| TO:          | FIRSTGOLD CORP. (the      “Corporation”)      |
|--------------|-----------------------------------------------------------|
| AND      TO: | D&D SECURITIES COMPANY      (the “Agent”) |

|   |                                                                                                                                 |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|--------|--------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |                                                                                                                                 |   |   |   |  Number      of Units:                                                                                XUS$0.65 |   |
|   |  (Name      of Subscriber)                                                                                                      |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|   |                                                                                                                                 |   |   |   |  Aggregate      Subscription Price:                                                                                                               |   |
|   |  (Account Reference, if      applicable)                                                                                        |   |   |   |                     ("Subscription      Price")                                                                                                                                                                                                                                                                                                                                                   |   |
|   |                                                                                                                                 |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|   |  Per:                                                                                                                           |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|   |  (Authorized      Signature)                                                                                                    |   |   |   |  If      the Subscriber is signing as agent for a beneficial purchaser ("Disclosed      Principal") and is not a trust  company or portfolio manager, in      either case, purchasing as trustee or agent for accounts fully managed by      it, complete the following:                                                                                                                                                                                                                    |   |
|   |                                                                                                                                 |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
|   |  (Official      Capacity of Title, if Subscriber is not an individual)                                                          |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|   |                                                                                                                                 |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|   |  (Name of individual whose signature appears      above if different  from      the name of the Subscriber printed above.) |   |   |   | (Name      of Disclosed Principal)                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |
|   |                                                                                                                                 |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|   |  (Subscriber's      Residential Address/Unit & Street)                                                                      |   |   |   |  (Disclosed      Principal's Residential Address (Unit & Street)                                                                                                                                                                                                                                                                                                                                                                                                                             |   |
|   |                                                                                                                                 |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|   |  (Municipality,      Province, Postal Code)                                                                                     |   |   |   |  (Municipality,      Province, Postal Code)                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |
|   |                                                                                                                                 |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|   |  (Subscriber's      Fax Number)                                                                                                 |   |   |   |  (Disclosed      Principal's Fax Number)                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
|   |                                                                                                                                 |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|   |  (Subscriber's      Telephone Number)                                                                                           |   |   |   |  (Disclosed      Principal's Telephone Number)                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |
|   |                                                                                                                                 |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|   |                                                                                                                                 |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|   |  Registered      Shareholder Information (if different from Subscriber):                                                        |   |   |   |  Delivery Instructions as set      forth below:                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|   |                                                                                                                                 |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|   |  (Name)                                                                                                                         |   |   |   |  (Name)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
|   |                                                                                                                                 |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|   |  (Account      Reference, if applicable)                                                                                        |   |   |   |  (Account      Reference, if applicable)                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
|   |                                                                                                                                 |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|   |  (Address/Unit      & Street)                                                                                               |   |   |   |  (Address/Unit      & Street)                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
|   |                                                                                                                                 |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|   |  (Municipality, Province, Postal      Code)                                                                                     |   |   |   |  (Municipality,      Province, Postal Code)                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |
|   |                                                                                                                                 |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|   |                                                                                                                                 |   |   |   |  (Contact      Name)                    (Telephone      Number)                                                                                                                                                                                                                                                                                                                              |   |

----

|   This                   day of           ,      2008 | FIRSTGOLD      CORP.                                                            (Authorized      Signatory) |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1.1   | Definitions |
|-----------------|-------------|

----

| 1.2   | Gender      and Number |
|-----------------|------------------------|

| 1.3   | Currency |
|-----------------|----------|

----

| 1.4   | Subdivisions,      Headings and Table of Contents |
|-----------------|---------------------------------------------------|

| 2.1   | Description      of Schedules |
|-----------------|-------------------------------|

|   | Schedule“A”-       | Representation      Letter                                     |
|--------|--------------------------------|----------------------------------------------------------------|
|   |                           |                                                           |
|   | Schedule      “B”- | Certificate      – Additional Representations,Warranties |

|   | and      Covenants for Non-Canadian Subscribers (other  than |
|--------|--------------------------------------------------------------|

|   | U.S.      Persons) |
|--------|--------------------|
|   |               |

|   | Schedule      “C”- | Term      Sheet |
|--------|--------------------------------|-----------------|

| 3.1   | Subscription      for the Units |
|-----------------|---------------------------------|

| 3.2   | Description      of Units |
|-----------------|---------------------------|

| 3.3   | Acceptance      and Rejection of Subscription by theCorporation |
|-----------------|-----------------------------------------------------------------|

----

| 4.1   | Closing |
|-----------------|---------|

| 4.2   | Conditions      of Closing |
|-----------------|----------------------------|

| (a)       | the      Corporation accepts the Subscriber's subscription in whole or in      part; |
|-----------------------------------------|--------------------------------------------------------------------------------------|

| (b)       | unless      other arrangements acceptable to the Corporation and the Agent have been      made, payment by the Subscriber of the Subscription Price by certified      cheque or bank draft in United States dollars payable to “D&D      Securities Company”; |
|-----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)       | the      Subscriber having properly completed, signed and delivered this      Subscription Agreement to: |
|-----------------------------------------|----------------------------------------------------------------------------------------------------------|

