SOURCE: Firstgold Corp.

March 12, 2008 10:20 ET

Firstgold Closes Second Tranche of Previously Announced Financing

CAMERON PARK, CA--(Marketwire - March 12, 2008) - Firstgold Corp. (OTCBB: FGOC) today announced that it has completed the second tranche of the equity component of the two financings it is carrying out in order to satisfy the terms of its conditional listing requirements with the Toronto Stock Exchange. The Company has completed a placement of 4,836,920 units at a price of $0.65 per unit through D&D Securities Company to raise gross proceeds of $3,143,998. This is in addition to the previously announced $3,311,225.45 and brings the total raised by D&D Securities Company to $6,455,223.45. Each unit consists of one share and one half of a share purchase warrant. Each full warrant entitles the holder to acquire an additional share of Firstgold Corp. stock at an exercise price of $0.80 for a period of 18 months from the date of closing.

"We are very pleased to close on this second tranche. The gold markets are strong of course and we are pleased with the response we have received from the investment community," commented Firstgold Corp. Chairman and CEO, Steve Akerfeldt. Akerfeldt added, "We hope to complete the convertible debenture portion of the financing in the near future and then continue forward with our plan to list on the Toronto Stock Exchange."

The second component of the financing is a convertible debenture. Firstgold is in negotiations with a US based Institutional Fund ("Investor") to consummate a private placement of a minimum of US $5,000,000 to a maximum of US $8,000,000 in secured convertible debentures (the "Debentures"). Completion of this second component of financing is subject to final negotiations, completion of definitive documents, delivery of items customary in such investments and regulatory approval. If completed the net proceeds of the offerings are slated to finance activities at Firstgold Corp.'s Relief Canyon Mine project, to further exploration activities at its leased properties and for general corporate purposes.

Firstgold currently leases over 30,000 acres of prime exploration property in Nevada, however its principal project is Relief Canyon. The Relief Canyon mine recently had its Plan of Operation reinstated in the state of Nevada and the company is conducting extensive drilling and development analysis on the project. Relief Canyon is located outside Lovelock Nevada on the site of the previously producing Pegasus Gold Mine. Additional information about Firstgold Corp. can be found by visiting its web site at

Safe Harbor Statement

The matters discussed in this release contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended that involve risks and uncertainties. Although Firstgold Corp. believes that the expectations reflected in such forward-looking statements are reasonable; the forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected. Firstgold Corp. cautions investors that any forward-looking statements made by Firstgold Corp. are not guarantees of future performance and those actual results may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those reflected in forward-looking statements include, but are not limited to, risks and uncertainties regarding the actual mineralization of Firstgold Corp.'s mining properties, the unproven nature of and potential changes to Firstgold Corp.'s business model, the risk that the capital and other resources that Firstgold Corp. will need to exploit its business model will not be available, and the risks discussed in Firstgold Corp.'s Form 10-KSB and in Firstgold Corp.'s 10-QSBs and in Firstgold Corp.'s other filings with the Securities and Exchange Commission.

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