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

First Gold Exploration Inc.

July 10, 2008 15:12 ET

First Gold Announces the Closing of Private Placements for an Amount of $667,000

MONTREAL, QUEBEC--(Marketwire - July 10, 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 $667 000 following the press release dated June 12th 2008. The private placements are as followed:

- PRIVATE PLACEMENT OF UNIT COMMON SHARES

First Gold Exploration Inc. is pleased to announce the closing of 87 common shares Units at a price of $1,000 per Unit for total gross proceeds of $87,000, 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 297 Quebec residents flow-through Units issued at a price of $1,000 per Unit for total gross proceeds of $297,000, 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.

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

First Gold Exploration Inc. announces the closing of 110 flow-through Units for Canadian residents outside the Province of Quebec issued at 300$ per Unit for a total gross amount of $33,000. Each Unit includes 1,000 flow-through common shares at a price of $0.30 per share and 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.

- PRIVATE PLACEMENT OF FLOW-THROUGH UNITS FOR A FLOW-THROUGH SHARE FUND

In addition to this, the Corporation is proud to announce the closing of a private placement consisting of 781 250 flow-through Units at a cost of $0.32 per Unit with Augen Capital Corp. for a total gross amount of $250,000. Each Unit includes 1 flow-through common share and half a common share purchase warrant. Each full 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.

Augen Capital Corp. is a merchant bank in Toronto specializing in the financement and investment of natural resource corporations at a early stage of their development. For more information concerning Augen Capital Corp., please visit their web site at www.augencc.com .

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 49,850 Agent's warrants entitling the holders to purchase 49,850 common share purchase warrants at price of $0.40 per share and paid a $61,100 cash commission.

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


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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