----

| (d)       | the      Subscriber having properly completed, signed and delivered one of the      certificates as set forth in Schedule “A” or Schedule “B” hereto, as      applicable; |
|-----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)       | the      Subscriber having properly completed, signed and delivered to the      Corporation such other documents as may be required pursuant to terms of      this Subscription Agreement; and |
|-----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)       | the      Corporation obtaining all orders, permits, approvals, waivers, consents,      licenses or similar authorizations of the Securities Regulators necessary      to complete the offer, sale and issuance of the Securities;      and |
|-----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g)       | the      conditions of closing contained in the Agency Agreement being satisfied or      waived by the relevant party. |
|-----------------------------------------|------------------------------------------------------------------------------------------------------------------------|

|  4.3   | Authorization      of the Agent |
|-----------------------|---------------------------------|

| (a)       | to      receive certificates representing the Units, to execute in the      Subscriber’s name and on its behalf all closing receipts and required      documents, to complete and correct any errors or omissions in any form or      document provided by the Subscriber in connection with the subscription      for the Units and to exercise any rights of termination contained in the      Agency Agreement; |
|-----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)       | to      extend such time periods and to waive, in whole or in part, any      representations, warranties, covenants or conditions for the Subscriber’s      benefit contained in this Subscription Agreement, the Agency Agreement or      any ancillary or related document in its absolute discretion, and as      deemed appropriate; |
|-----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)       | to      terminate this Subscription Agreement if any condition precedent is not      satisfied, in such manner and on such terms and conditions as the Agent in      its sole discretion may determine;and |
|-----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)       | without      limiting the generality of the foregoing, to negotiate, settle, execute,      deliver and amend the AgencyAgreement. |
|-----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------|

----

| 5.1  | Acknowledgements,      Representations, Warranties and Covenants of the    Corporation |
|-----------|----------------------------------------------------------------------------------------|

| (a)       | the      Corporation has been duly incorporated and is validly subsisting and in      good standing under the laws of the State of Delaware and has all      requisite corporate power and capacity to enter into and carry out its      obligations under this SubscriptionAgreement; |
|-----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)       | on      the Closing Date, the Corporation will have taken all corporate steps and      proceedings necessary to approve the transactions contemplated hereby,      including the execution and delivery of this Subscription      Agreement; |
|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)       | no      order ceasing or suspending trading in the securities of the Corporation      nor prohibiting the sale of such securities has been issued to the      Corporation or its directors, officers or promoters and, to the best of      the knowledge of the Corporation, no investigations or proceedings for      such purposes are pending orthreatened; |
|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)       | at      the Closing Time, the Shares will be duly and validly authorized, allotted      and be issued as fully paid and non-assessable Common Shares and upon the      exercise of the Warrants, the Warrant Shares will be duly and validly      authorized, allotted and be issued as fully paid and non-assessable Common      Shares; |
|-----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)       | the      Corporation has complied, or will comply, with all applicable corporate      and securities laws and regulations in connection with the offer, sale and      issuance of the Units; |
|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)       | upon      acceptance by the Corporation this Subscription Agreement will constitute      a binding obligation of the Corporation enforceable in accordance with its      terms; |
|-----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.1   | Acknowledgements,      Representations, Warranties and Covenants of the  Subscriber |
|-----------------|-------------------------------------------------------------------------------------|

