FIRST NARROWS RESOURCES CORP.
TSX VENTURE : UNO

FIRST NARROWS RESOURCES CORP.

June 15, 2005 09:00 ET

First Narrows Resources Increases Offering; Gross Proceeds to be Raised will be Increased from $2,042,250 to $2,075,250

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 15, 2005) - First Narrows Resources Corp. (TSX VENTURE:UNO) ("First Narrows" or the "Company") is pleased to announce that it is increasing the number of units being offered in the current private placement (announced on June 8, 2005) from up to 11,775,000 units to up to 11,958,333 units. The gross proceeds of the offering will thus increase from up to $2,042,250 to up to $2,075,250.

Pacific International Securities Inc., the exclusive agent in connection with the brokered portion of the private placement, will raise up to $1,229,250 on a best efforts basis. Under the terms of the agreement, Pacific International Securities Inc. will place up to 5,683,333 flow-through units (the "Flow-Through Units") and 1,250,000 common share units (the "Common Share Units") of the Company.

The Company will place up to 1,125,000 Flow-Through Units and up to 3,900,000 Common Share Units on a non-brokered basis for gross proceeds of up to $846,000. The non-brokered and brokered Flow-Through Units and Common Share Units will have the same terms.

Each Flow-Through Unit will be offered at a price of $0.18 and will consist of one flow-through common share and one-half of one common share purchase warrant, with each whole warrant exercisable at a price of $0.30 per common share for a period of two years following the close of the offering. Each Common Share Unit will be offered at a price of $0.165 and will consist of one non-flow-through common share and one-half of one common share purchase warrant, with each whole warrant exercisable at a price of $0.30 per common share for a period of two years following the close of the offering.

Proceeds arising from the sale of the Flow-Through Units will be used for drill evaluation of priority VMS and gold targets on the Company's Middle River and Chester properties located in the Bathurst, New Brunswick area. Proceeds arising from the sale of the Common Share Units will be used for general corporate purposes.

The Offering is subject to TSX Venture Exchange approval. All securities issued in connection with this Offering will be subject to a four-month hold period in accordance with securities regulation.

About First Narrows Resources Corp.:

First Narrows Resources Corp. (TSX VENTURE:UNO) is a Canadian mineral exploration company whose corporate strategy is to build shareholder value by finding and developing overlooked and undervalued mineral properties. Having assembled a balanced mix of gold, base metal and strategic metal properties, the Company's core focus is the advancement of the Chester Project and the exploration of newly recognized gold and VMS targets on the Middle River Property. The Company's exploration efforts are focused in the Bathurst Mining Camp, renowned for hosting several world-class VMS deposits.

ON BEHALF OF THE BOARD OF DIRECTORS

Peter K. Gummer, President

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.


Contact Information

  • First Narrows Resources Corp.
    Greg Lytle, Communications Manager
    Corporate, Media, or Investor Communications
    (604) 839-6946 or Toll Free: (866) 285-5817
    (604) 677-4702 (FAX)
    glytle@uno.ca
    www.uno.ca