First Gold Acquires a 100% Interest in the Pivert/Rose Property
LAVAL, QUEBEC -- (Marketwire) -- 11/29/10 -- First Gold Exploration Inc. (TSX VENTURE: EFG)(FRANKFURT: F12)(OTCQX: FGEXF) is pleased to announce the closing of the transaction announced on October 21, 2010 with Jean-Sebastien Lavallee, a director and the interim president and chief executive officer of First Gold, and two third parties (collectively, the 'Vendors') to increase its interest in the Pivert/Rose project from 85% to 100% in consideration of a cash payment of $225,000 (including $75,000 payable to Jean-Sebastien Lavallee) and the issuance of 7,500,000 common shares of First Gold (including 2,500,000 common shares to Jean-Sebastien Lavallee). The Vendors will also retain a 2% net smelter return royalty on the property, half of which (1%) can be bought back by First Gold for $1,000,000. First Gold has also undertaken to issue a total of 3,000,000 common shares to the Vendors on production of a resource estimate of at least 125,000 tonnes of LiO2 at a cutoff grade of 0.8% LiO2 for a total of at least 220,000,000 pounds of LiO2.
The securities issued will be subject to a hold period of four months plus one day.
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.
Contacts:
First Gold Exploration Inc.
Jean-Sebastien Lavallee, P.Geo.
Interim President and Chief Executive Officer
819-354-5146
jslavallee@consul-teck.com
www.firstgoldexploration.com