----

| (a)       | The      Subscriber and, if applicable, the Disclosed Principal,  were      offered the Units in and, are resident in the jurisdiction set out on the      face page of this Subscription Agreement as the "Subscriber's Residential      Address" and the "Disclosed Principal's Residential Address" (as the case      may be) or are otherwise subject to the Securities Laws.  Such      addresses were not created and are not used solely for the purpose of      acquiring the Units and the Subscriber and, if applicable, the Disclosed      Principal were solicited to purchase the Units solely in such      jurisdiction. |
|-----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)       | The      Subscriber and, if applicable, the Disclosed Principal have knowledge in      financial and business affairs, are capable of evaluating the merits and      risks of an investment in the Units and are able to bear the economic risk      of such investment even if the entire investment is  lost. |
|-----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)       | The      Subscriber, on its own behalf and, if applicable, on behalf of the      Disclosed Principal, makes the representations, warranties and covenants      set out in Schedule “A” or Schedule “B” to this Subscription Agreement, as      applicable, to the Corporation and the Subscriber and, if applicable, the      Disclosed Principal may avail itself of one or more of the categories of      prospectus exempt purchasers listed in Schedule “A” or Schedule “B”, as      applicable. |
|-----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)       | The      Subscriber has properly completed, executed and delivered within      applicable time periods to the Corporation the applicable certificate      (dated as of the date hereof) set forth in Schedule “A” or Schedule “B” to      this Subscription Agreement and the information contained therein is true      and correct. |
|-----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)       | The      representations, warranties and covenants contained in Schedule “A” or      Schedule “B”, as applicable, to this Subscription Agreement will be true      and correct both as of the date of execution of this Subscription      Agreement and as of the ClosingTime. |
|-----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)       | The      Subscriber and, if applicable, the Disclosed Principal are neither U.S.      Persons nor subscribing for the Units for the account of a U.S. Person or      for resale in the United States and the Subscriber confirms that the Units      have not been offered to the Subscriber or the Disclosed Principal (as the      case may be) in the United States and that this Subscription Agreement has      not been signed in the UnitedStates. |
|-----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g)       | Neither      the Subscriber nor any Disclosed Principal will offer, sell or otherwise      dispose of the Warrants in the United States or to a U.S. Person or for      the account or benefit of a person in the United States or a U.S.      Person. |
|-----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (h)       | If      the Subscriber or, if applicable, the Disclosed Principal is not a person      resident in Canada, the subscription for the Units by the Subscriber, or      if applicable, the Disclosed Principal does not contravene any of the      applicable securities legislation in the jurisdiction in which the      Subscriber or such other personresides. |
|-----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)       | The      execution and delivery of this Subscription Agreement, the performance and      compliance with the terms hereof, the subscription for the Units and the      completion of the transactions described herein by the Subscriber or any      beneficial purchaser for whom it is acting will not result in any material      breach of, or be in conflict with or constitute a material default under,      or create a state of facts which, after notice or lapse of time, or both,      would constitute a material default under any term or provision of the      constating documents, by-laws or resolutions of the Subscriber or any      beneficial purchaser for whom it is acting, the Securities Laws or any      other laws applicable to the Subscriber or any beneficial purchaser for      whom it is acting, if applicable, or any other contract, instrument,      undertaking, covenant or agreement to which the Subscriber or any      beneficial purchaser for whom it is acting is a party, or any judgment,      decree, order, statute, rule or regulation applicable to the Subscriber or      any beneficial purchasers for whom it isacting. |
|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (j)       | Unless      the Subscriber is purchasing under Section 6.1(k) hereof, it is purchasing      the Units as principal for its own account, not for the benefit of any      other person, for investment only and not with a view to the resale or      distribution of all or any of the Common Shares or Warrants, it is      resident in or otherwise subject to applicable securities laws of the      jurisdiction set out as the “Subscriber’s Residential Address” on the face      page of this Subscription Agreement and it fully complies with one of the      criteria set forth below: |
|-----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)       | it      is an “accredited investor”, as such term is defined in National      Instrument 45-106 - “Prospectus and Registration Exemptions” (“NI 45-106”), it was not      created or used solely to purchase or hold securities as an “accredited      investor” as described in paragraph (m) of the definition of “accredited      investor” in NI 45-106 and it has concurrently executed and delivered a      Representation Letter in the form attached as Schedule “A” to this      Subscription Agreement and has initialled in Appendix “I” thereto      indicating that the Subscriber satisfies (and will satisfy at the Closing      Time) one of the categories of “accredited investor” set forth in such      definition; |
|-----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)      | the      aggregate acquisition cost of the Units to the Subscriber is not less than      CDN$150,000 and it was not created or used solely to purchase or hold      securities in reliance on the prospectus exemption or the dealer      registration exemption set out in Section 2.10 of NI 45-106;      or |
|------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (iii)     | it      is a resident of, or otherwise subject to, the securities legislation of a      jurisdiction other than Canada or the United States and it has      concurrently executed and delivered the certificate attached as Schedule      “B” to this SubscriptionAgreement. |
|-------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (k)       | If      the Subscriber is purchasing the Units and is acting as agent for the      Disclosed Principal, such Disclosed Principal is purchasing as principal      for its own account, not for the benefit of any other person, for      investment only and not with a view to the resale or distribution of all      or any of the Shares or Warrants and such Disclosed Principal complies      with subsection (i) or subsection (ii) of Section 6.1(j) hereof, the      Subscriber acknowledges the Corporation is required by law to disclose to      certain regulatory authorities the identity of Disclosed Principal for      whom it may be acting, the Subscriber is resident in or otherwise subject      to applicable securities laws of the jurisdiction set out as the      “Subscriber’s Residential Address” on the face page of this Subscription      Agreement and the Disclosed Principal is resident in or otherwise subject      to applicable securities laws of the jurisdiction set out as the      “Disclosed Principal's Residential Address” on the face page of this      Subscription Agreement. |
|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (l)       | In      the case of a subscription for the Units by the Subscriber acting as      trustee or agent (including, for greater certainty, a portfolio manager or      comparable adviser) for a principal, the Subscriber is duly authorized to      execute and deliver this Subscription Agreement and all other necessary      documentation in connection with such subscription on behalf of each such      beneficial purchaser, each of whom is subscribing as principal for its own      account, not for the benefit of any other person and not with a view to      the resale or distribution of the Common Shares and Warrants, and this      Subscription Agreement has been duly authorized, executed and delivered by      or on behalf of and constitutes a legal, valid and binding agreement of,      such principal, and the Subscriber acknowledges that the Corporation      and/or the Agent may be required by law to disclose the identity of any      undisclosed beneficial purchaser for whom the Subscriber is      acting. |
|-----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (m)       | In      the case of a subscription for the Units by the Subscriber acting as      principal, this Subscription Agreement and all other documentation in      connection with such subscription has been duly authorized, executed and      delivered by, and constitutes a legal, valid and binding agreement of, the      Subscriber.  This Subscription Agreement is enforceable in      accordance with its terms against the Subscriber and any beneficial      purchaser, including the Disclosed Principal, on whose behalf the      Subscriber is acting. |
|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (n)       | If      the Subscriber is: |
|-----------------------------------------|----------------------------|

