First Gold Exploration Inc.
TSX VENTURE : EFG
FRANKFURT : F12

First Gold Exploration Inc.

August 19, 2009 11:45 ET

First Gold Acquires 2 Lithium Properties in Quebec Eastmain Greenstone Belt

LAVAL, QUEBEC--(Marketwire - Aug. 19, 2009) - First Gold Exploration Inc. (TSX VENTURE:EFG)(FRANKFURT:F12)

- Lac Pivert Property yield 2.5% Li2O or 11,600 ppm of Li and 74 ppm of Beryllium (Be).

- Historical results on Pivert Property also yielded 40,800 ppm of Molybdenum (4.08% Mo).

- Previous regional work identified regional occurrences of 1300 ppm of Rubidium (Rb).

First Gold Exploration Inc. is pleased to announce that it acquired today two Lithium Properties located in the Quebec Eastmain Greenstone Belt. These properties consist of 95 mineral exploration claims, some of which are still pending, representing approximately 50.3 square kilometers. Historical samples yielded up to 2.5% of Li2O. These results are historical in nature and should not be relied upon. First Gold expects to start surface work and prospective drilling as soon as the transaction is accepted by the Regulatory Authorities.

Properties Description

The Properties are contiguous and located 50 km south-southeast of, and along strike to the Cyr Lithium Discovery by Lithium One (TSX VENTURE:LI) and 75 km due south of Goldcorp's Eleonore Gold Deposit (TSX:G).

The Properties lies in the northeastern segment of the Superior Geological Province within the Eastmain Greenstone Belt (NTS Map-Sheet 33C/1). Boisvert (1989) describes a variety of lithologies in the region including biotite schists and gneisses, basalts, dacites, quartzites, conglomerates, gabbros, granites and pegmatites. Lithologies are generally well foliated and oriented southeasterly, except for the more massive and unfoliated granites and pegmatites. The Lac Pivert and Rose Properties host pegmatites, occurring as irregular but generally continuous lenses within the biotite schists. Individual pegmatites can attain up to 60 m in width and more than 100 m in length, collectively forming part of a much larger bodies having kilometric lengths and widths up to 300 m.

Carlson (1962; MRNFQ report RP 483) identified pegmatites entiched in Rare Earth Elements or "REE's" in the region. Additional work by the Ministere des ressources naturelles et de la faune Quebec (the "MRNFQ") uncovered two showings on the Property, named the Rose and Lac Pivert Showings, both discovered in 1961) with a similar metallogenic context to that of the Cyr Lithium Discovery of Lithium One.

The Lac Pivert Property (MRNFQ Fiche de Gite 33C/01-0005) consists of a pegmatite containing 20% spodumene (a lithium aluminum silicate), beryl (a beryllium aluminum silicate) and trace molybdenite (a molybdenum sulphide). Grab samples gave up to 1.16% Lithium (2.5% Li2O) and 74 ppm Beryllium (MRNFQ, 2001).

The Rose Property consists of a number of en-echelon pegmatites, individually up to 15 m wide, crosscut by centimetric quartz veins. Spodumene and lepidolite (a potassium lithium aluminum silicate) can form centimetric lenses locally making up to 40% of the pegmatites (MRNFQ, 2001). Grab samples contained up to 0.21% (0.452% Li2O) Lithium and 129 ppm Beryllium.

Previous regional work on Rose and Lac Pivert properties (Carlson, 1962) identified grab sample containing rare Hearth up to 2.5% Li2O, up to 1,300 ppm Rubidium, up to130 ppm Beryllium, up to 70 ppm Niobium and up to 50 ppm Tantalum, which is typical of the albite-spodumene pegmatites (Cerny, 1991). This type of pegmatite is also associated with the Preissac-Lacorne Batholith further south in the Abitibi Greenstone Belt near Val-d'Or where it was extracted at the Quebec Lithium Mine (Boily, 1995; Mulja et al., 1995; Ste-Croix and Doucet, 2001).

Terms of Acquisition

In order for First Gold to acquire an initial 51% Property interest, the Company must pay to arm's length parties a total of $30,000 and issue a total of 3 million shares at the signing of the Final Agreement and upon regulatory approval; in addition to completing $300,000 in exploration and/or development work on or before the First Anniversary of the signing of the Final Agreement.

On the First Anniversary date and the $300,000 work expenditure, First Gold will have acquired the 51% Property interest and will have an Option to acquire an additional 14% Property interest by issuing 1 million shares to the Vendors and complete $500,000 in exploration and development work on the Property on or before the Second Anniversary of the signing of the Final Agreement.

On the Second Anniversary date and the $500,000 work expenditure, First Gold will have acquired a 65% Property interest and will have an additional Option to acquire an additional 20% Property interest by issuing 1 million shares to the Vendors and complete $1 million in exploration and development work on the Property on or before the Third Anniversary of the signing of the Final Agreement. Once vetted, First Gold will have acquired the 85% Property interest and a joint venture would be formed with the Vendors.

The Vendors will retain a 2% Net Smelter Returns Royalty of which 1% could be bought -back by First Gold for $1 million. If First Gold outlines a minimum NI 43-101 compliant mineral resource of 125,000 tonnes grading 0.8% Li2O or more for 220,000,000 million pounds of Li2O, the Company will then issue 3 million shares to the Vendor. First Gold will be required to complete the initial payments and share issue as well as the First and Second Anniversary commitments; otherwise the claims will revert to the Vendors.

The Company shall pay a finders fee to arm's length third parties in connection with this proposed properties acquisition in accordance with TSX Venture Exchange Policies.

Mr. Pierre O'Dowd (OGQ #668), a Qualified Person under NI 43-101, has revised and approved the technical content of this release. Mr. O'Dowd has accumulated more than 30 years in exploration experience in Canada and worldwide having worked with companies such as Falconbridge, Noranda, Cambior (Doyon Mine) before starting his consulting firm in 1995.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

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