On July 16, 2009 Firstgold entered into a Binding Offer Letter and certain implementing agreements, documenting an agreement in principle with a new investor, the Xi'an, China headquartered NORTHWEST NON-FERROUS INTERNATIONAL INVESTMENT COMPANY LIMITED ("Northwest"), to acquire the senior secured promissory notes ("Secured Notes") currently held by Platinum Long Term Growth, LLC and Lakewood Group, LLC (the "Lenders"). The purchase of the Secured Notes was expected to occur on or before September 30, 2009. However, additional time was required to obtain necessary regulatory approvals including the filing of an application with the Committee on Foreign Investment in the United States ("CFIUS"). Due to the need for additional time, the Lenders entered into Extension Agreements effective as of September 15, 2009 to extend the Closing Date to October 31, 2009. Firstgold is required to pay $110,000 per month commencing September 1, 2009 for each month the Lenders agree to extend the Closing Date. $220,000 was paid to the Lenders as payment for the extension through the end of October, 2009.

Firstgold recently secured $600,000 of new interim financing. The money was advanced in the form of convertible promissory notes bearing interest at 12% per annum and payable on demand. The notes may also be converted into shares of Firstgold common stock at a conversion rate of $0.05 per share. In addition, the note holders were offered an option to buy up to 3,000 ounces of gold at $500 per ounce from any future production by Firstgold.