1. A Junior with Near Term Production & Exploration Potential
for Multiple “Home-Runs”
By Doug Beiers – The Simple Investor Ltd.
September 25, 2007
First Narrows has:
- two near-term production projects, in Mexico and Canada
- multiple exploration programs that have the appearance of tremendous,
perhaps “home-run” potential
- lab results pending for drill core on 2 separate properties that have us
shareholders on the edge of our seats in anticipation
- a steady flow of news for the foreseeable future.
I am not aware of another junior with so many positives that is flying below the
radar of newsletter writers, and most investors.
First Narrows – UNO.V www.uno.ca
Chester Project – New Brunswick, Canada
Copper/Zinc/Lead and Byproduct Metals
Rapidly Progressing towards a Production Decision
The 100% owned Chester project in New Brunswick has a near surface high-grade
copper polymetallic feeder zone adjoining a rich zinc/lead VMS zone. A typical grade
and width of the copper would be 1.5 to 6%
copper over 5 to 20+ metres. Lab results from
a drill hole on the adjacent zinc/lead zone
announced on August 30 ‘07 showed
combined lead/zinc grades exceeding 10%
over 10 metres (+$300/t rock based on Friday
September 21/07 spot prices). Core photos
and associated results can be viewed here. The
Chester feeder zone is an east-west trending
mineralized structure >800 meters in length,
which lies close to surface at the east end and
plunges to 400 meters below surface at the
known western extent. The eastern portion of the feeder zone is currently being drilled
off to 43-101 standards with drill hole spacings of 12.5 – 25 metres. Once the “initial”
43-101 mineral resource estimate is completed (mid-fall) the feasibility study is expected

2. First Narrows cont’d. 2
to commence. If the study is positive (due approximately May 2008) this will be followed
by a Mining Plan and the acquisition and placement of mining infrastructure. From the
June 30/07 MD&A…
”The completion of the initial Feeder Deposit resource estimate, coupled with favourable
results from the final metallurgical and environmental programs, will enable the
Company to realize its objective of a mining and milling operation at Chester. The ability
to internally generate working capital from operations at Chester will offset the
Company’s dependence on equity financings to provide future working capital.”
The Company also owns the surrounding 289 claims that Teck Cominco has 60% back-in
rights to, or a 1.5% NSR royalty.
The Company has been favored with a string of recent upside surprises. They were doing
condemnation drilling (2 drill holes) on a possible site to locate mine/mill infrastructure
for their anticipated future copper/zinc/lead Chester Mine. They are now looking for a
different location as they announced this on July 6 ’07 (emphasis mine)…
”Both holes intersected disseminated red sphalerite and galena beneath the western
extent of the soil geochemical anomaly from surface to a depth of up to 150 meters. This
suggests the sulphide zone is thick and flat to gently inclined, and would therefore be
amenable to open pit mining methods. Sampling and assaying are pending.”
Not being a geologist I did a bit of research. It seems that galena is the natural mineral
form of lead sulfide and is the most important lead ore mineral. Galena deposits often
contain significant amounts of silver (source). I am told that red sphalerite indicates the
presence of zinc and iron, with zinc dominating. Emphasis mine…
“The Company plans to conduct follow-up IP geophysical and soil geochemical surveys,
followed by drilling, to fully delineate the extent of the new discovery. Although the size
and grade of the discovery are not presently known, the magnitude of the Ag-Zn-Pb-Cu
soil geochemical anomaly (>600 meters by >400 meters), coupled with the Company’s
early drill hole and analytical results, suggest the resource potential may be very
large.”
As bullish as the above statements appear, lab
results are the “truth machine” so all we can
do for now is wait. The Company is
researching alternative locations for the mine
infrastructure.
September 14/07 the company announced the
awarding of a contract to enter a historical 470
meter decline that is expected to be used to
access the high grade Feeder Deposit…

