Overview

First Narrows Resources Corp. 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 is rapidly moving its 100%-owned Chester Project in the Bathurst Mining Camp forward to NI 43-101 mineral resource estimate and conceptual mine design status.

Investment Highlights

Properties

The Company has assembled a diversified portfolio of base metal, gold, and strategic metal exploration projects and either owns or has the right to own through option agreements a 100% interest in five properties. The properties range from early stage exploration projects to advanced stage exploration/development projects.

Four properties are located in the province of New Brunswick in eastern Canada, a region with a rich 300 year mining history. New Brunswick hosts the prolific Bathurst Mining Camp, ranked along with the Abitibi Greenstone Belt and the Iberian Pyrite Belt as one of the world's top three largest concentrations of volcanogenic massive sulphide (VMS) Cu-Zn-Pb-Ag+ deposits. Power, transportation (land/sea) and a skilled work-force are readily available in New Brunswick, and the provincial goverment is pro-exploration and mining.

Chester property

The Chester property is located in the southern part of the Bathurst Mining Camp 53 kilometers west of the city of Miramichi, New Brunswick.

First Narrows owns a 100% interest in the Chester property. The known Chester copper-polymetallic feeder deposit and volcanogenic massive sulphide ('VMS') zinc-lead-silver deposits occur in the southern part of the property in an area covered by 4 claims. The feeder deposit extends westerly down dip off the 4 claims and the Company owns the surrounding 289 claims subject to a 60% back-in right or a 1.5% NSR royalty reserved to Teck Cominco Limited.

First Narrows has also staked additional claims to cover a cluster of newly identified airborne geophysical (VMS and feeder) exploration targets satellitic to the known deposits. The property currently consists of 460 continuous claims covering 7,360 hectares.

First Narrows is continuing National Instrument 43-101 qualifying mineral resource estimate drilling, surveying, analytical, and metallurgical programs on the Chester copper-polymetallic feeder deposit. The focus of the program is to delineate the mineralized feeder system focusing on the higher grade copper-polymetallic resource potential of the deposit.

In 2006, a total of 22 vertical diamond drill holes (C-06-019 to -039, -041) totaling 1365.5 meters were completed on the eastern shallow end of the gently inclined feeder deposit. All holes were sampled and more than 350 samples, totaling 333 core-meters and averaging 15.15 core-meters per hole, were shipped for assay. The drill program demonstrated the presence of continuous high grade copper zones within the broader lower grade alteration envelope of the feeder structure. The style of the copper mineralization (chalcopyrite) is essentially the same in all holes, with variable percentages of disseminated and stringer chalcopyrite, occasionally reaching up to 30 to 75% of the rock over narrow intervals.

On January 26, 2007, drilling resumed at Chester to continue the delineation of the feeder deposit and the higher grade copper-polymetallic mineralization by extending the drilling to the north, as well as up dip to the east, and down dip to the west. A further +100 diamond drill holes will be required to develop the initial NI 43-101 Inferred and Indicated mineral resource estimation of the copper-polymetallic feeder deposit.

Analytical Highlights from the Fall 2006 Phase of Drilling at Chester included:

Hole C-06-020 intersected 33.00 meters (108.3 ft.) averaging 2.91% copper from 6.00 (below surface) to 39.00 meters, which included 20.30 meters (66.6 ft.) averaging 4.37% copper from 16.00 to 36.30 meters, and a higher grade section of 4.00 meters (13.1 ft.) averaging 6.97% copper from 26.00 to 30.00 meters.

Hole C-06-022 intersected 25.03 meters (82.1 ft.) averaging 3.43% copper from 19.83 to 44.86 meters, which included 8.17 meters (26.8 ft.) averaging 4.48% copper from 19.83 to 28.00 meters, and a higher grade section of 4.00 meters (13.1 ft.) averaging 5.56% copper from 39.00 to 43.00 meters.

Susana D'Oro Gold-Copper Epithermal Vein

Susana D'Oro Gold-Copper Epithermal Vein In November 2006, First Narrows, through its wholly owned subsidiary Minera FNR de Mexico, S.A. de C.V., acquired the right to purchase a 100% interest in the past producing Susana D’Oro gold-copper property.

Susana is located approximately 120 kilometers (75 miles) east of the city of Hermosillo in the north-western state of Sonora, Mexico.

