FGOC - FINALLY - PRODUCTION

Firstgold Corp. Announces That It Has Received All Permits Necessary to Begin Production
10:20 a.m. 08/26/2008 Provided By Market Wire


CAMERON PARK, CA, Aug 26, 2008 (MARKET WIRE via COMTEX) -- Firstgold Corp. (FGOC) announced today that it has received its Reclamation Permit from the Nevada Department of Environmental Protection, which completes its permitting process to fully revise the Plan of Operations and begin production at the Relief Canyon Mine. The permit is contingent on the company increasing its reclamation bond to $2.8 million bond with the BLM. The company has deposited the required amount and is awaiting the BLM's adjudication of the bond which it expects to receive by the end of this month. Upon completion of the bonding process, Firstgold will draw down on the second tranche of its recent financing for an additional net amount of $3.89 million (US).

This permit is the final step of a permitting process that has taken nearly 3 years to complete. This allows the company to begin construction of the new heap leach pad and completes the permitting for processing of ore at the Relief Canyon Mine. Construction of the new heap leach pad is scheduled to commence the week of September 1, 2008, and scheduled for completion by the week of October 15, 2008, at which time the company will begin stacking ore for processing. Firstgold plans to produce its first gold product between November 1 and November 15. Firstgold is optimistic that there will be no delays due to the adjudication of Firstgold's bond or weather related delays, although either could cause an adjustment to this schedule.

Steve Akerfeldt, Firstgold's CEO, stated, "I am thrilled to have reached this stage. Our team has been working diligently to accomplish this goal, and we are pleased to finally move to the next phase."

Additionally, the company has recently received its Water Pollution Control Permit and Air Quality Permit, which allow for the construction and operation of the ADR Process Plant and crushing facility. Firstgold anticipates the completion of the process plant at the end of August, with the completion of the crushers shortly to follow.

Firstgold currently leases over 35,000 acres of prime exploration property in Nevada. Its principal project is Relief Canyon. The Relief Canyon mine has completed its permitting for production in the state of Nevada and the company is working to bring the mine into full operation by this fall. Relief Canyon is located outside Lovelock Nevada on the site of the previously producing Pegasus Gold Mine. Additional information about Firstgold Corp. can be found by visiting its web site at www.firstgoldcorp.com .