Firstgold Corp.
OTC Bulletin Board : FGOC

Firstgold Corp.

March 05, 2009 09:15 ET

Firstgold Corp. Begins Production of Gold at Relief Canyon Mine

CAMERON PARK, CALIFORNIA--(Marketwire - March 5, 2009) - Firstgold Corp. (TSX:FGD)(OTCBB:FGOC) announced today that it has shipped for processing the first gold from its recently commissioned gold processing facility at Relief Canyon.

"We are shipping gold loaded carbon today for processing. Conversion into gold ore bars and ultimately cash for Firstgold is about a ten day process and we will report on the initial amount at that time. Our internal facilities have been built to do this process on site but have not yet received regulatory approval for this final stage of processing. Operationally we have been applying fluid to our pad for about a month now and our pregnant solution is just now beginning to flow. This startup is very standard in the gold mining process and what we are shipping today should represent about half a typical daily output as our grades build over the next 90 days. This first production serves as a valuable and positive test of our processing plant", commented Company Founder/COO Scott Dockter.

"This production is a critical first step for our company on a road to creating what we believe will be one of Nevada's fastest growing gold junior resource companies over the coming 24 months," Stated Steve Akerfeldt Firstgold CEO. "With this in place we are now focused on restructuring our debt agreements that are at this moment non compliant. We have been in ongoing talks with our lenders and believe that a positive restructuring agreement will be announced this month."

Over the last 24 months Firstgold has spent $16 million developing a processing facility at Relief Canyon, located outside Lovelock Nevada, on the site of the previously producing Pegasus Gold Mine. Firstgold currently leases over 10,000 acres of prime exploration property in Nevada. 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.

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