Susana consists of six claims totalling 175 hectares (433 acres). The property is a former producer of gold and copper from three high-grade sulphide zones along a vein greater than 1000 meters (3,280 ft.) in length. At least two additional parallel vein systems are present. Gold mineralized breccia systems and widespread placer gold also occur on the property, which lies within the western part of the copper-molybdenum porphyry and gold mineral belts.

Historical production occurred during two phases of underground mining from 1940-43 and 1950-51 when 2561.8 tons grading 0.59 ounces per ton (opt) gold, 7.82 % copper, and 1.94 opt silver are on record as having been shipped to two smelters.

The vein mineralization has been mined to depths of between 36.58 meters (120 ft.) and 60.96 meters (200 ft.) in three areas. Several developed levels remain unmined at, and one level below, the historical water table.

Historical underground analyses from these lower developed and unmined levels include the following:

Zone A - 43.89 meters (144.0 ft.) averaging 11.1 gpt gold and 7.5% copper over an average width of 1.52 meters (5.0 ft .),(sulphide facies).

Zone B - 74.68 meters (245 ft.) averaging 8.4 gpt gold and 4.5% copper over an average width of 1.46 meters (4.8 ft.), (mixed oxide and sulphide facies). Zone B lies approximately 243.84 meters (800 ft.) north of Zone A.

Zone C - 17.68 meters (58 ft.) averaging 26.9 gpt gold and 0.5% copper over a width of 1.62 meters (5.3 ft.), (oxide facies). Zone C lies about 45.72 meters (150 ft.) north of Zone B.

Plans for 2007 include surface and underground exploration programs to evaluate the near term production potential of the high-grade gold-copper vein mineralization and the lower grade, larger tonnage gold breccia system.

Secondary Properties

Falls Creek property

In August 2006, First Narrows announed that it has entered into an option agreement with two local propsectors (Anthony & Delbert Johnstone) to acquire 124 claims comprised of seven claim blocks covering 1,984 hectares.

The Company has the right to earn a 100% interest in the claims by issuing 90,000 common shares as an initial option payment, and up to 240,000 additional common shares to the Optionors over 6 years. The Optionors retain a 1.5% NSR, 50% of which the Company may purchase at a cost of $500,000.

Numerous tungsten-molybdenum mineralized boulders have been discovered within coincident soil geochemical and IP anomalies, all of which remain undrilled.+

Hubbards Pond claims

The Hubbards Pond claims are located approximately 34 kilometers ('kms') north-northwest of the city of

In November 2003, First Narrows entered into an option agreement with local prospectors to earn a 100% interest in 53 claims. Subsequently, 81 claims staked by First Narrows in the area immediately surrounding the one of the claim blocks is subject to the conditions of the option agreement and fall within the area of mutual interest. The property now consists of 134 claims covering 2,144 hectares.

First Narrows can earn a 100% interest in the property by making staged issuances of common shares totalling ­145,000 shares to the Optionors on or before November 22, 2009.

The property has not been extensively explored since the mid-1970's. The geological setting is an extension of the gently dipping volcanic-sedimentary stratigraphy that hosts the Chester copper-polymetallic feeder, or stringer, deposit approximately 7 kms to the south. Unsourced historical copper-lead-zinc stream sediment geochemical anomalies occur on the property.

The property was included in the recent MegaTEM II airborne geophysical survey that was flown over the Bathurst Camp. The survey was part of the Bathurst Joint Venture operated by Falconbridge (Noranda) and partially funded by the New Brunswick Department of Natural Resources & Energy in a renewed hunt for mineral deposits in the Bathurst area.

The exploration targets are volcanogenic massive sulphide ('VMS') deposits typical of the Bathurst Mining Camp as well as feeder style deposits similar to the Chester feeder deposit.

Middle River - Gold & Base Metal (VMS)

The Middle River property is located in the Bathurst Mining Camp 18 kilometers ('kms') west of the city of Bathurst, New Brunswick. It is accessible by Hwy 180, a paved all-weather road that links Bathurst with St. Quentin.

The property is proximal to Falconbridge's Brunswick#12 mine to the south and the northerly extension of the favourable mine horizon underlies the eastern portion of the property. Brunswick#12 is a super-class volcanogenic massive sulphide deposit and the largest underground zinc mine in the world.