3. First Narrows cont’d. 3
“First Narrows … is pleased to report that the Company has awarded Chaleur Shotcrete
Inc., of Bathurst, New Brunswick, for the Stage I underground program at the Chester
Feeder Deposit. Re-entry of the decline will commence during the last week in
September, and will involve water quality sampling, surveying and an engineering-
geological inspection.
The decline, a gently inclined 3-meter by 5-meter (10 ft. x 16.5 ft.) diameter tunnel driven
470 meters (1,542 ft.) into the Feeder Deposit by a previous operator in 1974-75, will be
used to provide immediate access to a near surface portion of the Feeder Deposit.”
The decline mentioned above will reduce the time to reach the copper mineralization by
4-6 months and save the Company several million dollars.
Byproduct metals include: Silver, bismuth, cobalt, gold and indium. Metallurgy studies
have not yet been done to determine the value that byproduct metals will contribute to
future anticipated earnings. The Company expects to have the metallurgy studies
completed before Christmas.
Susana D’Oro: Gold/Copper – Sonora District, Mexico
On the Fast-Track to Small Scale Production
I have been following First Narrows for over one year now and building my share
position since November 2006. In April this year I had the opportunity to visit their
Mexico property and it was a most reassuring trip. It gave me the opportunity to get to
know several of the people involved and see the properties first-hand. The overview to
me from this trip is that there is an obvious history of very active small scale mining in
and around the property, but it seems that this area has not received any attention for the
past 40 - 50 years. I think First Narrows has found a “diamond in the rough”.
The Susana D’Oro property is a high grade gold/copper past producer (small scale) with
(historical) veins including:
- 144 ft. of 11gpt Au & 7.5% Cu over 5 ft.;
- 245 ft. of 8gpt Au & 4.5% Cu over 4.8 ft.;
- 58 ft. of 26gpt Au & .5% Cu over 5.3 ft.
Approximately 4-6,000 tonnes of old tailings
from past production “waste” dumps are likely
rich enough to profitably truck to the future
planned production facility. Grades from the old
tailings average 2-4 gpt gold and 1-2% copper.
The next steps for Susana will likely be
underground drilling in the old workings to the flooded level, where the drill will be able
to access its water.
The original 433 acre property was expanded by 2,717 acres in March ’07 to include…

4. First Narrows cont’d. 4
“A gold mineralized breccia system <that>
occurs proximal to the historical underground
workings, and unsourced eluvial and placer
gold occurrences <which> are widespread on
the property.”
This additional property would appear to be
extremely prospective as the company has
hand-panned a substantial amount of gold
from a hillside as announced August 29 ’07
(emphasis mine)…
“A total of 298 grains of gold have been
recovered from the eluvium to date from <
0.34 cubic meters of eluvium. The continued
recovery of large leaf-like gold grains
strongly suggests the nearby presence of a
significant bedrock gold zone. Outcrop
occurs approximately 0.3 to 0.7 meters (1 to
2.3 ft.) below the eluvium and angular chips
and fist-size boulders of weathered rusty
granodiorite, quartzite, magnetite, and quartz
are present in the eluvial material.”
I visited the property at the end of April and
personally bagged 2 x 2kg bags from the
hillside. Of a total of 5 bags we collected that
day, 4 contained visible gold when panned
back at the office.
The Susana D’Oro project area which includes
“Lupita” is easily accessed with relatively flat
topography mixed with low lying mountains
and hills. Road access is quite good with
access rights secured and power nearby.
“Tecoripa West” Property Acquired
On August 14, 2007 First Narrows announced 24,205 acres were staked after study of an
ASTER satellite image. The discovered anomaly is “a discrete, Fe-Oxide-silica-clay
mineral alteration anomaly” over more than 4km long.

