag gpt ktonnes Cu % Ag gpt

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0.5       71      2.46     8.6     71    2.46  8.6

1.0       68      2.53     8.8     68    2.53  8.8

1.5       59      2.73     9.4     59    2.73  9.4

2.0       44      3.05     10.2    44    3.05  10.2

2.5       30      3.42     11.0    30    3.42  11.0

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Cut-off        Indicated        100% First Narrows  Teck* Back-in Extension

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Cu %    ktonnes   Cu %    Ag gpt ktonnes Cu % Ag gpt ktonnes Cu %   Ag gpt

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0.5       641     1.88     4.5     556   1.89  4.6     85    1.79    3.6

1.0       579     2.00     4.8     509   1.99  4.9     70    2.01    4.1

1.5       400     2.32     5.7     351   2.32  5.8     49    2.33    4.7

2.0       240     2.73     6.8     209   2.74  7.0     31    2.69    5.5

2.5       131     3.15     7.8     114   3.17  8.0     17    3.07    6.1


                                                                  Back-in
Cut-off   Measured & Indicated     100% First Narrows   Teck*    Extension

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Cu %    ktonnes   Cu %    Ag gpt  ktonnes Cu %  Ag gpt  ktonnes Cu % Ag gpt

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0.5       712     1.94     4.9      627   1.96   5.1      85    1.79    3.6

1.0       647     2.05     5.2      577   2.06   5.3      70    2.01    4.1

1.5       459     2.38     6.2      410   2.38   6.3      49    2.33    4.7

2.0       284     2.78     7.3      253   2.79   7.6      31    2.69    5.5

2.5       162     3.20     8.4      145   3.22   8.7      17    3.07    6.1

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                                                                  Back-in
Cut-off         Inferred           100% First Narrows   Teck*    Extension

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                                                                    Ag gpt
Cu%     ktonnes   Cu %   Ag gpt** ktonnes Cu % Ag gpt** ktonnes Cu %  **

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0.5       920     1.76              849   1.75            71    1.89

1.0       827     1.86              761   1.85            66    1.97

1.5       557     2.15              504   2.15            53    2.14

2.0       298     2.51              268   2.52            30    2.45

2.5       127     2.91              115   2.92            12    2.78

*"Teck" refers to Teck Cominco Inc.
** Pre-First Narrows drill holes in the Feeder Zone did not include
   analysis for Ag

The mineral resource classification definitions are described as follows:

Measured Resources -- Areas delineated by recent First Narrows drilling with a maximum drill hole spacing of 6.25 meters and within stringer zones 1, 2 or 3.

Indicated Resources -- Areas delineated by recent First Narrows drilling with a maximum drill hole spacing of 25 meters and within stringer zones 1, 2 or 3.

Inferred Resources -- Areas delineated by pre-First Narrows drilling with a maximum drill hole spacing of 25 meters and within stringer zones 2b or 3b. Zones 2b and 3b are the extensions of Zones 2 and 3 as delineated by pre-First Narrows drilling alone.

Chester Feeder Deposit Resource Estimate

The mineral resource estimate was prepared under the direction of Robert Sim, P.Geo., with the assistance of Bruce Davis, FAusIMM. Mr. Sim is the independent Qualified Person as defined by NI 43-101, and is responsible for the mineral resource estimate.

Estimations are made using ordinary kriging with a nominal block size of 2 metres. The resource estimate was generated from drill hole sample assay results and the interpretation of a geologic model, which relates to the spatial distribution of copper and silver. Interpolation characteristics were defined based on the geology, drill hole spacing and geostatistical analysis of the data. The resources were classified by their proximity to the sample locations and are reported, as required by NI43-101, according to the CIM standards on Mineral Resources and Reserves.

