First Gold Exploration Inc.

First Gold Exploration Inc.

January 21, 2008 14:08 ET

First Gold to Undertake a New Resource Estimate on Croinor

"Additional Gold Intersections on the Croinor Project"

MONTREAL, QUEBEC--(Marketwire - Jan. 21, 2008) - First Gold Exploration Inc. (TSX VENTURE:EFG) "First Gold" is pleased to announce the last results from its 2007 diamond drilling program on the Croinor property located 75 km to the east of Val-d'Or in the Abitibi region of Quebec (joint-venture with X-Ore Resources Inc.).

Results from drill holes CR07-331, 332a, 333, 334, 335, 336 and 340a (partial) were released previously. EFG is now releasing the results of the missing portion of hole 340A and of 10 more holes on the Croinor Mining Lease. See the attached map for surface location of the holes. Cross-sections will be available and posted on the website as they become available.

Hole No. Interval (m) Grade Au /Length

CR07-337 311.0 to 312.0 2.4 g/t over 1.0 meter
312.5 to 313.0 2.88 g/t over 0.5 meter
313.0 to 313.5 3.74 g/t over 0.5 meter
313.5 to 314.0 3.29 g/t over 0.5 meter
314.0 to 314.5 9.94 g/t over 0.5 meter
318.5 to 319.0 2.33 g/t over 0.5 meter

CR07-339 248.0 to 251.0 4.35 g/t over 3.0 meter
259.5 to 261.5 4.27 g/t over 2.0 meter
269.5 to 270.2 2.74 g/t over 0.7 meter

CR07-340A 245.5 to 246.0 2.81 g/t over 0.5 meter
270.5 to 271.0 5.28 g/t over 0.5 meter
271.0 to 271.5 7.1 g/t over 0.5 meter

CR07-341 233.0 to 235.0 2.23 g/t over 2 meters
248.0 to 249.0 2.06 g/t over 1 meter

CR07-342 149.0 to 150.0 2.23 g/t over 1 meter
201.0 to 202.0 3.46 g/t over 1 meter

CR07-343 247.0 to 248.0 24.48 g/t over 1 meter
248.0 to 249.0 3.46 g/t over 1 meter
249.0 to 250.0 1.71 g/t over 1 meter

CR07-344 266.0 to 267.0 1.03 g/t over 1 meter
271.0 to 272.0 7.61 g/t over 1 meter

CR07-346 217.0 to 218.0 2.95 g/t over 1 meter
218.0 to 219.0 3.84 g/t over 1 meter
219.0 to 220.0 1.41 g/t over 1 meter
220.0 to 221.0 1.61 g/t over 1 meter
221.0 to 222.0 0.021 g/t over 1 meter
222.0 to 223.0 4.01 g/t over 1 meter

CR07-347 206.0 to 207.0 5.86 g/t over 1 meter
246.0 to 247.0 3.94 g/t over 1 meter
249.0 to 250.0 3.36 g/t over 1 meter

Of the holes reported, No. CR07-338 and CR07-345 returned no significant value. A total of 8,409 meters of drilling were completed in the year 2007 on the Croinor Mining Lease versus an initially planned campaign of 5,000 meters.

In a separate joint-venture (also with X-Ore Resources) on the mining claims surrounding the Croinor Mining Lease, a total of eight holes for 1,621 meters (vs a budget of 1,500 meters) were drilled:

1) seven of these holes were drilled on the Lac Bug showing located 1 km to the east of the Croinor Mining Lease mainly to test the down plunge of the mineralization below the 100 meter level; and

2) Another hole was drilled to test if other targets could be delineated along the Lac Bug structural corridor.

One hole, LB07-05 reported: 6 meters of 6.19 g/t Au (between 91 and 97 meters). First Gold does not feel that the overall results warrant any follow-up work on this mineralized horizon.

The Croinor project has provided very encouraging results. Fill-in drilling has confirmed that the known mineralized zones located within 200 meters from surface can be extended and has lead to the discovery of new mineralized zones below 200 meters from surface (holes CR07-331, 332A, 340A and 334).

The Company and its partner X-Ore Resources are currently evaluating all the alternatives but the joint-venture partners have concluded that a new resource calculation is warranted. It remains to be determined whether or not a few more drill holes will be completed prior to this exercise. Nevertheless:

1) a new NI 43-101 report with a new resource estimate will definitely be prepared in the year 2008;

2) more drilling will be completed on the Mining Lease - both in fill drilling with holes down to 300 meters and more drilling along strike both East of hole CR07-335 and West of hole CR07-347;

3) more drilling will also be completed on some targets of the claims surrounding the Mining Lease; and

4) a scoping study is also contemplated to assess the potential of underground access via a ramp on the Mining Lease.

All the samples were analyzed using by fire assays at Laboratoire Expert Inc. located in Rouyn-Noranda, Quebec. First Gold has implemented a QAQC program which includes the use of standard and duplicates samples.

Mr. Pierre O'Dowd, a Qualified Person under NI 43-101 has revised and approved the technical content of this release. Mr. O'Dowd will supervise the field worked that will be executed on the project.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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