SOURCE: Firstgold Corp.

January 17, 2008 18:26 ET

Firstgold Reports Results From Ongoing Relief Canyon Drill Program

CAMERON PARK, CA--(Marketwire - January 17, 2008) - Firstgold Corp. (OTCBB: FGOC) announces new results from its current Relief Canyon drilling program. "Of the 120 holes currently permitted, 76 reverse circulation drill holes, totaling 20,073 feet, have been completed. Fire assays have been returned from ALS-Chemex for the first 72 of these holes. Both the initial drill results reported on November 19th of last year and these today are representative of a shallow drilling program designed to augment many of the historic drill holes previously completed in the open pit area. The historic holes were greater than 5 years old and a significant percentage of these needed to be twinned to enable our consultant SRK to conduct a technical review. This program is now substantially completed and we would expect a technical report from SRK by the end of February," commented Firstgold CEO Steve Akerfeldt.

The second stage of the drilling program involves the testing of deeper targets within the pit and outside the pit to the northwest in the pediment area. To date 7 holes have been completed on this portion of the program totaling 6,213 feet. Results have been received for 3 of these holes, listed in the Table below as RCM07-38, 39 and 72. Three mineralized zones have been intersected on RCM07-72. The highest grade zone consists of 125 feet of 0.08 oz/ton (38.1 meters of 2.49 grams per ton), the thickest section measures 135 feet of 0.04 oz/ton (44.2 meter of 1.26 grams per ton) and the lowermost contains 45 feet of 0.020 oz/ton (13.7m of 0.686 grams per ton). RCM07-72 was drilled to a total depth of 758ft (231.2 m) and encountered mineralization in a sequence of interbedded silty and micaceous limestone and carbonaceous siltstone that occurs immediately below the thick limestone unit that is host to the mineralized breccias exploited in the Relief Canyon Mine area proper. The mineralization is associated with several quartz vein structures with locally extensive wallrock silicification. The trend of the mineralization is unknown. It is uncertain if further exploration will result in a mineral resource being delineated. Drilling in this area is currently being conducted.

Using a 0.010 ounce per ton cut off, a minimum 10 feet interval thickness, and allowing a maximum contiguous internal dilution of 5 feet, the results for the holes 35 through 72 reverse circulation drill holes from ALS-Chemex assays (fire assay/AA finish) are as follows:



             Grade   Interval                 Interval
Drill Hole  (Au) (tr   (in             Grade    (in
 ID          oz/st)    Feet)  From To  (g/mt) Meters)  From     To
----------  -------- -------- ---- --- ------ -------- ------ ------
RCM07-38       0.030       50  170 220  1.029    15.25  51.85  67.10
----------  -------- -------- ---- --- ------ -------- ------ ------
               0.011       10  415 425  0.377     3.05 126.58 129.63
            -------- -------- ---- --- ------ -------- ------ ------
RCM07-39       0.016       10   75  85  0.549     3.05  22.88  25.93
----------  -------- -------- ---- --- ------ -------- ------ ------
               0.109       45  155 200  3.737    13.73  47.28  61.00
            -------- -------- ---- --- ------ -------- ------ ------
               0.017       15  225 240  0.583     4.57  68.63  73.20
            -------- -------- ---- --- ------ -------- ------ ------
               0.022       30  340 370  0.754     9.15 103.70 112.85
            -------- -------- ---- --- ------ -------- ------ ------
               0.045       60  380 440  1.543    18.30 115.90 134.20
            -------- -------- ---- --- ------ -------- ------ ------
RCM07-40       0.038       85    0  85  1.303    25.93   0.00  25.93
----------  -------- -------- ---- --- ------ -------- ------ ------
               0.014       10  120 130  0.480     3.05  36.60  39.65
            -------- -------- ---- --- ------ -------- ------ ------
RCM07-41       0.012       40    5  45  0.411    12.20   1.53  13.73
----------  -------- -------- ---- --- ------ -------- ------ ------
RCM07-42       0.016       20   20  40  0.549     6.10   6.10  12.20
----------  -------- -------- ---- --- ------ -------- ------ ------
RCM07-46       0.012       45    0  45  0.411    13.73   0.00  13.73
----------  -------- -------- ---- --- ------ -------- ------ ------
               0.016       15   90 105  0.549     4.58  27.45  32.03
            -------- -------- ---- --- ------ -------- ------ ------
RCM07-47       0.039       15    5  20  1.337     4.58   1.53   6.10
----------  -------- -------- ---- --- ------ -------- ------ ------
               0.011       35   50  85  0.377    10.68  15.25  25.93
            -------- -------- ---- --- ------ -------- ------ ------
RCM07-48       0.025       60    0  60  0.857    18.30   0.00  18.30
----------  -------- -------- ---- --- ------ -------- ------ ------
RCM07-49       0.013       20    5  25  0.446     6.10   1.53   7.63
----------  -------- -------- ---- --- ------ -------- ------ ------
RCM07-50       0.027       10    0  10  0.926     3.05   0.00   3.05
----------  -------- -------- ---- --- ------ -------- ------ ------
               0.011       10   30  40  0.377     3.05   9.15  12.20
            -------- -------- ---- --- ------ -------- ------ ------
RCM07-51       0.011       10   90 100  0.377     3.05  27.45  30.50
----------  -------- -------- ---- --- ------ -------- ------ ------
RCM07-55       0.024       10   40  50  0.823     3.05  12.20  15.25
----------  -------- -------- ---- --- ------ -------- ------ ------
RCM07-56       0.017       25   55  80  0.583     7.63  16.78  24.40
----------  -------- -------- ---- --- ------ -------- ------ ------
RCM07-57       0.017       25    0  25  0.583     7.63   0.00   7.63
----------  -------- -------- ---- --- ------ -------- ------ ------
RCM07-58       0.017       30    0  30  0.583     9.15   0.00   9.15
----------  -------- -------- ---- --- ------ -------- ------ ------
               0.020       25   40  65  0.686     7.63  12.20  19.83
            -------- -------- ---- --- ------ -------- ------ ------
RCM07-59       0.018       35    0  35  0.617    10.68   0.00  10.68
----------  -------- -------- ---- --- ------ -------- ------ ------
RCM07-60       0.014       55    0  55  0.480    16.78   0.00  16.78
----------  -------- -------- ---- --- ------ -------- ------ ------
RCM07-61       0.011       10   40  50  0.377     3.05  12.20  15.25
----------  -------- -------- ---- --- ------ -------- ------ ------
RCM07-62       0.082       10    0  10  2.811     3.05   0.00   3.05
----------  -------- -------- ---- --- ------ -------- ------ ------
RCM07-63       0.013       30    0  30  0.446     9.15   0.00   9.15
----------  -------- -------- ---- --- ------ -------- ------ ------
RCM07-64       0.023       20    0  20  0.789     6.10   0.00   6.10
----------  -------- -------- ---- --- ------ -------- ------ ------
RCM07-65       0.025       65    0  65  0.857    19.83   0.00  19.83
----------  -------- -------- ---- --- ------ -------- ------ ------
RCM07-66       0.019       25    0  25  0.651     7.63   0.00   7.63
----------  -------- -------- ---- --- ------ -------- ------ ------
               0.013       10   40  50  0.446     3.05  12.20  15.25
            -------- -------- ---- --- ------ -------- ------ ------
               0.018       10   65  75  0.617     3.05  19.83  22.88
            -------- -------- ---- --- ------ -------- ------ ------
RCM07-67       0.018       30    0  30  0.617     9.15   0.00   9.15
----------  -------- -------- ---- --- ------ -------- ------ ------
               0.011       10   65  75  0.377     3.05  19.83  22.88
            -------- -------- ---- --- ------ -------- ------ ------
RCM07-68       0.018       10    0  10  0.617     3.05   0.00   3.05
----------  -------- -------- ---- --- ------ -------- ------ ------
               0.015       30   35  65  0.514     9.15  10.68  19.83
            -------- -------- ---- --- ------ -------- ------ ------
RCM07-69       0.011       35   90 125  0.377    10.68  27.45  38.13
----------  -------- -------- ---- --- ------ -------- ------ ------
RCM07-70       0.016       70  160 230  0.549    21.35  48.80  70.15
----------  -------- -------- ---- --- ------ -------- ------ ------
               0.011       35  240 275  0.377    10.68  73.20  83.88
            -------- -------- ---- --- ------ -------- ------ ------
RCM07-72       0.013       20    0  20  0.446     6.10   0.00   6.10
----------  -------- -------- ---- --- ------ -------- ------ ------
               0.028       10  100 110  0.960     3.05  30.50  33.55
            -------- -------- ---- --- ------ -------- ------ ------
               0.080      125  380 505  2.743    38.13 115.90 154.03
            -------- -------- ---- --- ------ -------- ------ ------
               0.043      135  525 660  1.474    41.18 160.13 201.30
            -------- -------- ---- --- ------ -------- ------ ------
               0.020       45  710 755  0.686    13.73 216.55 230.28
            -------- -------- ---- --- ------ -------- ------ ------
*All drill holes are vertical.  All of the thicknesses listed above do not
necessarily reflect true thickness.

The attached map, figure 1 (www.firstgoldcorp.com/Store/011708PCRCDH35-72.pdf), shows the locations of the current and historic drill holes within the pit area. Previously, we produced a complete overview of our planned exploration activities. (http://firstgoldcorp.com/Presentations/PCRC_Overview_07_11_09.pdf) This review provides significant background on our Relief Canyon properties and our past and current exploration activities.

Firstgold currently leases over 30,000 acres of prime exploration property in Nevada, including 965 acres at its principal project, Relief Canyon. The Relief Canyon Gold Mine Project recently had its Plan of Operation reinstated in the state of Nevada and the company is conducting extensive drilling and development analysis on the project. Relief Canyon is located outside Lovelock Nevada on the site of the previously producing Pegasus Gold Mine. Additional information about Firstgold Corp. can be found by visiting its web site at www.firstgoldcorp.com.


I, Michael R. Cartwright, Registered/Professional Geologist, do hereby consent to the filing of the written disclosure in the Press Release dated 17 January 2008 of Firstgold Corp. I also certify that I have read the written disclosure being filed and I do not have any reason to believe that there are any misrepresentations in the information contained in the Press Release dated 17 January 2008 of Firstgold Corp.

Dated this 17 January 2008.

Michael R. Cartwright
Principal Consultant
michael@minval.com

Safe Harbor Statement

The matters discussed in this release contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended that involve risks and uncertainties. Although Firstgold Corp. believes that the expectations reflected in such forward-looking statements are reasonable; the forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected. Firstgold Corp. cautions investors that any forward-looking statements made by Firstgold Corp. are not guarantees of future performance and those actual results may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those reflected in forward-looking statements include, but are not limited to, risks and uncertainties regarding the actual mineralization of Firstgold Corp.'s mining properties, the unproven nature of and potential changes to Firstgold Corp.'s business model, the risk that the capital and other resources that Firstgold Corp. will need to exploit its business model will not be available, and the risks discussed in Firstgold Corp.'s Form 10-KSB and in Firstgold Corp.'s 10-QSBs and in Firstgold Corp.'s other filings with the Securities and Exchange Commission.

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