| (i)             | a      corporation, the Subscriber is duly incorporated and is validly subsisting      under the laws of its jurisdiction of incorporation and has all requisite      legal and corporate power and authority to execute and deliver this      Subscription Agreement, to subscribe for the Units as contemplated herein      and to carry out and perform its obligations under the terms of this      Subscription Agreement; |
|-----------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)            | a      partnership, syndicate or other form of unincorporated organization, the      Subscriber has the necessary legal capacity and authority to execute and      deliver this Subscription Agreement and to observe and perform its      covenants and obligations hereunder and has obtained all necessary      approvals in respect thereof; |
|------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)      | an      individual, the Subscriber is of the full age of majority in the      jurisdiction in which it is resident and has the legal capacity and      competency to execute and deliver this Subscription Agreement and to      observe and perform his or her covenants and obligations hereunder;      and |
|-------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)      | subscribing      on its own behalf, this Subscription Agreement has been duly executed and      delivered by the Subscriber and constitutes a legal, valid and binding      agreement of the Subscriber enforceable against him or her in accordance      with its terms. |
|------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (o)       | Other      than the Agent (and any group of investment dealers managed by the Agent      for purposes of offering the Units for sale), there is no person acting or      purporting to act in connection with the transactions contemplated herein      who is entitled to any brokerage or finder’s fee.  If any person      establishes a claim that any fee or other compensation is payable in      connection with this subscription for the Units, the Subscriber covenants      to indemnify and hold harmless the Corporation, the Agent and any such      registrant with respect thereto and with respect to all costs reasonably      incurred in the defence thereof. |
|-----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (p)       | The      Subscriber and, if applicable, the Disclosed Principal are not purchasing      Units with knowledge of material information concerning the Corporation      which has not been generallydisclosed. |
|-----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (q)       | If      required by the Securities Laws or the Corporation, the Subscriber will      execute, deliver and file or assist the Corporation in filing such      reports, undertakings and other documents with respect to the issue of the      Securities as may be required by any securities commission, stock exchange      or other regulatory authority (including, if applicable, the      Representation Letter in the form attached hereto as Schedule      “A”). |
|-----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (r)       | The      Subscriber and, if applicable, the Disclosed Principal have been advised      to consult their own legal advisors with respect to the execution,      delivery and performance by it of this Subscription Agreement and the      transactions contemplated by this Subscription Agreement, including but      not limited to, trading in the Securities and with respect to the resale      restrictions imposed by the Securities Laws and other applicable      securities laws, and acknowledges that no representation has been made      respecting the applicable hold periods imposed by the Securities Laws or      other resale restrictions applicable to such securities which restrict the      ability of the Subscriber (or, if applicable, the Disclosed Principal) to      resell such securities, that the Subscriber (or, if applicable, the      Disclosed Principal) is solely responsible to find out what these      restrictions are and the Subscriber is solely responsible (and neither the      Corporation nor the Agent are in any way responsible) for compliance with      applicable resale restrictions and the Subscriber (and, if applicable, the      Disclosed Principal) is aware that it may not be able to resell such      securities except in accordance with limited exemptions under the      Securities Laws and other applicable securities  laws. |
|-----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (s)       | The      Subscriber has not received or been provided with a prospectus, offering      memorandum (as such term is defined in the Securities Laws), or any      similar document in connection with the Offering and the Subscriber’s      decision to subscribe for the Units was not based upon, and the Subscriber      has not relied upon, any verbal or written representations as to facts      made by or on behalf of the Corporation, the Agent or any other employees      or agent.  The Subscriber’s decision to subscribe for the Units      was based solely upon information about the Corporation which is publicly      available (any such information having been obtained by the Subscriber      without independent investigation or verification by the Agent) and agrees      that the Agent and the Agent's counsel assume no responsibility or      liability of any nature whatsoever for the accuracy, adequacy or      completeness of the publicly available information or as to whether all      information concerning the Corporation required to be disclosed by the      Corporation has been generally disclosed and acknowledges that the Agent's      counsel and the Corporation’s counsel are acting as counsel to the Agent      and the Corporation, respectively, and not as counsel to the      Subscriber. |
|-----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (t)       | No      person has made any written or oral  representations: |
|-----------------------------------------|---------------------------------------------------------------|

