SOURCE: Firstgold, Inc.

August 29, 2007 16:30 ET

Firstgold Corp. Engages SRK Resources to Conduct Technical Report of Relief Canyon

CAMERON PARK, CA--(Marketwire - August 29, 2007) - Firstgold Corp. (OTCBB: FGOC) is pleased to announce that it has engaged SRK Consulting (U.S.) to prepare an independent National Instrument 43-101 ("NI 43-101") Technical Report in respect of the company's Relief Canyon Gold Mine ("Relief Canyon"). This report is scheduled for completion in November 2007.

Firstgold Corp. has completed 57 drill holes on the existing heap leach pads located at its Relief Canyon project and 28 drill holes of its planned 120 hole Relief Canyon pit program. Scott Dockter, Firstgold Corp.'s President and CEO, commented, "We are very pleased with the results of this drill program and anticipate being able to release these results to the public in the near future. Having SRK scheduled to update our technical report and verify our findings is a positive step as we move toward our ultimate goal of becoming a true producer."

According to SEC Guide 7, a US company cannot release preliminary estimates on reserves or resources until it has been modeled in a reserve category. In that Firstgold Corp. is exclusively a US company, Firstgold Corp. will not be able to release resource estimates based upon the drill data, until it either brings its reserve estimates into a reserve category, or it becomes listed on a foreign exchange where it is required to do so.

Mr. Dockter further commented, "We look forward to either SRK completes this report, or until our listing is completed with a Canadian Exchange, so that we can get this information approved for public distribution. We appreciate the patience of our shareholders, and are certain the wait will not be disappointing."

Firstgold Corp. currently leases over 30,000 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 www.firstgoldcorp.com.

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.

"THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN THE UNITED STATES ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO CANADIAN NEWSWIRE SERVICES OR FOR DISSEMINATION IN CANADA"

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