SOURCE: Firstgold Corp.

Firstgold Corp.

August 14, 2009 14:58 ET

Firstgold Releases Default Status Report

TORONTO--(Marketwire - August 14, 2009) - Firstgold Corp. (TSX: FGD) (PINKSHEETS: FGOC) ("Firstgold" or "the Company") announced today in this Default Status Report issued under the Alternative Information Guidelines of National Policy 12-203 that there is no material change to the information contained in its News Release and Material Change Report dated July 20, 2009 concerning its default in filing its Audited Financial Statements, MD&A and AIF for the year ended January 31, 2009 and the interim financial statements for the financial quarter ended April 30, 2009, other than a new anticipated filing date for the audited financial statements, annual information form and MD&A for the year ended January 31, 2009.

It is now anticipated that the year end filings will be completed on or about August 24, 2009. Management is not aware of any material issues concerning the preparation of the filings that require additional time. The work with the auditor is cooperative and the delay is related to auditor staffing requirements to complete the work. Management expects to file the first quarter filings within two weeks of filing of the audited financial statements.

Firstgold and Northwest Non-Ferrous International Investment Company Limited continue to work together on the preparation of documentation that will be required to effect 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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