5. First Narrows cont’d. 5
“The Property covers a larger Fe-Oxide–silica bloom that extends kms beyond the
anomaly on an alluvial and colluvial plain where outcrop is scarce. Nevertheless,
colluvial remnants of bedrock occur randomly across the plain providing the opportunity
to prospect, map and sample various mineralizing events.”
Tecoripa West is 15 miles from Susana D’Oro and is intersected by paved highway.
“Tecoripa East” Property Acquired
News on August 21/07 announced the company acquired a large block of land (44,906
acres) approximately 12 miles from Susana D’Oro, the “Tecoripa East” property which
adjoins the 24,205 acre “Tecoripa West” staked on August 14/07. This is a gold
mineralized Porphyry…
”Crushing and panning confirms the presence of fine free gold in the porphyry”. - and -
“The Company has commenced mapping, prospecting, and trenching of the area
surrounding the discovery outcrop where an extensive iron-oxide color bloom is present
over more than 100 hectares (247 acres), coinciding with an iron-oxide--silica--smectite-
-montmorillonite--pyrophyllite--kaolinite ASTER anomaly.”
The “Tecoripa East” and “Tecoripa West” properties are intersected by paved highway
and located 3-4 miles from the town of Tecoripa and 12-15 miles from Susana D’Oro.
This should result in a very economical exploration program with all 3 of these projects
very close together.
First Narrows now has the rights to 100% interest in 3 properties (+97,000 acres) in
Mexico, and I would not be surprised to see additional ground added to their land
package over the next couple months. I also expect a drill program to commence on the
Susana D’Oro property this fall, subject to drill availability.
Secondary Projects in New Brunswick, Canada
First Narrows “Secondary Projects” would attract the attention of many exploration
companies. Whether they should be labeled as “secondary” is certainly subject to debate.
In my opinion only Hubbards Pond fits this description.
Middle River: Gold & Base Metal, New Brunswick
The 9,456 hectare Middle River property is located 23kms from a sea port and accessible
by a paved all-weather road. From the website (emphasis mine)…
“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

6. First Narrows cont’d. 6
property. Brunswick#12 is a super-class volcanogenic massive sulphide deposit and the
largest underground zinc mine in the world.” - and - ”The discovery potential for
economic orogenic gold deposits on the Middle River property is considered high.”
A deep hole “has been planned for some time on a geological/geochemical CuZnPbAg
VMS target – the MR1 anomaly – the company has identified the buried blind extension
of the BMS#12 hanging wall stratigraphy on Middle River (MR1) and it is planned to
drill thru these lithologies to intersect the favourable VMS horizon that should lie
immediately beneath.”
First Narrows has also defined an OG (Orogenic Gold) mineralizing event that holds
considerable promise. Comments by Professor David Lents, P. Geo., Economic Geology
Chairman, Dept. of Geology, University of New Brunswick…
“After reviewing the assay results and examining the drill core from the Middle River
Gold Property with the project geologist, a very significant Orogenic Gold Deposit is
potentially being defined. The mineable widths identified are associated with impressive
gold grades in an intense hydrothermal alteration system. This region is the classic
environment typically associated with this style of gold mineralization; preliminary
geological, geochemical, and structural features in the area together with other
significant gold finds in this region reveals a new gold district emerging in the the
backyard of a major base-metal mining camp”
The best drill hole intersection to date is 17 meters (57 ft.) averaging 3.4 gpt gold with
high grade narrow veins of 7.44 gpt over 8.5 meters (21 ft.) and 30 gpt over .85 meters
(2.8 ft.). First Narrows believes that this gold system is zoned and the gold should get
richer with depth.
Hubbards Pond – New Brunswick
An early stage exploration project totaling 2,144 hectares.
“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.”
Falls Creek: Tungsten/Molybdenum/Tin, New Brunswick
The 100% owned Falls Creek project is located 40km from the Chester property. This
recently acquired project has generated considerable excitement in the market as a result
of the first drill program from just the core “visuals”. Lab results are expected to be
released shortly. Photos of the drill core posted on the company website are responsible
for some very bullish chatter on discussion boards. Surface grab and boulder samples