| (i)        | that      any person will resell or repurchase any of the  Securities; |
|-----------------------------------------------|------------------------------------------------------------------------|

| (ii)       | that      any person will refund the Subscription Price;  or |
|------------------------------------------|--------------------------------------------------------------|

| (iii)      | as      to the future price or value of any of the  Securities. |
|-------------------------------------|-----------------------------------------------------------------|

| (u)       | The      subscription for the Units has not been made through or as a result of,      and the distribution of the Units is not being accompanied by any      advertisement, including without limitation in printed public media,      radio, television or telecommunications, including electronic display, or      as part of a general solicitation. |
|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (v)       | The      funds representing the Subscription Price which will be advanced by the      Subscriber hereunder will not represent proceeds of crime for the purposes      of the Proceeds of Crime      (Money Laundering) and Terrorist Financing Act (Canada) and the      Subscriber acknowledges that the Corporation or the Agent may in the      future be required by law to disclose the Subscriber’s name and other      information relating to this Subscription Agreement and the Subscriber’s      subscription hereunder, on a confidential basis, pursuant to the Proceeds of Crime (Money      Laundering) and Terrorist Financing Act (Canada) and to the best of      the Subscriber’s knowledge: (i) none of the subscription funds to be      provided by the Subscriber (A) have been or will be derived from or      related to any activity that is deemed criminal under the law of Canada,      the United States, or any other jurisdiction, or (B) are being tendered on      behalf of a person or entity who has not been identified to the      Subscriber; and (ii) it shall promptly notify the Corporation and the      Agent if the Subscriber discovers that any of such representations ceases      to be true, and to provide the Corporation and the Agent with appropriate      information in connectiontherewith. |
|-----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2   | Acknowledgments      of the Subscriber |
|-----------------|----------------------------------------|

