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FIRST
GOLD TO UNDERTAKE A NEW
RESOURCE
ESTIMATE ON CROINOR
"Additional
Gold Intersections on the Croinor Project"
Montreal (Quebec), January, 21st, 2008
- First Gold Exploration Inc. (TSX Venture Exchange: EFG) "First Gold" is pleased to announce the last results
from its 2007 diamond drilling program on the Croinor property located 75 km to
the east of Val-d'Or in the Abitibi region of Quebec (joint-venture with X-Ore
Resources Inc.).
Results from drill holes CR07-331,
332a, 333, 334, 335, 336 and 340a (partial) were released previously. EFG is now releasing the results of the
missing portion of hole 340A and of 10 more holes on the Croinor Mining Lease.
See the attached map for surface location of the holes. Cross-sections will be available and posted
on the website as they become available.
Of the holes reported, No. CR07-338
and CR07-345 returned no significant value. A total of 8,409 meters of drilling
were completed in the year 2007 on the Croinor Mining Lease versus an initially
planned campaign of 5,000 meters.
In a separate joint-venture (also
with X-Ore Resources) on the mining claims surrounding the Croinor Mining Lease,
a total of eight holes for 1,621 meters (vs a budget of 1,500 meters) were
drilled:
1) seven
of these holes were drilled on the Lac Bug showing located 1 km to the east of
the Croinor Mining Lease mainly to test
the down plunge of the mineralization below the 100 meter level; and
2) Another
hole was drilled to test if other targets could be delineated along the Lac Bug
structural corridor.
One hole, LB07-05 reported: 6 meters
of 6.19 g/t Au (between 91 and 97 meters).
First Gold does not feel that the overall results warrant any follow-up
work on this mineralized horizon.
The Croinor project has provided
very encouraging results. Fill-in
drilling has confirmed that the known mineralized zones located within 200
meters from surface can be extended and has lead to the discovery of new
mineralized zones below 200 meters from surface (holes CR07-331, 332A, 340A and
334).
The Company and its partner X-Ore
Resources are currently evaluating all the alternatives but the joint-venture
partners have concluded that a new resource calculation is warranted. It remains to be determined whether or not a
few more drill holes will be completed prior to this exercise. Nevertheless:
1) a new NI 43-101 report with
a new resource estimate will definitely be prepared in the year 2008;
2) more
drilling will be completed on the Mining Lease - both in fill drilling with
holes down to 300 meters and
more drilling along strike both East of hole CR07-335 and West of hole CR07-347;
3) more
drilling will also be completed on some targets of the claims surrounding the Mining
Lease; and
4) a
scoping study is also contemplated to assess the potential of underground
access via a ramp on the Mining Lease.
All the samples were analyzed using
by fire assays at Laboratoire Expert Inc. located in Rouyn-Noranda, Quebec. First
Gold has implemented a QAQC program which includes the use of standard and
duplicates samples.
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 the project.
Additional
information:
Eric Leboeuf First
Gold Exploration Inc.
Relations
publiques Paradox Phone:
(514) 234-6488
Phone:
(514) 341-0408 Email:
info@firstgoldexploration.com
Email: ericleboeuf@paradox-pr.ca www.firstgoldexploration.com
The
TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.
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