Relief Canyon

Overview

Current Production

Exploration

Firstgold Corp. has invested substantial time and resources into the exploration and development of the Relief Canyon Mine. Exploration on the property is largely dedicated to three primary targets, the existing pits, the Pediment/North Target, and the Southwest Target. To date more than 800 drill holes have been completed on the property. In just the past 2 years, Firstgold has completed more than 52,000 feet of drilling, including 4,300 feet of diamond core drilling. Continued exploration is planned for the spring and summer of 2009.

Existing Pits

Current drilling the pits is being evaluated by a professional engineering company and should be released in March in the form of a revised 43-101 compliant technical report.

Drilling in Existing Pits at Relief Canyon

Pediment/North Target

The planned activity on the pediment is investigating the apparent continuation of mineralization indicated by the geology and drilling at Relief Canyon. Firstgold Corp. has often pointed to historic drill hole NGI 97-23 as a prime example of evidence of substantial mineralization (right).

Highlights from the 97-23 drill hole include:

• Silicified limestone and calcareous siltstone below mafic dike; 75' averaging 0.093 opt gold (310' - 385'); includes 45' averaging 0.138 opt gold (325' - 370')
• Veined and mineralized limestone and siltstone contact; 20' averaging 0.050 opt gold (440' - 460')
• Altered intrusive with silicified and veined limestone and siltstone; various thicknesses and grades including 50' averaging 0.024 opt gold, 70' averaging 0.023 and 20' averaging 0.034 opt gold (490' - 720')
• Multiphase mafic and felsic intrusive complex with variably altered limestone and siltstone; includes quartz-sulfide-tourmaline veining; 360' averaging 0.025 opt Gold (720' - 1080'); includes 30' averaging 0.039 opt Gold (830' - 860') and 15' averaging 0.061 opt Gold (920' - 935'); bottom 5' runs 0.037 opt Gold

In 2008, reverse circulation drill hole NT08_02 located about 250 feet east of 97-23 returned 15 feet (4.58m) of high-grade material averaging 0.932 oz/ton Au (31.92 g/t) from 865' to 880' (263.83m to 268.4m), the highest grade intercept drilled to date in the Relief Canyon Mine area. Lower grade mineralization continues up hole for a distance of 60' (18.3m), with an average grade of 0.033 oz/ton Au (1.13g/t). Both diamond and reverse circulation drilling is scheduled to continue in the area in an effort to define the trend and extent of the mineralization.

Southwest Target

As stated in Firstgold Corp.'s NI 43-101 technical report, this area occurs under the past mining operations waste dump and low grade stock pile. It is approximately 1500 feet (454 m) in a north-south direction and 3000 feet (908m) in an east-west direction, with the eastern edge along the east side of Section 20. Pit geology models suggest an asymmetrical anticlinal form plunging to the southwest. This puts the same lithology observed in the pit at a deeper depth in this area. Previous drilling would suggest that there are also elevated gold grades in the same stratigraphic position as found in the pit area. This target should test if the gold continues along the lithologic contact recognized in the pits and to see if the location of a feeder zone (or zones) can be discerned.

Historic Estimates

Historic Drill Locations

Relief Canyon was last technically evaluated in 1997 in a Non 43-101 compliant resource study by Independent Mining Consultants of Tucson Arizona. The study produced a resource model as outlined in the table below. This study does not include any consideration for those holes considered underground exploration targets to the North and North West of the past producing pits. The resources listed are within areas considered proximal to the North Pit, the South Pit, and the Light Bulb pit. The Company currently holds approximately 75% of the surface area considered in these calculations. The value of contained silver is not included in the figures below. The Company's open pit resources are included; any potential underground resources are excluded.

Of the original 428 historic holes drilled at the Relief Canyon Mine, 296 are on Firstgold Corp. ground. This accounts for approximately 75% of the total surface area, and 69% of the total data. The average depth was 328 feet and the highest reported gold grade was .961 opt (32.949 gpt).