| (a)       | The      Subscriber acknowledges that the aggregate gross proceeds of the Offering      will be up to US$5,000,000, that the Corporation      is effecting a concurrent private placement of up to US$6,500,000      aggregate principal amount of secured convertible debentures, convertible,      subject to adjustment, at $1 per share, plus 3,076,190 common share      purchase warrants convertible at prices from $1.25 to $1.75 for a period      of 5 years from Closing, and that closing of the Offering is not      conditional on the completion of such concurrent  placement. |
|-----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)       | No      prospectus or registration statement has been filed with any Securities      Regulators or the SEC in connection with the  Offering. |
|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| (c)       | No      securities commission, agency, governmental authority, regulatory body,      stock exchange or other regulatory body has reviewed or passed on the      merits of an investment in or endorsement of the    Securities. |
|-----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)       | The      Securities will be subject to statutory resale restrictions under the      Securities Laws and under other applicable securities laws, and the      Subscriber covenants that it will not resell any Securities except in      compliance with such laws and the Subscriber acknowledges that it is      solely responsible (and neither the Corporation nor the Agent are in any      way responsible) for such compliance.  There is currently no      market for the Securities in Canada, and accordingly, the Securities      offered hereunder may be subject to indefinite resale restrictions in      Canada.  The Corporation may make a notation on its records or      give instructions to any transfer agent of the Common Shares or Warrants      in order to implement such resalerestrictions; |
|-----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (e)       | The      Corporation may complete additional financings in the future in order to      develop the business of the Corporation and fund its ongoing development,      and such future financings may have a dilutive effect on current      securityholders of the Corporation, including the Subscriber but there is      no assurance that such financing will be available, on reasonable terms or      at all, and if not available, the Corporation may be unable to fund its      ongoing development; |
|-----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)       | (A)      The Securities have not been registered under the U.S. Securities Act, are      being sold in reliance upon an exemption from registration afforded by      Regulation S promulgated under the U.S. Securities Act; and the Securities      have not been registered with any state securities commission or      authority; (B) pursuant to the requirements of Regulation S, the      Securities may not be transferred, sold or otherwise exchanged unless in      compliance with the provisions of Regulation S and/or pursuant to      registration under the U.S. Securities Act, or pursuant to an available      exemption thereunder; and (C) the Corporation is under no obligation to      register the Securities under the U.S. Securities Act or any state      securities law, or to take any action to make any exemption from any such      registration provisions available; |
|-----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g)       | The      certificates (and any replacement certificates issued prior to the      expiration of the applicable hold periods or ownership statements issued      under a direct registry system or other electronic book entry system)      representing the Shares and Warrants will bear, as of the Closing Date,      legends substantially in the following form and with the necessary      information inserted: |
|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h)       | In      the event that holders of Warrants convert or exercise such securities      prior to the expiry of the hold periods applicable thereto in Canada, the      Warrant Shares will bear legends substantially in the following form and      with the necessary informationinserted: |
|-----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (i)       | The      certificates representing the Shares, Warrants and Warrant Shares      originally issued to a person, other than a U.S. Person, a person in the      United States or a person for the account or benefit of a U.S. Person or a      person in the United States, as well as all certificates issued in      exchange for or in substitution of the foregoing securities, shall bear      the following additional legend: |
|-----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (j)       | The      Subscriber (on its own behalf and, if applicable, on behalf of the      Disclosed Principal) shall execute, deliver, file and otherwise assist the      Corporation and the Agent with filing all documentation required by the      Securities Laws to permit the subscription for the Units and the issuance      of the Shares, Warrants or Warrant Shares, as may be    required. |
|-----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (k)       | The      Corporation and the Agent are relying on the representations, warranties      and covenants contained herein and in one of Schedule “A” or Schedule “B”      attached hereto to determine the Subscriber’s eligibility to subscribe for      the Units under the Securities Laws and the securities laws of the United      States and the Subscriber agrees to indemnify the Corporation, the Agent      and each of their respective directors and officers against all losses,      claims, costs, expenses, damages or liabilities which any of them may      suffer or incur as a result of or arising from reliance thereon. The      Subscriber undertakes to immediately notify the Corporation and the Agent      of any change in any statement or other information relating to the      Subscriber set forth in such applicable Schedule which takes place prior      to the Closing Time. |
|-----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (l)       | The      Agent and/or its directors, officers, employees, agents and      representatives assume no responsibility or liability of any nature      whatsoever for the accuracy or adequacy of any publicly available      information concerning the Corporation that is required to be disclosed or      filed by the Corporation under the Securities Laws or any other applicable      laws has been so disclosed orfiled. |
|-----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (m)       | The      Corporation is relying on an exemption from the requirement to provide the      Subscriber with a prospectus under the Securities Laws and the securities      laws of the United States and, as a consequence of acquiring the Units      pursuant to such exemption, certain information, protections, rights and      remedies provided by such securities laws will not be available to the      Subscriber. |
|-----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (n)       | The      Subscriber and, if applicable, the Disclosed Principal are responsible for      obtaining such legal and tax advice as they consider appropriate in      connection with the execution, delivery and performance of this      Subscription Agreement and the transactions contemplated under this      Subscription Agreement.  The Subscriber and, if applicable, the      Disclosed Principal, are not relying on the Corporation, the Agent or      their respective affiliates or counsel in this  regard. |
|-----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (o)       | There      is no government or other insurance covering the    Securities. |
|-----------------------------------------|----------------------------------------------------------------------------|

| (p)       | There      are risks associated with the purchase of the Securities and the      Subscriber and any beneficial purchaser for whom it is acting, including      any Disclosed Principal, may lose his, her or its entire      investment. |
|-----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.3   | Reliance      on Representations, Warranties, Covenants and    Acknowledgements |
|-----------------|---------------------------------------------------------------------------------|

----

| 7.1   | Survival      of Representations, Warranties and Covenants of the      Corporation |
|-----------------|------------------------------------------------------------------------------------|

| 7.2   | Survival      of Representations, Warranties and Covenants of the    Subscriber |
|-----------------|---------------------------------------------------------------------------------|

| 9.1   | Collection      of Personal Information |
|-----------------|-----------------------------------------|

----

| 10.1   | Further      Assurances |
|------------------|-------------------------|

| 10.2   | Notices |
|------------------|---------|

| (a)       | Any      notice, direction or other instrument required or permitted to be given to      any party hereto shall be in writing and shall be sufficiently given if      delivered personally, or transmitted by facsimile tested prior to      transmission to such party, asfollows: |
|-----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (i)       | in      the case of the Corporation, to: |
|-----------------------------------------|------------------------------------------|

| Firstgold Corp.                           |
|------------------------------------------------|
| 3108      Ponte Morino Drive, Suite 210        |
| Cameron      Park                              |
| CA  95682                            |
|                                           |
| Attention:       Mr.      Steve Akerfeldt |
| Fax:       (416)      656-4519            |
|                                           |
| with a copy      to:                           |
|                                           |
| Stikeman Keeley      Spiegel Pasternack LLP    |
| 220 Bay    Street                              |
| Suite  500                                     |
| Toronto, ON M5J      2W4                       |
|                                           |
| Attention:  Robert      Spiegel      |
| Fax:       (416)    365-1813              |

