First Gold Exploration Inc.
TSX VENTURE : EFG

First Gold Exploration Inc.

December 07, 2007 13:01 ET

First Gold Closes a $200,000 Private Placement With MineralFields for Exploration on Croinor Project

MONTREAL, QUEBEC--(Marketwire - Dec. 7, 2007) - First Gold Exploration Inc. (the "Corporation") (TSX VENTURE:EFG) is pleased to announce the closing of a non-brokered private placement with First Canadian Securities, a division of Limited Market Dealer Inc. of Toronto. The offering consists of 952,380 Units issued at a price of $0.21 per Unit for total gross proceeds of $200,000, with each Unit consisting of one flow-through common share and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share of the Corporation for a period of twelve months at a price of $0.30 per share and thereafter at a price of $0.40 per share for another twelve months.

Limited Market Dealer Inc. received a cash finder's fee of 7% of the gross proceeds and non-transferable finder's fees warrants equal to 6% of the number of Units issued by the Corporation, each finder's fee warrant entitles the holder thereof to purchase one common share of the Corporation at a price of $0.21 per share for a period of two years from the closing.

There are 2 subscribers to the private placement: MineralFields Quebec 2007 and MineralFields Alberta 2007. The securities issued pursuant to the offering are subject to a 4 month hold period expiring on April 4th, 2008.

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about the MineralFields Group is available at www.mineralfields.com. First Canadian Securities ®, a division of Limited Market Dealer Inc. is active in leading resource financings (both flow-through and hard dollars) on competitive, effective and service-friendly terms, with investors both within, and outside MineralFields Group.

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

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