Firstgold Corp. Closes First Tranche of Financing

Firstgold Corp. (OTCBB: FGOC) announced today that it has closed the first tranche of the previously announced financing of up to approximately $10 million. The Company has completed a placement of 5,693,100 units at a price of $0.45 per unit through Kingsmill Capital Partners Inc. to raise gross proceeds of $2,561,895. Each unit consists 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 $0.65 for a period of 18 months from the date of closing.

"We are very pleased to get this investment completed. We expect the balance of the previously announced funding to be completed at similar terms shortly. Our advisor D&D Securities Company has advised that the offering is fully subscribed," commented Firstgold Corp Chairman and CEO Scott Dockter.

Dockter commented further, "The capital from this financing will advance the Company's stated objectives of implementing an aggressive drilling program on our Relief Canyon property and to continue forward on our plans to get Relief Canyon in production in 2007."

Firstgold currently leases over 40,000 acres of prime exploration and production properties 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 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.

Contact:
info@firstgoldcorp.com

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