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

First Gold Exploration Inc.

July 17, 2008 14:26 ET

First Gold Announces the Closing of Private Placements for an Amount of $255,000

MONTREAL, QUEBEC--(Marketwire - July 17, 2008) - First Gold Exploration Inc. (the "Corporation") (TSX VENTURE:EFG) (FRANKFURT:F12) announces the closing of non-brokered private placements for an additional amount of $255,000 following the press release dated July 10th 2008. The private placements are as followed:

- PRIVATE PLACEMENT OF UNIT COMMON SHARES

First Gold Exploration Inc. is pleased to announce the closing of 75 common shares Units at a price of $1,000 per Unit for total gross proceeds of $75,000, with each Unit consisting of 4,000 common shares of the Corporation at a price of $0.25 per share and 4,000 common share purchase warrants of the Corporation. Each warrant entitles the holder thereof to purchase one common share of the Corporation for a period of twelve months at a price of $0.35 per share and thereafter at a price of $0.45 per share for another twelve months.

- PRIVATE PLACEMENT OF FLOW-THROUGH UNITS FOR RESIDENTS OF THE PROVINCE OF QUEBEC

First Gold Exploration Inc. announces the closing of its private placement consisting of 180 Quebec residents flow-through Units issued at a price of $1,000 per Unit for total gross proceeds of $180,000, with each Unit consisting of 2,500 flow-through common shares at a price of $0.30 and 1,000 common shares at a price of $0.25 per share with 3,500 common share purchase warrants of the Corporation. Each warrant entitles the holder thereof to purchase one common share of the Corporation for a period of twelve months at a price of $0.40.

In connection with those private placements, a finder's fee commission will be paid out in cash and finder's fee warrants to qualified individuals and brokers. The flow-through common shares and the common shares are subject to a four-month hold period from closing.

As finders' fee with the private placements, the Corporation issued a total of 63,000 Agent's warrants entitling the holders to purchase 63,000 common shares at price of $0.40 per share for one year and paid a $21,750 cash commission.

The Corporation is continuing its negotiations in view to complete the private placements previously announced.

Since his first closing on June 10th, 2008, the Corporation has now completed private placements for a total of $1,338,000.


For more information about First Gold Exploration:

Agoracom IR

Hub Home for First Gold:

http://www.agoracom.com/ir/FirstGoldExploration

Profile for First Gold:

http://www.agoracom.com/ir/FirstGoldExploration/profile

Broker Fact Sheet:

http://www.agoracom.com/company/broker_fact_sheet/563067/Microsoft_PowerPoint_-_EFG-BFS-April24-08.pdf

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

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