First Gold Exploration Inc.

First Gold Exploration Inc.

March 02, 2009 09:00 ET

First Gold Finalizes Croinor JV Agreement With X-Ore

LAVAL, QUEBEC--(Marketwire - March 2, 2009) - First Gold Exploration Inc. (the "Company" or "First Gold") (TSX VENTURE:EFG) (FRANKFURT:F12) is pleased to announce that pursuant it's fulfilment of its commitments regarding the Croinor 1 gold property (see press release dated May 1st, 2007), the companies have signed a 50/50 joint-venture agreement with X-Ore Resources as operator.

The option agreement required that First Gold issue 5,000,000 common shares and complete a minimum $1.4 million work program on the property to January 31, 2009. These conditions have been met and a 50/50 joint-venture can now proceed with X-Ore Resources Inc. as operator.

A management committee comprised of two members of each of First Gold and X-Ore will be responsible for planning the next development phases of the Croinor gold project. Golder Associates is progressing with its preliminary economic assessment and a new 43-101 resource calculation is expected to be available in the coming weeks.

The companies believe that given the gold market outlook, the Croinor gold project will move towards the feasibility stage in the near term. A NI43-101 technical report (see on prepared in November 2005 by InnovExplo Inc. of Val-d'Or estimated a resource of 620,218 mt at 10.37 g/t Au for 206,792 oz Au at a 5 g/t Au cut-off.

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

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