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First Gold Exploration Inc.: First Gold Exploration Inc.: Early Warning Report

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  Published in Business and Finance on Monday, August 17th 2009 at 6:32 GMT, Last Modified on 2009-08-17 06:32:39 by Market Wire
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LAVAL, QUEBEC--(Marketwire - Aug. 17, 2009) - First Gold Exploration Inc. (the "Company" or "First Gold") (TSX VENTURE:EFG)(FRANKFURT:F12) announce in accordance with regulatory requirements, that Eric Leboeuf, CEO and Director of First Gold, has recently acquired, directly, 800,000 common shares of First Gold on the open market.

Prior to such acquisition, Mr. Leboeuf held, directly, 2,640,000 common shares and 605,000 warrants of First Gold, each warrant entitling the holder to acquire one common share. In addition, Mr. Leboeuf, also has control over 800,000 options to acquire 800,000 common share of First Gold.

Mr. Leboeuf currently holds 3,440,000 common shares of First Gold which represent an interest of 10.48% of First Gold's issued and outstanding capital at the date hereof on a non-diluted basis. Assuming the exercise of all warrants and options held by him, Mr. Leboeuf would hold 4,845,000 common shares of First Gold, which represent an interest of 14.16% of First Gold's issued and outstanding capital at the date hereof on a partially diluted basis.

The securities acquired by Mr. Leboeuf referred to above are held for investment purposes only. These investments will be reviewed on a continuing basis and holdings may be increased or decreased in the future.

Eric Leboeuf comments "First Gold Exploration Inc. has 32,821,899 shares outstanding and a market capitalization of only 2.3MM$, has a 50% interest in the Croinor project and is earning a 50% interest in a base metal project. First Gold is also actively looking to add to its project portfolio. I invite all shareholders to have a read of the economical Scoping Study report made by Golder Associates (see news release of May 26th, 2009).

Please call me for details, I'm always available for the shareholders."

Scoping Study: [ http://www.firstgoldexploration.com/PDF/ScopingStudyCroinor13JulyV2_1.pdf ]

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