First Gold Exploration Inc.

First Gold Exploration Inc.

March 23, 2010 12:34 ET

First Gold Prepares and Reports a Partial Closing of its Financing

LAVAL, QUEBEC--(Marketwire - March 23, 2010) - First Gold Exploration Inc. (TSX VENTURE:EFG) (FRANKFURT:F12) is pleased to announce that it has closed on a portion of a non-brokered private placement, for an amount of $397,501.30.

The Company has issued 1,135,718 units of common shares at a price of $0.35 per share for gross proceeds of $397,501.30. Each unit consists of one common share priced at $0.35 and half a warrant to purchase a common share of the Company. Each warrant entitles its holder to purchase one common share of the Company at $0.50 for a 24-month period after closing of the private placement. 

The Company has paid $14,500.15 in commissions on the private placement to National Bank Financial, along with 41,429 compensation options, each entitling its holder to acquire one common share at $0.40 for a 24-month period after closing of the private placement. A pro member participated in the financing.

The common shares are subject to a four-month hold period from the date of closing.

The Company is pursuing its efforts to complete this private placement for up to $2,100,000.

Proceeds of the private placement will be used for property development and/or working capital purposes.

Company insiders intend to subscribe for approximately 10% of the total amount of the financing.

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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