NEW YORK, June 24, 2003 (PRIMEZONE) -- Sifting through scores of overlooked data in government offices, the management team at First Narrows Resources Corp. (TSX Venture Exchange:UNO) approaches mineral exploration a bit differently than the average junior mining company.
"Everyone tries to be different," Gummer told www.wallst.net. "Our strategy, which started a few years back, focused on researching to find, develop, and acquire properties that have previously been discovered, yet they were undervalued." Deemed as properties with "significant potential," prospectors from the company uncovered three areas in New Brunswick, including the Chester Copper Deposit, which has been overlooked by prospectors since the mid-1970s, Gummer added. With their research, First Narrows Resources Corp's prospectors "have seemed to acquire a world-class poly metallic deposit without even drilling a hole."
In essence, the company works backwards, "finding the property first and then locating the corporate structure, then assembling the board of directors and then moving forward w/ the acquisition of properties," allowing investors to "leapfrog over that initial, high-risk, grassroots stage that is so characteristic of the junior sector."
The management team and close associates of the company own approximately 55 percent of the company, with the public float somewhere in the range of 1 million shares, Gummer said. The company has a total of 8.4 million outstanding shares. Trading at between 30 and 40 cents-per-share, the company is currently focused on financing between $8 hundred thousand and $1 million to fund their summer program in New Brunswick.
"Our objectives are very straightforward," Gummer said when asked about the company's outlook. "Now that we have our engineering reports done, we want to get out there and drill our own holes." Gummer said his company's approach to researching potentially profitable properties that have previously yielded positive results is beneficial to investors. "Our investors have very little risk now," he told www.wallst.net. "We are in a very unique place in relation to our competitors."
About First Narrows Resources Corp.
First Narrows Resources Corp. is a Canadian mineral exploration company whose corporate strategy is to find, acquire, and develop properties with undervalued mineral assets. The Company is actively acquiring and developing a balanced mix of gold, base metal and diamond properties.
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