Business & Finance
Business and Finance
Business and Finance 
Fri, October 30, 2009
Thu, October 29, 2009
LAVAL, QUEBEC--(Marketwire - Oct. 29, 2009) - First Gold Exploration Inc. (TSX VENTURE:EFG) (FRANKFURT:F12) has mobilized two field crews to carry out work on the Eastmain Lithium property, located in the Eastmain Greenstone Belt. Ground prospecting, mapping and stripping are planned to locate historical showings and define drill targets. The work should be completed by early November 2009.
The 50.87 km2 Eastmain property hosts a number of historical surface showings. First Gold Exploration crews are presently investigating and sampling all of the showings. Historical results include 2.5% Li2O or 11,600 ppm Li; 0.007% Be (Lac Pivert showing); 4.08% Mo or 40,800 ppm Mo (Lac Ell-Ouest showing); and 0.46% Li2O and 0.01% Be (Lac Rose showing) (Source: MRNFQ). The Company plans on carrying out a 1,250-meter drilling program as soon as it has received and reviewed the surface sampling results. Assay results will be released as they become available, along with Quality Assurance / Quality Control protocols.
- APPOINTMENT OF JEAN-SEBASTIEN LAVALLEE
First Gold is pleased to announce that Jean-Sebastien Lavallee has been appointed as a Director of the Company. Mr. Lavallee replaces Yannick Munn on the Board of Directors.
Mr. Lavallee has been active in mining exploration since 1994. He is the vice president of Consul-Teck Exploration Inc., a consulting firm of Val-d'Or founded in 2003 that specializes in mining exploration in northern areas. Most of the firm's mandates involve the generation and execution of projects in remote areas. Mr. Lavallee has acted as a geologist for many companies, including Eloro Resources Ltd., Uracan Resources Ltd., Agnico-Eagle Mines Ltd., Noranda Minerals Inc., Champion Minerals Inc., Matamec Explorations Inc. and Atlanta Gold Inc. Having been responsible for the planning and execution of many exploration programs in recent years, Mr. Lavallee has acquired a solid experience in exploration project development.
The Company has granted Mr. Lavallee 300,000 stock options. Each option entitles its holder to acquire one common share at $0.15 until October 29, 2014.
- PRIVATE PLACEMENT OF COMMON SHARE UNITS
The Company has arranged an offering of 5,500,000 common share Units at a cost of $0.10 per Unit. Each Unit includes one common share and one-half warrant. Each warrant entitles its holder to purchase one common share of the Company at a price of $0.12 per share for a period of twelve months, and at a price of $0.14 per share for the following twelve months.
Jean-Sebastien Lavallee (OGQ #773), a Qualified Person under NI 43-101, has reviewed and approved the technical content of this release. Mr. Lavallee has over 15 years of exploration experience in Canada, having worked as a consultant for numerous exploration companies through Consul-Teck Exploration Inc.
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.