Falcon Gold Completes First Phase Exploration Program; Intersects 41m of 18.2g/t Silver at the Washington Silver Property

SUDBURY, ONTARIO -- (Marketwire) -- 11/15/12 -- (TSX VENTURE: FG). Falcon Gold Corp. ("Falcon Gold" or "the Company") is pleased to announce it has received assay results from the final three diamond drill holes completed within the Silver Bell Mining lease at its 100% owned Washington Silver Project. All three holes confirm the presence of a well developed Silver (Ag) bearing Epithermal zone characterized by highly altered rock hosting relatively long intersections of Ag mineralization which include higher grade Ag intercepts (Table 1). Hole SB12-01 (reported October 24, 2012) demonstrates the high grade potential of the zone with an intersection of 167 grams per tonne (g/t) Ag over 36.5 metres (m) including a high grade intercept of 511.57 g/t Ag and 0.83 g/t Gold (Au) over 9.14 m.

Drill hole SB12-04 intersected 5.8 (g/t) Ag over 106 (m) and SB12-05 intersected 18.2 g/t Ag over 41 m. Hole SB12-06 returned a higher grade intercept of 63 g/t Ag over 3 m that occurred within a wider zone of 17 g/t Ag over 14.9 m that extended to the end of the hole and remains open for extension.

Falcon Gold completed a summer exploration program that included property wide geological mapping and sampling, detailed geological mapping and sampling in the Silver Bell open pit, and 678 metres (2224 feet) of diamond drilling completed in 6 holes. All drill holes were completed in the area of the Silver Bell Open Pit and are the first diamond drill holes ever completed on the property.

       TABLE OF SIGNIFICANT INTERCEPTS, SILVER BELL OPEN PIT DRILLING
Hole ID From (ft) To (ft) Length (ft) Length (m)  Au (gpt) Ag (gpt) Ag (opt)
----------------------------------------------------------------------------
SB12-04    24       375       351       106.99      0.01     5.87     0.19
  inc.     80       115       35         10.67      0.05    25.71     0.83
SB12-05    200      335       135        41.15      0.04    18.27     0.59
 incl.     330      335        5         1.52       0.39    204.00    6.56
SB12-06    440      489       49         14.93      0.04    17.12     0.55
  incl     450      460       10         3.05       0.15    63.00     2.03
Notes: True widths of mineralization are not known.

The 2012 summer exploration program completed on the Washington Silver Property is the first work completed since acquisition of the property, announced on July 15, 2012. Jim Farley, Director of Falcon Gold, stated, "Results from this initial shallow drill program confirm the presence of a well developed near surface Silver zone that has the potential to host significant high grade Silver mineralization. Additionally, we are very encouraged with results from the mapping and sampling program that identifies a mineralized trend extending for approximately 1.5 km which represents significant potential for discovery."

A link to the map illustrating the location of the Silver Bell pit drilling and the location of Ag bearing outcrop grab samples can be viewed at: http://www.falcongold.ca/i/maps/testopen.jpg.

Falcon Gold is in the process of planning and preparing for phase 2 exploration on the Washington Silver property which includes detailed evaluation of high grade mineralization intersected on the Silver Bell lease, and surface exploration results to develop drill targets along the 1.5km mineralized trend and elsewhere on the property.

The Washington Silver Project

The Washington Silver property encompasses approximately 880 acres, consisting of the Silver Bell Mining Lease (80 acres) and adjacent exploration claims (800 acres), and is located in the Ferry and Okanogan Counties in north central Washington State, approximately 14 kilometres (km) northwest of the town of Republic and 50 km south of the Canada-USA border.

The district has been an active precious metal mining region for over 100 years. A number of past producing silver and gold mines collectively represent an Epithermal Ag-Au district which extends from Northern Washington into British Columbia. Hecla Mining operated the Knob Hill Mine near Republic, which produced an estimated 2.4 million ounces of gold before closing, and current projects in the region include Midway Gold's Golden Eagle deposit (discovered by Hecla Mining in 1988) and Kinross Gold Corporation's Buckhorn Gold deposit and K1/K2 deposit. Kinross' 1,800 tpd capacity Kettle River Mill is located approximately 8 km from the Washington Silver Property. Silver was first discovered in the area of the Washington Silver Property in 1897 and the property has had a sporadic production history including 1907, 1940, and 1980-1983. During the period 1980-1983 production came from the Silver Bell Open Pit located on the Silver Bell Mining Lease. The property contains a number of Au and Ag showings consisting of veins, vein stocks works, and siliceous breccias consistent with the district style of epithermal mineralization.

Qualified Person

Jamie Lavigne, P.Geo, Vice President Exploration and Director of Falcon Gold supervised the diamond drilling and geological mapping programs on the Washington Silver Property and has reviewed and approved the technical contents in this press release.

Analytical and QA/QC

Assays were completed at ALS Minerals in Reno, Nevada. All samples received are crushed to 70% of the sample less than 2mm diameter. A 1 kg split of the crushed sample is pulverized to 85% less than 75 microns. Gold is analyzed by Fire Assay on a 30 gram split of the pulverized sample with an AAS finish (ALS method Au-AA23). Silver is analyzed by a multi-acid digestion followed by hydrochloric acid leach and AAS analysis (ALS method Ag-AA61). Samples with Silver concentrations greater than 5 g/t were re- analyzed using fire assay on a 30 gram split followed by gravimetric finish (ALS method Ag-GRA21). QA and QC measures implemented by Falcon Gold include the use of Certified Reference Materials, sample blanks, and analyses at a check laboratory.

About Falcon Gold Corp.

Falcon Gold Corp. is a Canadian mineral exploration company focused on generating, acquiring, and exploring quality mining opportunities in the Americas.

On Behalf of the Board of Directors

FALCON GOLD CORP.

Edward Stringer, President, CEO and Director

This news release may contain forward looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, etc. Forward looking statements address future events and conditions and therefor, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Neither 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:

Falcon Gold Corp.

Timea Carlsen

Manager, Corporate Communications

647-991-2473
timea.carlsen@falcongold.ca
www.falcongold.ca