First Gold Exploration Inc.
TSX VENTURE : EFG

First Gold Exploration Inc.

April 13, 2007 11:01 ET

First Gold Closes a $275,000 Private Placement with Mineralfields for Exploration on it's Gold Projects

MONTREAL, QUEBEC--(CCNMatthews - April 13, 2007) - First Gold Exploration Inc. (the "Corporation") (TSX VENTURE:EFG) is pleased to announce the closing of a private placement with First Canadian Securities, a division of Limited Market Dealer Inc. of Toronto. The offering consists of 1,309,519 Units issued at a price of $0.21 per Unit for total gross proceeds of $275,000, 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 seven subscribers to the private placement including four of the MineralFields Limited Partnerships of Toronto and three individual investors. The securities issued pursuant to the offering are subject to a 4 month hold period expiring on August 12, 2007.

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.

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

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