First Gold Exploration Inc.
TSX VENTURE : EFG

First Gold Exploration Inc.

March 27, 2008 08:30 ET

First Gold to Start a Follow-Up Diamond Drill Program at Croinor

MONTREAL, QUEBEC--(Marketwire - March 27, 2008) - First Gold Exploration Inc. (TSX VENTURE:EFG) ("First Gold") is pleased to announce that It will start another diamond drill program on the Croinor mining lease under option from X-Ore Resources Inc. (TSX VENTURE:XOR). The Croinor deposit located 75 km by road from Val-d'Or is known to contain an estimated 1,429,075 metric tons of 6.31 G/TM or 289,000 ounces of gold for combined measured and indicated mineral resources at a cut-off grade of 2.00 G/TM in the first 200 meters from surface (NI 43-101 report dated November 2005 - posted on www.sedar.com in 2007 under First Gold's Sedar profile)

In 2007, First Gold completed an additional 8,409 meters of diamond drilling on the project which was successful in extending and better defining the known gold resource. Previously reported infill holes CR-07-332A (15.25 grams Au over 4 meters) and CR-07-334 (5.19 grams Au over 10.9 meters) indicate that the quality of the resource has been improved and that the deeper holes CR-07-332A (27.03 grams Au over 2 meters) and CR-07-334 (4.05 grams Au over 6 meters) indicate that a mineralized zone not included in the measured mineral resource does exist below 200 meters from surface. This new zone has now been identified over a length of 400 meters. This mineralization as seen above presents a number of high gold grades.

First Gold's next drill program will begin in May and will entail a minimum of 5,000 meters which will lead to the preparation of a new NI 43-101 compliant resource. It will consist of:

1) more fill-in drilling in the area where the known resource is located;

2) 7 deeper holes for a total of 2,650 meters to test the continuity of the zone identified below 200 meters; and

3) additional drilling laterally to test for more mineralization going both in the East and West directions.

While this program is in progress, First Gold and its partner will also commission the preparation of scoping study to determine the optimal location to drive a ramp underground on the project. At this point, it looks like the best scenario would be to drive the ramp from the bottom of the West Pit, which is roughly 50 meters deep, which would allow immediate access into the mineralized zone thus significantly reducing the cost of the ramp.

Since bulk samples were already taken in 2003 and 2004 from which 8,081 ounces of gold were extracted, no additional metallurgical work will be required (NI 43-101 on pages 34 - 37). The mineralization is simple and recoveries exceeded 97%.

The President, Mr. Eric Leboeuf says: "We are happy that we have identified a new mineralized structure last year and now hope that this will add to the known resource and will add to the overall picture. With gold prices at current levels, we are going to push to go explore underground and find out if it is possible to fast track production. With a mining lease in place and the fact that we would certainly truck to an existing mill in the area any mineable gold resource, permitting should be rather quick. Creating value for our shareholders is our main objective and we would like to thank them for their support".

Mr. Pierre O'Dowd, a Qualified Person under NI 43-101 has revised and approved the technical content of this release. Mr. O'Dowd will supervise the field worked that will be executed on these projects.

For more information about First Gold Exploration:

Agoracom IR

Hub Home for First Gold: http://www.agoracom.com/ir/firstgoldexploration

Profile for First Gold: http://www.agoracom.com/ir/firstgoldexplration/profile

Broker Fact Sheet: http://www.agoracom.com/company/broker_fact_sheet/563067/Microsoft_powerpoint_-EFG-BFS-Feb25-08.pdf

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

Contact Information

  • First Gold Exploration Inc.
    Eric Leboeuf
    President and Chief Executive Officer
    514-234-6488