FGOC

Firstgold Corp. Announces Bond Adjudication and Pad Construction
12:40 p.m. 09/04/2008 Provided By Market Wire


CAMERON PARK, CA, Sep 04, 2008 (MARKET WIRE via COMTEX) -- Firstgold Corp. (FGOC) announced today that it has received notice from the Bureau of Land Management that its $2.1 million (US) bond increase has been accepted. This is the final component to the completion of the permitting process, and brings the total Relief Canyon bond amount to $2.8 million (US).

Having completed the permit and bonding process, Firstgold has begun construction of its new heap leach pad, with an anticipated completion date of October 15. As previously reported, Firstgold plans to produce its first gold product between November 1 and November 15, and is optimistic that there will be no weather related delays.

Additionally, having completed the bonding process, Firstgold is now eligible to draw down on the second tranche of its recent financing for an additional net amount of $3.89 million (US). The company is scheduled to receive this money the week of September 8th in accordance with its project timelines and cash flow requirements.

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. Firstgold currently leases over 35,000 acres of prime exploration property in Nevada. Additional information about Firstgold Corp. can be found by visiting its web site at www.firstgoldcorp.com .