Agoracom

First Gold Explorations Owns 289,890 oz/Gold At Surface

Quote from President & CEO, Mr. Eric LeBoeuf:

KEY PROPERTIES OVERVIEW

CROINOR 1 & 2

First Gold has concluded two joint-venture agreements with the X-Ore Resources Inc. with the objective of acquire an interest of 50% in the Croinor project located in the Pershing, Vauquelin and Haig townships in the Abitibi region of Quebec. The property located 75 km by road from Val-d’Or covers an area of 4,518 hectares and is composed of 289 contiguous claims and a mining lease of 90 hectares.

The first joint-venture (Croinor 1) includes the Croinor deposit which is located on the Mining Lease and adjacent claims. A 43-101 report prepared in November 2005 by Carl Pelletier, M. Sc. P. Geo from the firm Innovexplo Inc. of Val-d’Or, Quebec – a copy of which is available in the First Gold profile on www.sedar.com - confirms the following resource estimate: 

These resources are within 200 meters from surface First Gold can acquire a 50% interest by issuing common shares totaling 5,000,000 and completing exploration work worth an aggregate total of $1,400,000.

The second joint-venture (Croinor 2) includes the entire Croinor property less what is covered by the first joint-venture. First Gold can acquire a 30% interest in the Croinor 2 project by issuing 250,000 common shares and by completing exploration for an amount of $500,000.

The Remaining Options Include:

 
Wathish

The Wathish property is located on the eastern side of the Harricana river and on the north side of the La Motte lake near St-Marc-de-Figuery in the Figuery township, roughly 15 km south of Amos, in Abitibi. The access is good through some paved roads. The property consists of 13 mining claims for a total area of 501.94 hectares. The company can earn a 50% working interest by spending $150,000 in exploration work over a period of two years and issuing 50,000 common shares in September 2008.

A surface sampling program has historically returned strong values in nickel. This work by predecessor companies was followed by sol geophysics exploration – magnetometric and InfiniTem surveys to better delineate drill targets. The property is now at the drill stage and the company has not decided yet when work will begin on this project.

Matchi-Manitou

Located in Eastern Abitibi region roughly 30 km northeast of the village of Louvicourt, Quebec, the property consists of 29 mining claims covering 1,292 hectares. First Gold Exploration can earn a 50% interest by spending $150,000 in exploration work over a period of two years and issuing 50,000 common shares in September 2008.

A surface sampling program has in the past confirmed the presence of strong anomalies in copper, zinc and silver. This program was followed by soil geophysics exploration – magnetometric and InfiniTem surveys to better delineate drill targets. First Gold has just completed a detailed compilation of predecessor’s work. The property is at the drill stage and it is anticipated that work will begin in the Spring of 2008.

 
Cottonwood (Nevada) / Bonaventure option

Bonaventure optioned the Cottonwood property from MinQuest Inc. in the fall of 2003.  Since that time, geologic mapping, sampling, a gravity survey, trenching and shallow drilling have been completed on the property.  Mapping and sampling have confirmed high grade gold in massive arsenopyrite veins distributed intermittently throughout the western half of the southern intrusive body.

This “Cotton” target is on the south wall of a steep canyon. Because of minimal outcrop Bonaventure constructed two widely spaced dozer trenches and sampled and mapped any exposed outcrops. Sampling of these veins, which average no more than 0.15 m in width have grades of up to 57.1 g/t gold, 2.9 g/t silver, and 24% arsenic.