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Firstgold Corp.'s (TSX: FGD) (OTCBB: FGOC) (the "Company") Steve Akerfeldt, Chairman and CEO, commented, "Last week was a very busy week for the Company as our strategic review process began in full. We had two companies at our facilities in Relief Canyon and have scheduled two other tours in the coming weeks and expect several more to come out of our continued work with Haywood Securities Inc. Selling the Company or the Relief Canyon asset is one of the options we are reviewing to preserve shareholder value.

"We are still in a default situation with our lenders. We are working together to ensure the assets are managed safely and securely as we move through this process. Time is of the essence in these circumstances and the Company is using every effort to resolve the impasse. As developments occur we will ensure we keep our investors as fully informed as possible under the circumstances."

Over the last 24 months Firstgold has spent $16 million developing a processing facility at Relief Canyon, 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 www.firstgoldcorp.com.

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.

Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this website (or press releases), such as "measured," "indicated," and "inferred" "resources," which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-k which may be secured from the SEC, or from their website at http://www.sec.gov/edgar.shtml

Website: www.FirstgoldCorp.com Email: info@firstgoldcorp.com Phone: Scott Dockter - (888) 904-6531

SOURCE: Firstgold Corp.

http://www.FirstgoldCorp.com mailto:info@firstgoldcorp.com