The mineral resource estimate is based on a 3-D geologic and mineralization model that integrates all exploration work on the project as of March 20, 2008. A rigorous quality control and quality assurance protocol was used on the project, including blank and reference samples with each batch of assays. All drill samples were analyzed by ICP at Activation Labs in Ancaster, ON, Canada. The 2006 and 2007 drill program and sampling protocol was managed by Earnest Brooks, P.Geo.,CIM & F.G.A.C., the Qualified Person as defined by NI 43-101 for the Chester project. Assay quality control and quality assurance standards were managed by Mr. Sim and Mr. Davis. An NI 43-101 compliant technical report of the resource estimate will be filed within 45 days on SEDAR.

Peter Gummer, President of First Narrows states: "Although the area of delineation drilling carried out on the near surface portion of the Feeder Deposit represents only a portion of the resource potential at Chester, we have been successful in demonstrating the consistency and continuity of the stringer mineralization, which is an important step towards our ultimate goal of moving the deposit forward into production and generating cash flow for the Company."

About the Chester Project

The Chester Feeder Deposit is an undeveloped copper deposit located in the Bathurst Mining Camp, northern New Brunswick. First Narrows owns a 100% interest in the project, with Teck Cominco holding a 65% back-in right, or a 1.5% NSR, to the down-dip western extension of the deposit.

The new resource estimate was carried out on the near surface portion of the Feeder Deposit and is within easy reach of the existing decline. Three copper stringer zones have been interpreted from drill hole information and based on the distribution of copper grades that exceed 0.5 % Cu. These zones strike 180 degrees, dip at -20 degrees to the west, and range from one meter to up to 20 meters in thickness, with individual zones separated by 10 to 15 meters of barren to patchy mineralized chlorite schist. The upper zone (Zone 1) is the smallest lens of mineralization, averaging about 4 meters in thickness and measuring about 90 meters in diameter. Based on a combination of First Narrows and pre-First Narrows drilling results, the middle (Zone 2) and lower (Zone 3) stringer zone domains extend for approximately 200 meters along strike and for approximately 500 meters down plunge. Additionally, wide spaced pre-First Narrows drill hole intercepts of copper stringer mineralization (not included in the resource estimate) indicate the deposit remains open down dip beyond the Inferred Resource for a further 500 meters, which demonstrates the potential to expand the Feeder Deposit mineral resource in the future and thereby extend the life of a possible mine.

The resource estimate is specific to the Feeder Deposit; analytical results from several holes First Narrows drilled on the associated Central Zn-Pb-Cu-Ag Volcanogenic Massive Sulphide ("VMS") Deposit, located near surface and immediately east of the area of the resource drilling, are not included in the resource calculation. Notably, several undrilled VTEM airborne geophysical anomalies, suggestive of additional Zn-Pb-Cu-Ag VMS mineralization, lie at depths of 300-400 meters at and immediately west of the down dip projection of the Feeder Deposit. Further, analytical results from pre-First Narrows drill hole S-436 confirmed the presence of Zn-Pb-Cu mineralization (23.2m @ 2.49% Zn+Pb and 1.56% Cu, including 3.05m averaging 6.69% combined Zn-Pb and 1.13% Cu) approximately 500 meters west of the area of the Feeder Deposit resource estimate, indicating the presence of a buried Zn-Pb-Cu sulphide deposit.

Reports are pending on the project's final feasibility-level metallurgical and environmental investigations, which are being carried out by Research and Productivity Council (RPC) and Conestoga-Rovers and Associates (CRA), respectively. Those reports along with the mineral resource estimate will enable First Narrows to proceed to optimize the value of the Chester Feeder Deposit to the Company, its shareholders, the local communities, and the Province, by advancing the project to feasibility.

Mr. Brooks has reviewed and approved the content of this press release.

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 feasibility 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. & Vancouver: (604) 839-6946
    Email: Email Contact

    First Narrows Resources Corp.
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    Vancouver, BC Canada V6B 6L2
    Toll free: 866.285.5817
    Tel.: 604.677.5143
    Fax: 604.677.4702
    Website: http://www.uno.ca