First Gold Completes Closing of Private Placement for $400,000 With MineralFields

Published in Business and Finance on Monday, January 4th 2010 at 8:00 GMT by Market Wire
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LAVAL, QUEBEC--(Marketwire - Jan. 4, 2010) - First Gold Exploration Inc. (TSX VENTURE:EFG) (FRANKFURT:F12) (the "Company") is pleased to announce the closing of non-brokered private placement with MineralFields Group for a total of $400,000, (the "Offering") detailed as follows:

The Company issued 1,860,464 flow-through units (a "Unit") at a price of $0.215 per Unit. Each Unit is comprised of one flow-through common share and one-half of a non-flow-through share purchase warrant, a whole warrant entitling its holder to purchase an additional common share at an exercise price of $0.30 per share until December 31, 2011. In connection with the Offering, the Company issued 74,418 common shares at a price of $0.215 per share in payment of a finder's fee ($16,000) and issued, as additional compensation, 186,046 non-transferable unit purchase options (the "Unit Options") exercisable at a price of $0.215 per Unit Option until December 31, 2011. Each Unit Option is comprised of one common share and one-half of a share purchase warrant, each warrant having the same terms and conditions as the warrants comprising the Units.

All securities issued pursuant to the Offering are subject to a regulatory hold period ending May 1st, 2010.

The proceeds of this private placement will be used for exploration expenses on its Quebec projects.

About MineralFields, Pathway and First Canadian Securities^®

MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at [ www.mineralfields.com ]. First Canadian Securities^® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities^®.

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.

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First Gold Completes Closing of Private Placement for $400,000 With MineralFields