SOURCE: Firstgold, Inc.

October 16, 2008 14:17 ET

Firstgold Schedules Drilling at Fairview-Hunter Exploration Property

CAMERON PARK, CA--(Marketwire - October 16, 2008) - Firstgold Corp. (TSX: FGD) (OTCBB: FGOC) announced today that it will begin a reverse circulation drill program at the Fairview-Hunter property, located in Churchill County, Nevada. The property consists of 115 unpatented lode mining claims situated along the eastern and northern portions of the Fairview Mining District. Drilling will commence upon notice from the BLM that its bond has been processed.

Firstgold's CEO, Steve Akerfeldt, commented, "We are interested in learning more about the geology of this property. During the early 1900s the district produced over 50,000 ounces of gold and more than 5.5 million ounces of silver. Also, the Wonder Mining District is located approximately 10 miles northeast of the Fairview property where they produced more than 80,000 ounces of gold and 7.5 million ounces of silver. "

The property is underlain by a variety of volcanic units, including extensive pyroclastic units presumably related to regional explosive volcanism (i.e. caldera formation). Two alteration zones, labeled the North and South Pediment Targets, were identified during construction of the surface geology map and show anomalous soil sample geochemical signatures indicative of potential epithermal mineralization. The drill plan involves testing two of the main structures with multiple, angled drill holes designed to test the down-dip extension of the alteration observed at the surface. The above statements have been reviewed and found acceptable by Michael Cartwright, Professional Geologist in Nevada and an independent qualified person, as defined in NI 43-101.

Firstgold Corp's flagship property is the Relief Canyon mine is working to begin production in November, and to be in full operation by this December. Relief Canyon is 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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