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Firstgold Corp.: Firstgold Corp. -- Delay in Filing Annual Financial Statements, MD&A and AIF

^{Published on 2009-07-21 13:26:52, Last Modified on 2009-07-21 13:26:58 - Market Wire}
 

TORONTO--(Marketwire - July 21, 2009) - Firstgold Corp. (TSX: [ FGD ]) (PINKSHEETS: [ FGOC ]) ("Firstgold" or "the Company") announced today that it will require at least three additional weeks to file its audited financial statements for the year ended January 31, 2009, which were due to be filed April 30, 2009 (as required by National Instrument 51-102 Continuous Disclose Obligations), together with the Management Discussion & Analysis ("MD&A"), Annual Information Form ("AIF"), CEO and CFO certifications of the year end financial statements. The delay in filing is due to insufficient funds to complete the financial audit.

At the present time, Firstgold is engaged in discussions concerning a refinancing, an advance on which has been received by Firstgold and is being used to fund completion of the financial audit. Firstgold is working with its auditors to complete the audit of the Company's financial statements for the year ended January 31, 2009 and anticipates filing such audited financial statements by August 14, 2009. Until its annual financial statements and related MD&A and AIF are filed, the Company intends to satisfy the Alternative Information Guidelines set out in National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"), including the issuance of bi-weekly default status reports, each of which will be issued in the form of a press release.

Firstgold is also seeking a Management Cease Trade Order on the Toronto Stock Exchange related to the Company's common shares pursuant to NP 12-203 to be imposed against some or all of the persons who have been directors, officers or insiders of the Company, instead of a cease trade order being imposed against all securities of the Company. Such an order would not generally affect the ability of persons who have not been directors, officers or insiders of the Company to trade the securities of the Company. A cease trade order may be imposed if the Company fails to satisfy the provisions of the Alternative Information Guidelines required pursuant to NP 12-203.

The Company is not subject to any insolvency proceeding and there is no other material information concerning the affairs of the Company that has not been generally disclosed.

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 that 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-K and in Firstgold Corp.'s 10-Qs and in Firstgold Corp.'s other filings with the Securities and Exchange Commission.