Firstgold Releases Default Status Report

TORONTO--(Marketwire - August 14, 2009) - Firstgold Corp. (TSX: FGD) (PINKSHEETS: FGOC)
("Firstgold" or "the Company") announced today in this Default Status
Report issued under the Alternative Information Guidelines of National
Policy 12-203 that there is no material change to the information contained
in its News Release and Material Change Report dated July 20, 2009
concerning its default in filing its Audited Financial Statements, MD&A and
AIF for the year ended January 31, 2009 and the interim financial
statements for the financial quarter ended April 30, 2009, other than a new
anticipated filing date for the audited financial statements, annual
information form and MD&A for the year ended January 31, 2009.

It is now anticipated that the year end filings will be completed on or
about August 24, 2009. Management is not aware of any material issues
concerning the preparation of the filings that require additional time.
The work with the auditor is cooperative and the delay is related to
auditor staffing requirements to complete the work. Management expects to
file the first quarter filings within two weeks of filing of the audited
financial statements.

Firstgold and Northwest Non-Ferrous International Investment Company
Limited continue to work together on the preparation of documentation that
will be required to effect the previously announced restructuring plan for
the Company.

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 that 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-K
and in Firstgold Corp.'s 10-Qs and in Firstgold Corp.'s other filings with
the Securities and Exchange Commission.