First Narrows Restructures Mexican Operations

VANCOUVER, BC--(Marketwire - February 15, 2008) - First Narrows Resources Corp. (TSX-V: UNO) and (PINKSHEETS: FNRWF) ("First Narrows" or the "Company") is pleased to report that it has completed the first phase of a corporate reorganization of its Mexican operations.

In accordance with Mexican law and regulations, the Company originally incorporated an entity known as Minera FNR de Mexico, S.A. de C.V. ("Minera FNR") to conduct its business in Mexico.

In anticipation of the advancement and development of several of its exploration properties, particularly the past producing Susana D'Oro high grade Cu-Au-Ag project, the Company has been working closely with its Mexican legal counsel to establish a number of new entities to provide more flexibility to, and protection of, the Company's assets in Mexico.

In particular, the Company will soon be transferring all of its Minera FNR assets to the new Mexican entity, FNR La Palma, S.A. de C.V. ("FNR La Palma"). Further, the Company is in the process of creating subsidiaries that will operate under FNR La Palma's control, each of which will be devoted to one key component of FNR La Palma's business. One subsidiary, for example, will be solely responsible for advanced exploration and mining operations, while another will be solely responsible for earlier stage exploration projects.

In respect of this corporate reorganization of its Mexican business activities, the Company's President, and President of FNR La Palma, Peter K. Gummer, stated that: "In conjunction with the Company's advancing exploration projects, FNR La Palma has been created as a necessary step towards building an innovative, sophisticated, and self-sufficient corporate structure that will provide long-term, cost-effective stability to all of our Mexican business operations. Each of these new entities will greatly contribute to our ongoing effort to streamline our operations, all while protecting and enhancing shareholder value and the integrity of our valuable business interests in the region."

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 active projects in the Province of New Brunswick, Canada and in the State of Sonora, Mexico. The most advanced project is the 100%-owned Chester copper-polymetallic deposit in New Brunswick's Bathurst Mining Camp, which is rapidly moving forward to NI 43-101 mineral resource estimate and conceptual mine design status. For more information visit: www.uno.ca.

ON BEHALF OF THE BOARD OF DIRECTORS
"Peter K. Gummer"
Peter K. Gummer, President

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