7. First Narrows cont’d. 7
along a +4km trend show grades of up to +5% tungsten, 0.23% tin and 1.26% moly.
Quotes from the July 17 ’07 news release (underlines mine)…
“First Narrows Discovers Thick Zone of Tungsten-Molybdenum Mineralization on
Falls Creek Property, New Brunswick - 112 meters (367.5 ft.) of disseminated W-Mo
mineralization in drill core; hole collared and ended in mineralization – continues –
“Drill hole 4717-07-004 (5,178,587N, 688,860E; -60°, bearing 075°) was collared to test
the east contact of the Dungarvon Granite that is covered by a thick blanket of till
including W-Mo mineralized boulders. Disseminated wolframite, scheelite and
molybdenite (the main economic minerals of W and Mo) as well as sporadic pyrite are
visible in the drill core from 9.0 to 121.0 meters (29.5 to 397 ft.) in fine to coarse grained
massive to altered facies of biotite and muscovite granite. Larger splashes of molybdenite
are present locally.” - and – “A uranium showing is reported in outcrop in granite in the
southern part of the property.”
Falls Creek resembles Geodex’s “Sisson Brook” tungsten-moly deposit containing 167
million tones inferred open-pit resource grading .021% moly & .059% tungsten.
www.geodexminerals.org/home.asp?RQ=EDL,1&GID=41&linkid=11
Falls Creek is on trend and approximately 50 miles from Sisson Brook.
The Falls Creek property has since been expanded to 10,003 acres to cover a tin/moly
discovery. Expect a further drilling program later this year.
SUMMARY
First Narrows is rapidly developing into a “mutual fund” of metals and precious metals
discovery with 4 projects in New Brunswick, Canada and 3 in Sonora, Mexico. Two
projects are being fast-tracked to production; the Chester and Susana D’Oro properties.
The recent positive news flow has been nothing short of amazing, and is shaping up to
continue for an unlimited time into the future. President Peter Gummer would appear to
have the “Midas Touch” lately.
President Peter Gummer’s own words dated June 30/07…” The Company is focused on
advancing Chester and Susana D’Oro to production decisions in 2008. At the same time
the new discoveries on the Falls Creek and Susana D’Oro properties are indicative of a
solid and successful exploration program. Drill programs are being planned to further
evaluate the Falls Creek W-Mo,, Chester North Zn-Pb-Ag, Lupita Au (+/-Cu) and Luisa
(Au) discoveries. The Lupita and Luisa discoveries offer potential for significant gold
resources.”
The website is excellent and up-to-date. If the above information interests you, I suggest
you spend considerable time continuing your research there - www.uno.ca. First Narrows
Corporate Communications Consultant Greg Lytle is extremely well informed, so a
phone call or email to him with any questions should be fruitful. First Narrows is still
well under the radar with almost NIL media coverage, but I do not expect this to be the

8. First Narrows cont’d. 8
case for very much longer. First Narrows is my largest holding by far, so I am obviously
biased and a believer.
The company has approximately $1 million cash on hand, 69,601,963 shares fully diluted
(full dilution would add considerable cash to the treasury), excellent management with
very competent people on the ground. A $2 million financing is currently underway @
$0.45 to enable accelerated advancement on multiple properties.
Corporate, Investor, and Media Inquiries:
Greg Lytle, Communications Manager
First Narrows Resources Corp.
402-1228 Hamilton Street
Vancouver, BC, Canada V6B 6L2
glytle@uno.ca
Toll free: 1-866-285-5817
Vancouver Direct: 604-839-6946
Fax: (604) 677-4702
Doug Beiers
The Simple Investor Ltd.
www.thesimpleinvestor.net
Email: Doug.Beiers@gmail.com
Disclaimer:
The information presented in this article is drawn from sources believed to be reliable, however
the accuracy or completeness of this information is not guaranteed. The Simple Investor Ltd. was
not paid or requested to write this article. Doug Beiers & The Simple Investor Ltd. may hold, buy,
sell, positions in some of the securities of featured companies. The Simple Investor Ltd. and
Doug Beiers is not a qualified investment advisor; those seeking specific investment advice
should consider a qualified investment professional.