FirstGrowth Capital Inc.
TSX VENTURE : FGC

FirstGrowth Capital Inc.

March 05, 2007 09:15 ET

FirstGrowth Starts 3D Seismic Program at Cameco-Operated Millennium Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 5, 2007) - FirstGrowth Capital Inc. (TSX VENTURE:FGC) is pleased to announce that, further to its news release dated February 28, 2007, the 3D Seismic Imaging program has begun on the Millennium Deposit.

Kinetex's proprietary 3 Component VectorSeis® technology was recently employed to complete the first high-resolution 3D seismic survey in the Athabasca Basin at Hathor Exploration Limited's (TSX VENTURE:HAT) Midwest NE project located near the AREVA Resources Canada-operated McClean Lake uranium mill. During the data recording phase at Hathor's project, Kinetex started field preparations over the Millennium Deposit in anticipation of the seismic recording crew arriving from the Midwest NE project.

The Millennium Deposit, part of the Cree Extension Joint Venture, was discovered in 2000 and is operated by Cameco Corporation (TSX:CCO)(NYSE:CCJ). Ownership is: Cameco 30.2%; JCU (Canada) Exploration Company Ltd. 30.1%; UEM Inc. 23.6%; and AREVA 16.1%. Cameco reported this deposit to have, at December 31, 2005, National Instrument 43-101 compliant Indicated Resources of 45.8 million lbs U3O8.

The Millennium Deposit is considered to be one of the most significant basement-hosted discoveries of the unconformity-style model in the last 30 years. It occurs at a depth of about 650 metres on a major post-sandstone structural trend that was originally outlined by a electromagnetic conductive horizon. However, the discovery was ultimately guided by host-rock alteration and anomalous geochemistry and the deposit was found "off-conductor", away from the conductive axis. Cameco have found that innovative thinking, such as a greater emphasis on non-traditional and basement-hosted targets, along with an integrated multidisciplinary approach to exploration focusing on lithostructural settings of uranium ore deposits, has significantly improved their exploration success rate.

Upon completion of an extensive evaluation of Kinetex's services and the seismic techniques proposed; Kinetex was initially engaged to complete a test program to support further implementation of seismic methods for exploration and development at Millennium. The merits of these tests have now resulted in the application of a full-scale, high-resolution 3D seismic survey over the proposed Millennium mine site.

The Millennium 3D survey will involve the collection of over 15 terabytes (15,000 gigabytes) of data during a period of 30-35 days. The survey design will assist in imaging the basin/basement unconformity as well as detailing geological structural features, such as a major fault, footwall to the deposit, which is believed to have been the conduit for uranium-enriched mineralizing fluids. It is anticipated that this seismic work will not only assist in exploration efforts but also the refinement of future engineering development programs and a greater collaboration between exploration and mining groups.

About FirstGrowth

FirstGrowth is an oil, gas and mineral exploration services company. The company's goal is to make acquisitions in the resource services sector accretive to the current seismic acquisition services. FirstGrowth is an integrator of applied sciences to the resource industry, supplying primary services through targeted implementation and optimization of seismic imaging utilizing the proprietary VectorSeis® Recording System and Digital 3 Component Full Wave imaging. The operations office is based in Calgary, Alberta.

FIRSTGROWTH CAPITAL INC.

Gilbert Schneider, President

The company seeks safe harbour.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • FirstGrowth Capital Inc.
    Gil Schneider
    (604) 484-5761
    or
    Ascenta Capital
    Bruce Korhonen
    Investor Relations
    (604) 684-4743 ext. 230