Jun. 29, 2009 (Filing Services Canada) -- First Narrows Resources Corp. (UNO - TSX Venture, FNRWF - OTCBB_Pink_Sheets), (the "Company") is pleased to provide a status update on it projects and plans for the summer/fall 2009. While copper and base metals prices have recovered significantly from the lows seen earlier in the year, the Company feels its best opportunity to create shareholder value in the current market environment is to focus its summer/fall exploration efforts on its 100% owned Middle River gold property in the Bathurst Mining Camp, New Brunswick, Canada.
Status of projects and properties in New Brunswick, Canada:
Middle River Au (+/- Base Metals) Property
The Company continues to maintain the key Middle River property claims in good standing that cover the MRG gold deposit, an orogenic gold model type of deposit, that is greater than 500 meters in length and open on trend and at depth. The property, accessible by Hwy 180, is located 18 kilometres (km) west of the city of Bathurst and 9 km north of Xstrata's Brunswick #12 mine (producing Zn, Pb, Cu, Ag + since 1964). The Company's most recent drill program on the property took place in 2005, when gold was less than half the current price. Field exploration and planning is in progress and, subject to financing, the Company plans further drill definition of the gold deposit at depth and on trend this summer/fall.
Chester Cu + Pb, Zn, Ag Project (includes Hubbards Pond claims)
The Company continues to maintain the key Chester property claims in good standing. The key claims cover the known East and Central -- copper-zinc-lead volcanogenic massive sulphide (VMS) -- Zones, and shallow and deep extensions of the Copper Feeder Deposit, coupled with satellitic undrilled VTEM airborne geophysical and soil geochemical anomalies, that demonstrate a significant potential for a much larger mineral resource than has been defined to date in the upper extent of the Feeder Deposit. The VTEM and geochemical anomalies are underlain by newly identified extensions of the most productive horizon in the Bathurst Mining Camp. Further evaluation of the resource potential of these targets will be dependent on continued improvement in base metals prices along with the economy, and the availability of financing and/or the opportunity to joint venture the project with an operating mining company.
Falls Creek Mo-W Property
The key claims covering the Company's molybdenum-tungsten discovery are being maintained in good standing. The Company plans no field programs on the property in 2009 and further work will be dependent on improvement in the metals prices.
Zealand Be, Mo, W Property
Zealand is an early stage beryllium-tungsten-molybdenum exploration property. No work is planned at this time.
Status of projects and properties in Sonora, Mexico:
The Company is focusing on the area around the former Susana Cu-Au-Ag producer, which includes the Lupita gold and Maria silver mineral occurrences, and will be dropping all other outside claims. Drilling to evaluate the resource potential of these areas will be considered this fall and be dependent on the availability of financing. The Company also continues to assess the potential of a joint venture arrangement to facilitate drill evaluation and further exploration of its Sonora mineral claims.
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 projects in the Province of New Brunswick, Canada and in the State of Sonora, Mexico. The most advanced are the Chester Cu-polymetallic deposit in New Brunswick's Bathurst Mining Camp, Canada, and the Susana D'Oro Cu-Au-Ag deposit, a former high grade producer located in Sonora's Au-Ag and Cu-Mo mining belts, all 100% owned. For more information visit: www.uno.ca
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:glytle@uno.ca
ON BEHALF OF THE BOARD OF DIRECTORS
"Peter K. Gummer"
Peter K. Gummer, President
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. We seek safe harbor.
This press release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to the Company's plans, outlook, mineral projects and business strategy. The words "may", "would", "could", "should", "will", "continues", "likely", "expect," "anticipate," "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to required approvals; uncertainties related to exploration results; the ability to raise sufficient capital to fund exploration and the expenses of the Company; changes in economic conditions or financial markets; changes in mineral prices; litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties; inability to obtain licenses or permits and employment and labour relations matters.
This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
First Narrows Resources Corp.
1095 Bridge Street, Bathurst, New Brunswick Canada E2A 1W9
Toll free: 866.285.5817 Tel.: 506.547.9422 Fax: 506.545.7719 Website: http://www.uno.ca
Source: First Narrows Resources Corp. (TSX-V: UNO) (OTCBB: FNRWF) http://www.uno.ca
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