| (ii)      | in      the case of the Subscriber, at the address specified on the face page      hereof; |
|------------------------------------|--------------------------------------------------------------------------------------------|

| (iii)     | in      the case of the Agent, to: |
|-------------------------------|------------------------------------|

| D&D Securities      Company     |
|-------------------------------------|
| 150 York Street,      Suite 1714    |
| Toronto,      Ontario               |
| M5H      3S5                        |
|                                |
| Attention:       Bob      Rose |
| Fax:       (416)      363.3316 |

| (b)       | Any      such notice, direction or other instrument, if delivered personally, shall      be deemed to have been given and received on the day on which it was      delivered, provided that if such day is not a Business Day then the      notice, direction or other instrument shall be deemed to have been given      and received on the first Business Day next following such day and if      transmitted by fax, shall be deemed to have been given and received on the      day of its transmission, provided that if such day is not a Business Day      or if it is transmitted or received after the end of normal business hours      then the notice, direction or other instrument shall be deemed to have      been given and received on the first Business Day next following the day      of such transmission. |
|-----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)       | Any      party hereto may change its address for service from time to time by      notice given to each of the other parties hereto in accordance with the      foregoing provisions. |
|-----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.3   | Time      of the Essence |
|------------------|--------------------------|

| 10.4   | Costs      and Expenses |
|------------------|-------------------------|

| 10.5   | Applicable      Law |
|------------------|---------------------|

| 10.6   | Entire      Agreement |
|------------------|-----------------------|

| 10.7   | Counterparts |
|------------------|--------------|

| 10.8   | Assignment |
|------------------|------------|

----

| 10.9   | Enurement |
|------------------|-----------|

| 10.10   | Beneficial      Subscribers |
|-------------------|-----------------------------|

| 10.11   | Language      of Documents |
|-------------------|----------------------------|

----

|  TO:     |  Firstgold Corp. (the      “Corporation”)           |
|---------------|----------------------------------------------------------------------|
|          |                                                                 |
|  AND TO: |  D&D Securities Company      (the “Agent”) |

| Dated:                                                                , 2008 |   |                                                                                       |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                           |   | Print      name of Subscriber, or person signing as agent for the Disclosed      Principal |   |
|                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                       |   |
|                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                       |   |
|                                                                                                                                                                                                                                                                                                                                                                           |   | /s/                                                                                        |   |
|                                                                                                                                                                                                                                                                                                                                                                           |   | Signature                                                                                  |   |
|                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                       |   |
|                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                       |   |
|                                                                                                                                                                                                                                                                                                                                                                           |   | Print      name of Signatory (if different from Subscriber or agent, as      applicable)   |   |
|                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                       |   |
|                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                       |   |
|                                                                                                                                                                                                                                                                                                                                                                           |   | Title                                                                                      |   |

----

| NOTE: | THE      INVESTOR MUST INITIAL BESIDE THE APPLICABLE PORTION OF THE DEFINITION      BELOW. |
|-------|--------------------------------------------------------------------------------------------|

|                                         | (a) a      Canadian financial institution, or a Schedule III bank; or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                            | (b) the      Business Development Bank of Canada incorporated under the Business Development Bank of      Canada Act (Canada); or                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                                            | (c) a      subsidiary of any person referred to in paragraphs (a) or (b), if the      person owns all of the voting securities of the subsidiary, except the      voting securities required by law to be owned by directors of that      subsidiary; or                                                                                                                                                                                                                                                                                                                                                        |
|                                                                            | (d) a      person registered under the securities legislation of a jurisdiction of      Canada as an adviser or dealer, other than a person registered solely as a      limited market dealer under one or both of the Securities Act      (Ontario) or the Securities Act      (Newfoundland and Labrador); or                                                                                                                                                                                                                                                                                                 |
|                                                                            | (e) an      individual registered or formerly registered under the securities      legislation of a jurisdiction of Canada as a representative of a person      referred to in paragraph (d); or                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                            | (f) the      Government of Canada or a jurisdiction of Canada, or any crown      corporation, agency or wholly owned entity of the Government of Canada or      a jurisdiction of Canada; or                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                                            | (g) a      municipality, public board or commission in Canada and a metropolitan      community, school board, the Comité de gestion de la taxe scolaire de      l’ile de Montréal or an intermuncipal management board in Québec;      or                                                                                                                                                                                                                                                                                                                                                 |
|                                                                            | (h) any      national, federal, state, provincial, territorial or municipal government      of or in any foreign jurisdiction, or any agency of that government;      or                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                            | (i) a      pension fund that is regulated by either the Office of the Superintendent      of Financial Institutions (Canada) or a pension commission or similar      regulatory authority of a jurisdiction of Canada; or                                                                                                                                                                                                                                                                                                                                                                                       |
|                                                                            | (j) an      individual who, either alone or with a spouse, beneficially owns, directly      or indirectly, financial assets having an aggregate realizable value that      before taxes, but net of any related liabilities, exceeds $1,000,000;      or **Note:      if individual accredited investors wish to purchase through wholly-owned      holding companies or similar entities, such purchasing entities must      qualify under (t) below, which must be initialled.                                                                                                                           |
|                                                                            | (k) an      individual whose net income before taxes exceeded $200,000 in each of the      2 most recent calendar years or whose net income before taxes combined      with that of a spouse exceeded $300,000 in each of the 2 most recent      calendar years and who, in either case, reasonably expects to exceed that      net income level in the current calendar year; or **Note:      if individual accredited investors wish to purchase through wholly-owned      holding companies or similar entities, such purchasing entities must      qualify under (t) below, which must be initialled.  |

