First Gold Exploration Inc.

First Gold Exploration Inc.

November 11, 2010 09:46 ET

First Gold: Drilling at Croinor Intersects 29.80 g/t Au Over 5.7 Meters, Including 78.15 g/t Au Over 1 Meter

LAVAL, QUEBEC--(Marketwire - Nov. 11, 2010) - First Gold Exploration Inc. ("First Gold") (TSX VENTURE:EFG) (FRANKFURT:F12) (OTCQX:FGEXF) and Blue Note Mining Inc. ("Blue Note") (TSX.V: BNT) are pleased to announce results from the last three holes ( CR-10-376 to CR-10-378) of the seven hole diamond drill program undertaken to test extensions of the underground Mineral Reserves at the Croinor Gold Project.

All three holes encountered mineralized lenses containing significant gold grades and widths, clearly demonstrating the potential to extend the current resources and reserves of the Project. This mineral resource would require minimal capital cost and development to be added to the mining plan presented in the Technical Report and Pre-Feasibility Study for the Croinor Project released on Sedar on August 27, 2010.

Hole CR-10-376 returned values as high as 78.15 g/t Au over 1 meter.

Hole No Section Dip From (m )   To (m )   Length (m )   True
width (m
)   g/t Au
CR-10-376 320W -54 226.1     232.3     6.2     6.2     5.75
includes     226.1     227     0.9     0.9     10.46
and     231.6     232.3     0.7     0.7     36.50
CR-10-376     239.7     245.4     5.7     5.7     29.30
includes     239.7     240.7     1.0     1.0     21.45
and     241.7     242.7     1.0     1.0     23.15
and     243.7     244.7     1.0     1.0     78.15
and     244.7     245.4     0.7     0.7     39.30
CR-10-376     280.6     281.1     0.5     0.5     10.95
CR-10-377 410W -60 183     184     1.0     1.0     1.75
CR-10-378 30E -75 145.5     146.0     0.5     0.5     2.58
and     152     153.6     1.6     1.4     1.32
Table 1. Significant gold mineralized intersections from CR-10-376 to CR-10-378.

Hole CR-10-376 was primarily drilled to test the continuity of a mineralized lens at depth which was previously intersected to the west, south and east by holes 83-500-504, 83-500-505 and 83-500-506 that had returned 6.5 g/t Au over 8.5m, 4.5 g/t Au over 7.3m and 5.8 g/t Au over 7.5m respectively. Hole CR-10-376 intersected the lens 40 meters to the north of hole 83-500-505 at a vertical depth of 200m from surface returning 29.3 g/t Au over 5.7m. Moreover CR-10 376 intersected two other lenses, above and below the main lens returning values of 10.5 g/t Au over 0.9m, 36.5 g/t Au over 0.7m and 10.95 g/t Au over 0.5m.

Hole CR-10-377 was drilled to test the continuity of two lenses at depth where previous holes drilled to the west and east intersected significant values in one of the lenses including 13.7 g/t Au over 0.5m from Hole 420. Hole CR-10-377 intersected the lens 30m below and 20m to the north of Hole 420 returning a grade of 1.8 g/t gold over 1m.

Hole CR-10-378 was drilled to test the continuity of mineralized quartz veins observed in hole CR-10-372A. CR-10-378 intersected one of the veins 45 meters below and 40 meters south of historical drill intercepts and returned 2.58 g/t Au over 0.5 meters. CR-10-378 also intersected 1.6 meters grading 1.3 g/t Au in another lens, confirming continuity of the zone beyond CR-10-372A, which had intersected 7.16 g/t Au over 1.2m.

Considering their thickness and dip, the new intersections obtained will have a positive impact on the already robust project economics. Zones with thickness greater than 5.0 m and dip steeper than 45° will be mineable using a less costly and more productive long-hole mining method instead of the room and pillar mining method.

"We are very pleased with the results of the summer 2010 Croinor exploration program", stated Leon Methot, Blue Note's Chairman and CEO. "These results clearly confirm the high probability that the resources of this deposit could expand considerably with further exploration and definition drilling within the known resource area and both laterally and beneath the current resources."

A follow up exploration program is now being prepared to commence during the first quarter of 2011.

Borehole IP Survey

Preliminary results of a hole-to-hole induced polarization survey identified chargeability anomalies in the western, eastern and vertical extension of the Croinor deposit in areas with limited drill hole information with some extending below 500 meters. The lateral and vertical extension of the deposit remains open and the geophysical survey confirms the possibility of mineralization in these areas. The anomalies in the western and the eastern extensions are located between surface and 300m vertical depth. Potential mineralized zones located in these areas would be above the bottom of the ramp planned in the Pre-Feasibility Study. A drilling program to test the geophysical anomalies is in preparation and will be included in the follow up exploration program. 

The drill program was carried out by Forages M. Rouillier Inc. /M. Rouillier Drilling Inc. and was supervised by InnovExplo personnel under Carl Pelletier P.Geo., a qualified and independent person according to NI 43-101. Gold values were determined by fire assay and AAS, or fire assay and gravimetric analyses if over 3 g/t, at the ALS Laboratory Group, Minerals Division laboratory in Val d'Or.

John Martin, P. Eng., President and Chief Operating Officer of Blue Note Mining Inc., is a Qualified Person as defined under NI 43-101 guidelines and has reviewed the technical information contained in this press release. Carl Pelletier, P.Geo. of InnovExplo Inc., a consulting firm based in Val d'Or (Québec), is a Qualified and Independent person as defined under NI 43-101 guidelines and has also reviewed and approved the technical information of this press release relating to Croinor.

About First Gold Exploration

The goal of the Company is to create shareholder value by acquiring promising projects that could be advanced to production stage in a short period of time. This has been achieved with its interest in the Croinor gold project, and the currently in progress Rare Metal Pivert/Rose property, among other promising projects in the pipeline including the San Francisco Javier silver property.

About Blue Note Mining

Blue Note Mining is a mineral exploration and mining company headquartered in Montreal with properties located in known gold regions of Canada, including the prolific Val-d'Or region of Quebec and northern New Brunswick. Blue Note's top priority is to develop the Croinor gold property.

Forward-Looking Statements

This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products, technical uncertainties associated with operating an underground mine and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.

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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