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Montr�al (Qu�bec), March 27th, 2008 - First
Gold Exploration Inc. (TSX Venture Exchange: EFG) ("First Gold") is pleased to announce
that It will start another Diamond drill program on the Croinor mining lease
under option from X-Ore Resources Inc. (TSX Venture Exchange: XOR). The Croinor deposit located 75 km by road from Val-d'Or
is known to contain an estimated 1,429,075 metric tons of 6.31 G/TM or 289,000 ounces of gold
for combined measured and indicated mineral resources at a cut-off grade of
2.00 G/TM in the first 200
meters from surface (NI 43-101 report dated November
2005 - posted on www.sedar.com in 2007
under First Gold's Sedar profile).
In 2007, First
Gold completed an additional 8,409 meters of Diamond drilling on the project
which was successful in extending and better defining the known gold resource. Previously reported infill holes CR-07-332A
(15.25 grams Au over 4 meters) and CR-07-334 (5.19 grams Au over 10.9 meters)
indicate that the quality of the resource has been improved and that the deeper
holes CR-07-332A (27.03 grams Au over 2 meters) and CR-07-334 (4.05 grams Au over
6 meters) indicate that a mineralized zone not included in the measured mineral
resource does exist below 200 meters from surface. This new zone has now been identified over a
length of 400 meters. This
mineralization as seen above presents a number of high gold grades.
First Gold's
next drill program will begin in May and will entail a minimum of 5,000 meters
which will lead to the preparation of a new NI 43-101 compliant resource. It
will consist of:
1)
more fill-in drilling in the area
where the known resource is located;
2)
7 deeper holes for a total of 2,650
meters to test the continuity of the zone identified below 200 meters; and
3)
additional drilling laterally to
test for more mineralization going both in the East and West directions.
While this
program is in progress, First Gold and its partner will also commission the
preparation of scoping study to determine the optimal location to drive a ramp
underground on the project. At this
point, it looks like the best scenario would be to drive the ramp from the
bottom of the West Pit, which is roughly 50 meters deep, which would allow
immediate access into the mineralized zone thus significantly reducing the cost
of the ramp.
Since bulk
samples were already taken in 2003 and 2004 from which 8,081 ounces of gold
were extracted, no additional metallurgical work will be required (NI 43-101 on
pages 34 - 37). The mineralization is
simple and recoveries exceeded 97%.
The
President, Mr. Eric Leboeuf says:
"We are happy that we have identified a new mineralized structure last year and
now hope that this will add to the known resource and will add to the overall
picture. With gold prices at current
levels, we are going to push to go explore underground and find out if it is
possible to fast track production. With
a mining lease in place and the fact that we would certainly truck to an
existing mill in the area any mineable gold resource, permitting should be
rather quick. Creating value for our
shareholders is our main objective and we would like to thank them for their
support".
Mr. Pierre O'Dowd, a Qualified Person under NI
43-101 has revised and approved the technical content of this release. Mr. O'Dowd will supervise the field worked
that will be executed on these projects.
Eric
Leboeuf
President
and Chief Executive Officer
(514)
234-6488
For more information about First
Gold Exploration:
Agoracom
IR
Hub
Home for First Gold:
http://www.agoracom.com/ir/firstgoldexploration
Profile
for First Gold:
http://www.agoracom.com/ir/firstgoldexplration/profile
Broker
Fact Sheet:
http://www.agoracom.com/company/broker_fact_sheet/563067/Microsoft_powerpoint_-EFG-BFS-Feb25-08.pdf
The
TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.
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