SOURCE: Firstgold, Inc.

May 16, 2008 12:00 ET

Firstgold Corp. Updates Status of Pit Area Drilling at Relief Canyon

CAMERON PARK, CA--(Marketwire - May 16, 2008) - Firstgold Corp. (OTCBB: FGOC) (TSX: FGD) announced today the updated drill results from its ongoing drilling in and around the pit areas at Relief Canyon. CEO Steve Akerfeldt commented saying, "Drilling is ongoing at Relief Canyon as we continue mapping mineralization and providing information to SRK for our resource study. Our Relief Canyon 2008 Drilling Program has two phases. Phase 1 includes a total of 120 holes in the existing pit area. In the past 12 months, Firstgold Corp. has drilled a total of 93 holes in the pit area of Relief Canyon in an effort to bring the historic drill data into a NI 43-101compliant category. Of these 93 holes, 68 have been noted by the company to be 'of interest' due to their assayed gold content and value in the overall exploration program." Drill testing of the area between the North and South Pits at Relief Canyon (referred to as the "between-the-pits area") began in 2008. To date, final assay results have been received for 8 of the 14 holes completed in this area. Highlights of the results from this program are displayed in Table 1 below.

Using a 0.010 ounce per ton ("opt") cut off, a minimum 10 feet ("ft") interval thickness, and allowing a maximum contiguous internal dilution of 5 ft, the results for the "between-the-pits" area reverse circulation drill holes from an ALS -Chemex assay (fire assay/AA finish) are as follows:

Table 1: Highlights of mineralization in 2008 Pit Area Drill Holes

                            Relief Canyon Pit Area Drill Summaries
                   --------------------------------------------------------
Hole #             From - To Interval (ft) Au in opt Interval (m) Au in g/t
                   --------- ------------- --------- ------------ ---------
RCM08-01             145-165            20     0.013          6.1      0.45
                   --------- ------------- --------- ------------ ---------
                     180-195            15     0.013          4.6      0.45
                   --------- ------------- --------- ------------ ---------
RCM08-04             165-250            85     0.014         25.9      0.48
                   --------- ------------- --------- ------------ ---------
RCM08-05             175-305           130     0.028         39.7      0.96
                   --------- ------------- --------- ------------ ---------
RCM08-06             190-275            85     0.022         25.9      0.75
                   --------- ------------- --------- ------------ ---------
                     285-295            10     0.012          3.1      0.41
                   --------- ------------- --------- ------------ ---------
                     305-315            10     0.014          3.1      0.48
                   --------- ------------- --------- ------------ ---------
                     335-345            10     0.014          3.1      0.48
                   --------- ------------- --------- ------------ ---------
                     385-395            10     0.011          3.1      0.38
                   --------- ------------- --------- ------------ ---------
RCM08-07             235-265            30     0.014         9.15      0.49
                   --------- ------------- --------- ------------ ---------
                     290-330            40     0.011         12.2      0.38
                   --------- ------------- --------- ------------ ---------
RCM08-09             175-245            70     0.028         21.4      0.97
                   ========= ============= ========= ============ =========

*All holes are vertical.

In addition to the ongoing drilling in the pit area, Phase 2 of Firstgold Relief Canyon Drilling Program is designed to explore the potential in the North Target, approximately 1000 ft north of the existing pits, where the historic reverse circulation drill hole 97-23 showed more than 770 ft of mineralization. Results from Phase 2 drilling are pending. The Company is currently waiting on more than 600 assay results from third party labs. Both diamond and reverse circulation drilling are scheduled to continue in the area in an effort to define the trend and extent of the mineralization.

The aforementioned assay results denote a grade of mineralization that is conceptual in nature, and there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

The ongoing results from Firstgold Corp.'s drilling and exploration will be provided in further news releases as the program progresses.

Firstgold currently leases over 30,000 acres of prime exploration property in Nevada, including 965 acres at its principal project, Relief Canyon. The Relief Canyon Gold Mine Project 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.

Michael R. Cartwright, a Professional Geologist in Nevada and an independent qualified person, as defined in NI 43-101 has reviewed and supervised the compilation and content of technical data referenced in this news release and had full access to the independent drill assay reports, went to the site and verified a sample of drill locations, reviewed chain of custody of the samples and reviewed the companies QA and QC protocols.

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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