SOURCE: Firstgold Corp.

April 18, 2008 11:37 ET

Firstgold Updates Financing Status

CAMERON PARK, CA--(Marketwire - April 18, 2008) - On March 10th Firstgold Corp. (OTCBB: FGOC) announced the completion of the equity component of a planned capital raise of $6.4 million. The equity was secured through the sale of a unit offering with each unit consisting of one share and one half of a share purchase warrant. Each full warrant entitles the holder to acquire an additional share of Firstgold Corp. stock at an exercise price of $0.80 for a period of 18 months from the date of closing. Subsequent to this announcement Firstgold has closed on an additional $2.1 million with D&D Securities Company bringing the total equity raised to $8.5 million.

"With the success of the equity offering Firstgold has decided not to pursue the previously announced convertible debt offering and to keep the equity offering open long enough to raise the amount required to satisfy the TSX listing condition related to financing. Firstgold has been advised by the TSX that an additional net equity amount of $9 million whether from this equity offering or from warrant exercise will satisfy the financial listing condition," commented Firstgold CEO Steve Akerfeldt.

Firstgold currently leases over 40,000 acres of prime exploration property in Nevada however 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

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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