SOURCE: FIRST NARROWS RESOURCES CORP.

July 17, 2007 10:01 ET

First Narrows Discovers Thick Zone of Tungsten-Molybdenum Mineralization on Falls Creek Property, New Brunswick

112 Meters (367.5 ft.) of Disseminated W-Mo Mineralization in Drill Core; Hole Collared and Ended in Mineralization

VANCOUVER, BC--(Marketwire - July 17, 2007) - First Narrows Resources Corp. (TSX-V: UNO) (PINKSHEETS: FNRWF) (the "Company") is pleased to report that it has discovered a significant zone of tungsten (W) - molybdenum (Mo) mineralization on its Falls Creek property in the central New Brunswick W-Mo-Sn mineral belt. Drill hole 4717-07-004 intersected 112 meters (367.5 ft.) of core (56 meters or 183.7 ft. horizontal width) with visible wolframite, scheelite, and molybdenite mineralization in granite.

The drilling consisted of 4 holes totalling 168 meters (551.2 ft.). Drill holes 4717-07-001, -002 and -003 (total of 47 meters or 154.2 ft.) were collared in the thick overburden cover before being stopped at shallow depths in silicified basalts. Drill hole 4717-07-004 (5,178,587N, 688,860E; -60°, bearing 075°) was collared to test the east contact of the Dungarvon Granite that is covered by a thick blanket of till including W-Mo mineralized boulders. Disseminated wolframite, scheelite and molybdenite (the main economic minerals of W and Mo) as well as sporadic pyrite are visible in the drill core from 9.0 to 121.0 meters (29.5 to 397 ft.) in fine to coarse grained massive to altered facies of biotite and muscovite granite. Larger splashes of molybdenite are present locally. Alterations consist of silicification, sericitization, and greisenization accompanied by quartz and local fluorite veining. Both molybdenite and wolframite are also present in quartz veins. Although no distinctive pegmatitic phases are present in the core, large boulders of mineralized pegmatitic quartz have been documented in historical reports on the property with molybdenum splashes up to 2.0 cm (0.8 in.) in diameter (E.A. Brooks, QP), and wolframite crystals up to 10 cm (3.9 in.) in length (historical records).

Drill hole 4717-07-004 collared in disseminated W-Mo mineralization in boulders and bedrock of granite and ended in similarly mineralized granite, and as a result the width of the W-Mo mineralized zone remains open. The drill hole did not reach the granite-basalt contact. The length of the W-Mo zone is also unknown as of yet. However, the drill hole intercept occurs directly beneath part of a 4 kilometer ("km") (2.5 mi.) long trend of W-Mo mineralized boulders along the eastern margin of the Dungarvan Granite. The 4 km length of the boulder occurrence suggests a significant W-Mo resource potential may occur along the granite contact in one or more zones, which would fall entirely within the Falls Creek property. Quartz veins and intrusive contacts in the drill core are at 30 to 45 degrees to the core axis. Detailed logging and sampling are in progress.

Historical analyses returned as much as 5.35% W in grab samples. Confirmation assays on grab samples from boulders with coarse molybdenite mineralization collected by the Company during a property visit returned assay values up to 1.26% Mo in 9 samples averaging 0.37% Mo; only three samples were assayed for W averaging 1.028% W with a high value of 2.79% W (using same lab and assay procedure as at Geodex Minerals Ltd.'s Sisson Brook deposit). A uranium showing is reported in outcrop in granite in the southern part of the property.

The drilling provides bedrock confirmation and comparative information of W-Mo mineralized boulders on the Falls Creek property. In light of the significance of the discovery, the Company is expediting the completion of the National Instrument 43-101 ("NI 43-101") report on the property. Follow-up drilling will be carried out upon completion of the NI 43-101 report.

The Falls Creek property consists of 1,984 ha (4,960 acres) situated 45 kms (28 mi.) southwest of the Company's Chester copper-polymetallic project, and 33 kms (20.5 mi.) north of the village of Boiestown in the little explored regions of New Brunswick's Central Highlands. First Narrows has the right to earn a 100% interest in the property. For more information on the property, see the Company's previous news releases of August 17, 2006 and September 29, 2006.

Earnest Brooks, P.Geo., the Company's Qualified Person, has reviewed and verified the contents of this news release.

"Hole 4717-07-004 is the first hole on record to evaluate the eastern contact of the Dungarvan Granite, even though the W-Mo mineralized boulders that occur along the contact for over 4 km length, have been known for more than 2 decades," stated Peter Gummer, President of First Narrows. "Although assays are pending, the discovery is wide, and the boulder trend is very long, indicating large tonnage potential. The W-Mo minerals are evident throughout the core as porphyry style mineralization and are not confined to a narrow structure. It is a most important discovery, and a strong endorsement of the Company's exploration team, and their tenacity and success at acquiring overlooked and under explored exploration opportunities. Perhaps first in line for accolades though, are Delbert and Anthony Johnston, the prospectors who more tenaciously than anyone, and undeterred by the Dungarvan Whooper, kept knocking on First Narrows door asking if we would like to visit the boulder showings on their Falls Creek property."

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.
    N. America toll-free: (866) 285-5817
    Int'l. & 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