SOURCE: Firstgold Corp.

Firstgold Corp.

September 03, 2009 10:12 ET

Firstgold Releases Default Status Report

TORONTO--(Marketwire - September 3, 2009) - Firstgold Corp. (TSX: FGD) (OTCBB: FGOC) ("Firstgold" or the "Company") announced today in this Default Status Report issued under the Alternative Information Guidelines of National Policy 12-203 that the preparation of its Audited Financial Statements, MD&A and AIF for the fiscal year ended January 31, 2009 (the "Year End Filings") is now complete.

Under the terms of the previously announced restructuring involving the Company, Northwest Non-Ferrous International Investment Company Limited ("Northwest"), Lakewood Group LLC ("Lakewood") and Platinum Long Term Growth, LLC ("Platinum"), Northwest was to have paid US$11.5 million in the aggregate to purchase Secured Notes held by Platinum and Lakewood on or before August 31, 2009. This date must be extended for approximately 60 days in order for Northwest and Firstgold to complete certain routine regulatory filings applicable to foreign investment in the United States.

Northwest, Platinum, Lakewood and the Company are working together to settle the terms of the proposed extension, which is expected to be included as subsequent event disclosure in the Year End Filings. Should the revised schedule for completion of the restructuring not be settled by the close of business Thursday, September 3, 2009, the Year End Statements will be released September 4, 2009, with a follow up news release concerning the status of the restructuring to follow as soon as such terms have been settled.

Management expects to file the first and second quarter filings by September 21, 2009.

Northwest and the Company continue to work together on the preparation of documentation that will be required to affect the previously announced restructuring plan for the Company.

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-K and in Firstgold Corp.'s 10-Qs and in Firstgold Corp.'s other filings with the Securities and Exchange Commission.

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