First Narrows Provides Corporate Update
Vancouver, British Columbia CANADA, April 28, 2009 /FSC/ - First Narrows Resources Corp. (UNO - TSX Venture, FNRWF - OTCBB_Pink_Sheets), reports the following corporate update:
Given the current economic climate and the challenges facing the junior resource sector, the Company has dramatically reduced its operating expenses and arranged a debt settlement with several of its creditors. The debt settlement will allow the Company to restructure approximately $410,286 in outstanding debt through the issuance of up to 10,257,075 common shares of the Company. The common shares will be subject to resale restrictions for a period of four months from the closing date of the transaction. The debt settlement is subject to TSX Venture Exchange ("TSX-V") approval. In addition to the debt settlement, the Company has recovered $73,612 in accounts written off for management and consulting fees and trade payables relating to its mineral properties.
Evaluation of the Company's gold, copper and molybdenum-tungsten projects is ongoing and some lower priority claims have been dropped. Management also continues to pursue possible joint venture partnerships to facilitate the further advancement of the Company's projects.
The Company is moving its corporate office to Bathurst, New Brunswick, while maintaining communication, financial, and filing services in Vancouver, BC.
The Company has granted 3,525,000 stock options exercisable at a price of $0.05 in accordance with its Stock Option Plan to directors, officers and consultants of the Company. The stock options are subject to a 4 month hold in accordance with regulatory policy, and subject to the approval of the TSX-V.
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.
[Note: Consider including cautionary language regarding forward-looking information.]
[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.
Suite 405 - 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
Source: First Narrows Resources Corp. (TSX-V: UNO) (OTCBB: FNRWF) http://www.uno.ca
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