SOURCE: Firstgold Corp.

June 17, 2008 08:00 ET

Firstgold Corp. Adds Two Properties to Its Exploration Portfolio

CAMERON PARK, CA--(Marketwire - June 17, 2008) - Firstgold Corp. (TSX: FGD) (OTCBB: FGOC) announced today that it has completed leases and the claim staking on two properties, comprising roughly 5,500 acres of potentially mineralized ground in Nevada. The Honorine Gold Exploration Property (3,280 acres) is located in proximity to the Antler Hinterland Trough and Midas Trend, approximately 150 miles Northeast of Reno, NV. The Fairview Hunter Exploration Project (2,300 acres) is situated in the Fairview Gold Mining District and is located 100 miles Southeast of Reno, NV. Both projects are grass roots exploration projects with indications of mineralization throughout the property.

Speaking of these properties, Steve Akerfeldt, Firstgold's Chief Executive Officer, stated, "Firstgold has been selective in its acquisition of additional exploration properties. We are very busy working to bring the mineral processing facility at Relief Canyon online. One of the ancillary benefits of our activity at Relief Canyon is that it has raised our profile in the Nevada mining community. In this respect we often get a first look at properties owned by local residents who have known Firstgold for years, seen Firstgold's work at Relief Canyon and respect our approach to business. The two projects we have added above, combined with previously acquired properties at Horse Creek and Antelope Peak, give us an attractive collection of exploration plays."

Steve Akerfeldt Firstgold, CEO, commented, "By the end of June we will have completed the initial stage of the drilling of the North Targets at Relief Canyon. We have made some important progress with our drilling here and the geological team needs time to assess and plan our next drilling program. This presents us an ideal opportunity to commence the exploration drilling program on these new prospects which we summarize for you below."

Honorine Gold (HG)

The Honorine Gold or "HG" Project is located in Humboldt County, Nevada, approximately 20 miles northeast of Winnemucca, and approximately 13 miles southeast of the Getchell Gold mine. The land package is comprised of 36 unpatented lode mining claims, as well as four adjacent privately held sections, all leased from a local resident. The property is underlain by sedimentary rocks (quartzite, chert and phyllite) of the Valmy Formation. Structural preparation is evidenced by the occurrence of iron-stained, coarse, angular tectonic and/or hydrothermal breccias. Rock and soil geochemical surveys conducted by Mark Nyman, Firstgold's Chief Geologist, indicate elevated levels of epithermal trace elements (As, Hg and Sb), as well as locally anomalous Au and Ag values. Samples were analyzed in part by American Assay Laboratories and in part by ASL Chemex using fire assay for the gold and 4 acid digestion /ICP for the remaining elements. The exploration plan, to be supervised by Michael Cartwright, QP, calls for the drilling of seven reverse circulation drill holes, targeting a northeast-trending structural zone defined by the location of brecciated material and overlapping soil geochemical anomalies. The Bureau of Land Management has signed off on the notice level permit that was submitted in April 2008. Drilling is expected to commence after site preparation and road construction and is expected to begin in July.

Fairview Hunter

The Fairview Hunter project is located in Churchill County, Nevada, roughly 50 miles east of Fallon, Nevada, approximately 15 miles south of the historic Wonder Mine. The property consists of 115 unpatented lode mining claims, underlain by a variety of volcanic lithologies. Alteration occurs as strongly silicified "ribs" that occur along well-defined west-northwest and northeast orientations. Quartz stockwork zones and attendant argillic alteration often occur in the hangingwall of many of the structures. Work has concentrated on the northern, pediment-covered portion of the land package. A wide-spaced reconnaissance scale soil grid has been collected and has aided in the further refinement of the target zones. More surface geologic mapping needs to be completed before the drill targets are specifically identified. The company hopes to have a notice level permit submitted to the Bureau of Land Management sometime in the next three to five weeks. Drilling will commence once the permitting and bonding have been accepted.

Michael Cartwright, a qualified person under NI 43-101 standards, has reviewed the scientific references in this news release. Firstgold currently leases over 35,000 acres of prime exploration property in Nevada. 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 that 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.

Contact Information