First Gold Exploration Inc. Announces the Closing of its Initial Public Offering

February 21, 2007 -- First Gold Exploration Inc. (TSX VENTURE: EFG) announces that it has completed its initial public offering with a placement of a gross amount of $280,425 that will go to the working capital of the Company with a prospectus dated February 9th, 2007. A total of 3,739 Units have been issued, each unit being composed of 500 common shares at a price of $0.15 and 250 common share purchase warrants. Each warrant allows the holder to purchase one additional common share at a price of $0.18 for a period of twelve months. Jones, Gable & Company Limited as acted as agent in the offering. The Company paid the agent a commission of 10% on the gross proceeds of the offering and compensation options that allow the holder to purchase 186 950 common shares of the Company at a price of $0.15 per common share until February 9th, 2008.

The prospectus also allows to qualify the offering of: (i) 4,920,000 common shares of the Company that will have to be issued as flow-through shares and (ii) 1,440,000 common shares of the Company that will have to be issued at the effective exercise of 1,200 special warrants that have been issued in December 2006. The special warrants have been distributed at a price of $1,000 for gross proceeds of $1,200,000.

The TSX Venture Exchange approved the listing of the common shares of First Gold Exploration Inc. They will start trading on February 22nd, 2007 under the symbol EFG.

Source : www.marketwire.com