CAMERON PARK, CA--(MARKET WIRE)--May 21, 2008 -- Firstgold Corp. (Toronto:FGD.TO - News) (OTC BB:FGOC.OB - News) announces its most recent drilling results that include the highest grade intercepts recorded to date in our drill program at Relief Canyon. Firstgold's CEO Steve Akerfeldt commented, saying, "Phase 2 of our drilling at Relief Canyon is designed to test the exploration potential of our North Targets where we are following up on the very positive initial results of the historic 97-23 hole. These new results are consistent with our view that Relief Canyon has interesting higher grade deep drill targets that warrant further exploration."

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. This particular hole was lost at 880' due to tricone failure but was left open with the intention of re-entering with a diamond drill core rig. Due to ground conditions, the decision was made to reposition the core rig within the immediate vicinity, and drilling of this second hole has commenced. The mineralized interval is hosted in a felsic intrusive unit that displays strong quartz-sulfide veining, silicification and a locally intense shear fabric. 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). Other highlights are shown in Table 1. 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.

 
Table 1:  Highlights of mineralization in North Target RC hole NT08_02

*All holes are vertical.

Commenting on NT08_04, Firstgold's CEO Steve Akerfeldt said,"Again these are very encouraging results. In the map above and table 2 below we repeat two of the previously announced drill holes RCM 07_39 and RCM07_72 in addition to posting the results of NT08_04. As you will note we go progressively deeper in each hole and also move further north. This approach in these holes has yielded the deeper higher grade mineralized structure that we are pursuing with our Relief Canyon North Target drilling. As the assay results demonstrate for reverse circulation hole NT08_04, located approximately 100 feet west of historic 97-23, 775 feet of mineralization was intersected with an average grade of .0349 oz/ton (1.20 g/t). The mineralization in the new hole begins at 330' and continues to 1105'. The hole was cut short nearly 400 feet from its target depth due to poor ground conditions."

NT08_04 mineralization began at 330', which is the contact zone between a limestone unit above and a carbonaceous siltstone below. This transition includes strong clay alteration, as well as a minor intrusive constituent. Grades are locally elevated with the highs occurring from 340'-350'. A polyphase intrusive unit locally intrudes the siltstone from 350' to 735'. Mineralization occurs in both rock types and appears to be associated with quartz-sulfide veining, as well as disseminated sulfides. The 15' high-grade intercept from 420' - 435' was hosted in the siltstone unit. The intrusive phases become more abundant from 735' to the bottom of the hole. The average grade also increases in this section of the hole, with the bottom 180' averaging 0.076 opt Au (2.59 g/t).

All holes are vertical.

Firstgold Corp used a 0.010 ounce per ton cut off, a minimum 10 feet interval thickness, and allowing a maximum contiguous internal dilution of 5 feet, the results for the NT08_02, NT08_04, RCM 07_72, RCM07_39 reverse circulation drill hole from an ALS-Chemex assay (fire assay/AA finish) are reported in the tables above: The aforementioned assay results denote a grade of mineralization that is conceptual in nature, and there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Firstgold currently leases over 30,000 acres of prime exploration property in Nevada, including 965 acres at its principal project, Relief Canyon. The Relief Canyon Gold Mine Project recently had its Plan of Operation reinstated in the state of Nevada and the company is conducting extensive drilling and development analysis on the project. Relief Canyon is located outside Lovelock Nevada on the site of the previously producing Pegasus Gold Mine. Additional information about Firstgold Corp. can be found by visiting its web site at www.firstgoldcorp.com.

Michael R. Cartwright, a Professional Geologist in Nevada and an independent qualified person, as defined in NI 43-101, has reviewed and supervised the compilation and content of technical data referenced in this news release and had full access to the independent drill assay reports, went to the site and verified a sample of drill locations, reviewed chain of custody of the samples and reviewed the companies QA and QC protocols.

Safe Harbor Statement

The matters discussed in this release contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended that involve risks and uncertainties. Although Firstgold Corp. believes that the expectations reflected in such forward-looking statements are reasonable; the forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected. Firstgold Corp. cautions investors that any forward-looking statements made by Firstgold Corp. are not guarantees of future performance and those actual results may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those reflected in forward-looking statements include, but are not limited to, risks and uncertainties regarding the actual mineralization of Firstgold Corp.'s mining properties, the unproven nature of and potential changes to Firstgold Corp.'s business model, the risk that the capital and other resources that Firstgold Corp. will need to exploit its business model will not be available, and the risks discussed in Firstgold Corp.'s Form 10-KSB and in Firstgold Corp.'s 10-QSBs and in Firstgold Corp.'s other filings with the Securities and Exchange Commission.

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     Contact Firstgold Corp.
     Steve Akerfeldt
     Email: info@firstgoldcorp.com
     Phone: (888) 904-6531
     Website: http://www.FirstgoldCorp.com