LAVAL, QUEBEC -- 11/04/09 --
First Gold Exploration Inc. (TSX VENTURE: EFG)(FRANKFURT: F12) is pleased to announce that for the last 4 months, (50-50 JV partners) First Gold Exploration and X-Ore Resources (TSX: XOR) have been working with engineering firms in order to complete the required reports in view of the underground permitting applications for the Croinor Project. We are confident that the permitting will be delivered by the first quarter of 2010.
Based on the scoping study done by Golder Associates, the economics of the project has improved in line with the higher gold prices (see release of May 26, 2009).
At today's gold price, the net cash flow over 2.3 years would be approximately $31,000,000 which is an increase of $10,000,000 over the base case scenario which does not take into account the increase in resources resulting from the recent 43-101 resource study released in August (see release of August 11, 2009).
First Gold also has crews at work on its Lac Pivert / Rose Lithium property; work was successful in defining targets and samples have been collected and sent for analysis. Results will be released as they become available.
"2010 will be the year for First Gold as it advances its projects and is constantly looking for new ones to increase shareholder value", comments Eric Leboeuf, President.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
First Gold Exploration Inc.
Eric Leboeuf
President and Chief Executive Officer
514-862-6889
president@firstgoldexploration.com
www.firstgoldexploration.com
