First Gold Exploration Inc.
TSX VENTURE : EFG
FRANKFURT : F12

First Gold Exploration Inc.

March 12, 2009 09:00 ET

First Gold Initiates Winter Program on Matchi-Manitou

LAVAL, QUEBEC--(Marketwire - March 12, 2009) - First Gold Exploration Inc. (the "Company" or "First Gold") (TSX VENTURE:EFG)(FRANKFURT:F12) is pleased to announce that it has started its winter exploration program on the Matchi-Manitou property located 85 km to the east of the town of Val-d'Or in the Abitibi region of Quebec.

The property covers a series of felsic to intermediate volcanic units which have the potential to host volcanogenic massive sulphide deposits (VMS). This potential was first discovered by Newcanex Canadian Exploration Limited in 1973-1974. While investigating isolated Input anomalies in the region, the company claimed the northern portion of the actual property and defined a strong surface electromagnetic (EM) conductor. Two short holes were then drilled and semi-massive to massive sulphides over narrow widths were intersected. Unfortunately the sulphides were barren of base metal mineralization and the project was abandoned.

Between 2003 and 2005, Soquem carried out a regional geochemical survey in the area and found altered volcanic rocks on the property. The alteration was interpreted to be potentially related to VMS type mineralization. The regional survey was followed by staking of the actual property, more lithogeochemistry and an InfiniTEM survey (electromagnetic) over the centre of the property. The altered rocks were further defined and a strong EM conductor was outlined in the northern portion of the grid. In 2005 Soquem transferred the property to Normabec Mining Resources which optioned the property to First Gold in 2007.

First Gold decided to continue its investigation of the favourable environment present on the property. The Company is currently extending the actual grid to cover the northwest portion of the property where the EM anomaly is believed to extend. Approximately 25 km of InfiniTEM and 35 km of Mag surveys will be completed in March (Abitibi Geophysique of Val-d'Or). The Company expects to follow up on the conductors with up to 4,000 metres of drilling.

First Gold recently announced that it has extended for 1 year its option on the Matchi-Manitou base metal project, consideration for this extension is the issuance of 50,000 shares of First Gold to Normabec Mining Resources and increasing the work commitment to 200,000$ to earn a 50% interest in the project.

Mr. Pierre O'Dowd, a Qualified Person under NI 43-101 has revised and approved the technical content of this release. Mr. O'Dowd is supervising the field work being executed on the project. He recently produced a NI43-101 compliant technical report on the property.

The Company also wishes to make the following corrections to its press releases dated June 12, July 10 and 17, 2008, regarding private placement closings:

Press release dated June 12, 2008: The Company paid intermediary fees of $34,350 and issued a total of 30,333 compensation options pursuant to the closing of a private placement of 366 flow-through units with Quebec residents for total proceeds of $366,000. Each compensation option entitles its holder to acquire one common shares of the Company at $0.40 for a 12-month period from the closing date. The Company also paid intermediary fees of $3,350 pursuant to the closing of a private placement of 50 units for total proceeds of $50,000. Compensation options issued under the private placement of 336 flow-though units were escrowed and subject to a hold period of four months from their date of issue.

Press release dated July 10, 2008: The Company paid total compensation of $56,100, not $61,100 as disclosed in the press release. The Company also paid intermediary fees of $4,600 and issued a total of 4,000 compensation options pursuant to the closing of a private placement of 87 units for total proceeds of $87,000. Each compensation option entitles its holder to acquire one common shares of the Company at $0.35 for a 12-month period from the closing date, not $0.40 as indicated in the press release. Pursuant to the closing of a private placement of 297 flow-through units for Quebec residents for total proceeds of $297,000, the Company paid intermediary fees of $28,200 and issued a total of 45,850 compensation options. Each compensation option entitles its holder to acquire one common shares of the Company at $0.40 for a 12-month period from the closing date. The Company also paid intermediary fees of $3,300 pursuant to a private placement of 110 flow-through units with non-residents of Quebec for total proceeds of $33,000. Finally, the Company paid intermediary fees of $20,000 pursuant to a private placement of 781,250 flow-through units with an institutional fund for total proceeds of $250,000. In all cases, any compensation options issued were escrowed and subject to a hold period of four months from their date of issue.

Press release dated July 17, 2008: The Company paid total compensation of $20,250, not $21,750 as disclosed in the press release. The Company also paid intermediary fees of $2,250 pursuant to the closing of a placement of 75 units for total proceeds of $75,000. Pursuant to the closing of a placement of 180 flow-through share units for Quebec residents for total proceeds of $180,000, the Company paid intermediary fees of $18,000 and issued a total of 63,000 compensation options. Each compensation option entitles its holder to acquire one common shares of the Company at $0.40 for a 12-month period from the closing date. The compensation options were escrowed and subject to a hold period of four months from their date of issue.

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

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