First Gold Exploration Inc.

First Gold Exploration Inc.

December 01, 2009 16:30 ET

First Gold Completes Closing of Private Placement for $600,000 With MineralFields

LAVAL, QUEBEC--(Marketwire - Dec. 1, 2009) - First Gold Exploration Inc. (TSX VENTURE:EFG) (FRANKFURT:F12) is pleased to announce the closing of non-brokered private placement for a total of $600,000, detailed as follows:

- Private placement of Flow-Through Units  MineralFields.

A private placement of 4,000,000 flow-through units at a price of $0.15 per unit. Each unit is comprised of one flow-through common share and one-half of a non-flow-through share purchase warrant in the share capital of the Company, a whole warrant entitling its holder to purchase an additional common share at an exercise price of $0.20 per share until November 30, 2011. In connection with this private placement, the Company paid a cash finder's fee of $24,000 and issued 400,000 unit purchase options on the same terms as the subscriber units exercisable at a price of $0.15 per option.

Limited Market Dealer Inc. received a due diligence fee of 160,000 common shares in order to complete due diligence.

There four subscribers to the private placement which are Limited Partnerships from Toronto.

All securities issued pursuant to the non-brokered private placements will be subject to a regulatory hold period ending March 31, 2010.

The proceeds of this private placement will be used for exploration expenses on its current projects.

About MineralFields, Pathway and First Canadian Securities®

MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada 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 (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at First Canadian Securities® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities®.

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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