First Gold Exploration Inc.

First Gold Exploration Inc.

July 12, 2010 08:25 ET

First Gold Exploration Retains Resourcex Group to Broaden Company's Market Following

LAVAL, QUEBEC--(Marketwire - July 12, 2010) - First Gold Exploration Inc. (TSX VENTURE:EFG) (FRANKFURT:F12) is pleased to announce that it has retained the Resourcex Group of Vancouver to play a significant role in broadening EFG's visibility in the North American markets. Resourcex Group is headed by James West, who is also the editor of The Midas Letter, a widely-circulated newsletter covering the resource sector. Mr. West is also published in a number of periodicals and Internet sites and is a speaker at major investor conferences throughout North America, as well as a frequent guest on Canadian financial and business television programs.

The service agreement with Resourcex Group is for a twelve-month period but may be terminated by either party at the end of any quarterly period. Resourcex will receive a fee of $5,000 per month for the 12-month term of the agreement, as well as a stock option to purchase up to 500,000 shares. The first 300,000 shares of the option are granted at the start of services and are exercisable at a price of $0.40 per share for a period of two years. The option vests as to one-quarter of the options granted on a quarterly basis over the ensuing year. If the agreement is extended beyond the initial 90-day period, Resourcex will be granted an option for an additional 200,000 shares at a strike price to be determined on or around October 1, 2010, also for a two-year term and subject to vesting on a quarterly basis over the ensuing year from the date of grant. 

Commented Eric Leboeuf, President of First Gold Exploration: "We are very pleased to have James West and the Resourcex Group join the Company's expanding communications/IR team. With Michael Baybak and Company, Inc., which represents many prominent North American resource development companies, also handling our broader North American communications and marketing efforts, First Gold now has one of the more effective and qualified investment and IR professional teams in the industry building the Company's visibility and its growing investor followings and ensuring that the markets understand the Company's promising developments."

According to James West, President of the Resourcex Group, "We only take on the best companies as clients, and after thorough due diligence. In our view, EFG's diversified assets are dramatically undervalued, and intensive drilling is currently confirming an exceptional world-class deposit at the Company's rare earth metals property in Quebec. We think the markets do not yet well understand the significant values presented by EFG, and our mission is to inform the investment community about this significant undervaluation."

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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