Falconbridge's Belledune smelter, with a deep-sea port, is situated 23kms north of Bathurst along the west shore of Chaleur Bay.

In October 2002, First Narrows entered into an option agreement (option amendment) to earn a 100% interest in a block of 49 claims. Subsequent exploration work on and around the property by First Narrows led to additional claim staking that has greatly expanded the property, which now comprises 591contiguous claims covering 9,456 hectares. Under the terms of the option agreement, a 2-claim area surrounding the original 49 claims falls within the area of mutual interest and the option agreement now includes 276 claims in the northeastern portion of the property. The remaining 315 claims are owned 100% by First Narrows.

The exploration expenditure requirements of the option agreement have been met. To earn 100% interest in the optioned claims, First Narrows must make staged option payments totaling $75,000 and staged share issuances totaling 600,000 common shares prior to January 28, 2008.

New Brunswick Mining (Source: New-Brunswick.net)

New Brunswick is blessed with a variety of rich mineral deposits. Mineral exploration and mining play a significant role in the provincial economy. During the last three years, the value of mineral production has varied from $857 million to over $953 million. The industry directly employed over 3,500 people. The minerals and commodities contributing to this wealth include metals (antimony, bismuth, cadmium, copper, gold, lead, silver and zinc); non metals (marl, peat moss, potash, silica, salt and sulphur); fuels (coal); and structural materials (lime, sand and gravel, stone).

New Brunswick's large reserves of lead, zinc and copper are found in the northern part of the province, around Bathurst. The potash and salt deposits are centred in the southern region, around Sussex. Although peat harvesting takes place primarily on the Acadian Peninsula, the resource can be found in a broad diagonal zone that stretches from the south to the northeast of the province.

Recent News and Press Releases

First Narrows Acquires Claims Adjoining the Susana D'Oro Copper-Gold Project in Sonora, Mexico (Wed, Mar 21)

First Narrows Provides Drilling Update on Chester Feeder Deposit Project (Wed, Mar 7)

High Grade Copper Over Thick Intervals Continues at First Narrows' Chester Project (Thu, Mar 1)

First Narrows Terminates Option Agreements on Three New Brunswick Properties (Fri, Feb 9)

Assay Results Continue to Confirm High Grade Copper Over Thick Intervals at First Narrows' Chester Project (Thu, Feb 8)

First Narrows Provides Update on Chester Feeder Deposit Project (Fri, Feb 2)

First Narrows Resumes Mineral Resource Estimate Drilling on Chester Feeder Deposit (Fri, Jan 26)

Latest Results Further Delineate High Grade Copper Near Surface at First Narrows' Chester Project (Wed, Jan 24)

First Narrows Extends High Grade Copper Mineralization at Chester (Mon, Dec 4)

Vancouver Head Office:

402-1228 Hamilton Street
Vancouver, B.C.
Canada V6B 6L2
Tel: (604) 677-5143
Fax: (604) 677-4702

Corporate, Investor, and Media Inquiries:
Greg Lytle, Communications Manager
glytle@uno.ca
Toll free: 1-866-285-5817
Vancouver Direct: 604-839-6946

UNO filings with SEDAR can be found here. All Fillings are current and the Company is fully reporting.

This report includes forward-looking statements that reflect First Narrows Resources Corp. current expectations about its future results, performance, prospects and opportunities. First Narrows Resources Corp. has tried to identify these forward-looking statements by using words and phrases such as "may," "will," "expects," "anticipates," "believes," "intends," "estimates," "plan," "should," "typical," "preliminary," "we are confident" or similar expressions. These forward-looking statements are based on information currently available and are subject to a number of risks, uncertainties and other factors that could cause First Narrows Resources Corp.'s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, without limitation, the Company's growth expectations and ongoing funding requirements, and specifically, the Company's growth prospects with scalable customers, and those outlined above. Other risks include the Company's limited operating history, the Company's history of operating losses, consumers' acceptance, the Company's use of licensed technologies, risk of increased competition, the potential need for additional financing, the terms and conditions of any financing that is consummated, the limited trading market for the Company's securities, the possible volatility of the Company's stock price, the concentration of ownership, and the potential fluctuation in the Company's operating results.

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