----

|                            | (l) an      individual who, either alone or with a spouse, has net assets of at least      $5,000,000; or **Note:      if individual accredited investors wish to purchase through wholly-owned      holding companies or similar entities, such purchasing entities must      qualify under (t) below, which must be initialled.                                                                                                                                                                                                                                                                                                                                     |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                            | (m) a      person, other than an individual or investment fund, that has net assets      of at least $5,000,000 as shown on its most recently prepared financial      statements; or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                            | (n) an      investment fund that distributes or has distributed its securities only      to: (i)     a      person that is or was an accredited investor at the time of the      distribution,(ii)    a      person that acquires or acquired securities in the circumstances referred      to in sections 2.10 [Minimum amount      investment] of NI 45-106, and 2.19 [Additional investment in      investment funds] of NI 45-106, or(iii)   a person      described in paragraph (i) or (ii) that acquires or acquired securities      under section 2.18 [Investment fund      reinvestment] of NI 45-106; or |
|                            | (o) an      investment fund that distributes or has distributed securities under a      prospectus in a jurisdiction of Canada for which the regulator or, in      Quebec, the securities regulatory authority, has issued a receipt;      or                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                            | (p) a      trust company or trust corporation registered or authorized to carry on      business under the Trust      and Loan Companies Act (Canada) or under comparable legislation in      a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a      fully managed account managed by the trust company or trust corporation,      as the case may be; or                                                                                                                                                                                                                                                                                          |
|                            | (q) a      person acting on behalf of a fully managed account managed by that person,      if that person: (i)     is      registered or authorized to carry on business as an adviser or the      equivalent under the securities legislation of a jurisdiction of Canada or      a foreign jurisdiction, and(ii)    in      Ontario, is purchasing a security that is not a security of an investment      fund; or                                                                                                                                                                                                              |
|                            | (r) a      registered charity under the Income Tax Act (Canada)      that, in regard to the trade, has obtained advice from an eligibility      adviser or an adviser registered under the securities legislation of the      jurisdiction of the registered charity to give advice on the securities      being traded; or                                                                                                                                                                                                                                                                                                                                                |
|                            | (s) an      entity organized in a foreign jurisdiction that is analogous to any of the      entities referred to in paragraphs (a) to (d) or paragraph (i) in form and      function; or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                            | (t) a      person in respect of which all of the owners of interests, direct,      indirect or beneficial, except the voting securities required by law to be      owned by directors, are persons that are accredited investors;      or                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                            | (u) an      investment fund that is advised by a person registered as an adviser or a      person that is exempt from registration as an adviser; or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                            | (v) a      person that is recognized or designated by the securities regulatory      authority or, except in Ontario and Quebec, the regulator as: (i)     an      accredited investor, or(ii)    an      exempt purchaser in Alberta or British Columbia after NI 45-106 came into      force.                                                                                                                                                                                                                                                                                                                                    |

----

| (a)     | one      of them is the subsidiary of the other,or |
|-----------------------------|----------------------------------------------------|

| (b)     | each      of them is controlled by the sameperson; |
|-----------------------------|----------------------------------------------------|

| (a)     | an      association governed by the Cooperative Credit      Associations Act (Canada) or a central cooperative credit society      for which an order has been made under section 473(1) of that Act,      or |
|-----------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)     | a      bank, loan corporation, trust company, trust corporation, insurance      company, treasury branch, credit union, caisse populaire, financial      services cooperative, or league that, in each case, is authorized by      an enactment of Canada or a jurisdiction of Canada to carry on      business in Canada or a jurisdiction inCanada; |
|-----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)     | the      first person, directly or indirectly, beneficially owns or exercises      control or direction over securities of the second person carrying votes      which, if exercised, would entitle the first person to elect a majority of      the directors of the second person, unless that first person holds the      voting securities only to secure anobligation, |
|-----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)     | the      second person is a partnership, other than a limited partnership, and      first person holds more than 50% of the interests of the partnership,      or |
|-----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)     | the      second person is a limited partnership and the general partner of the      limited partnership is the firstperson; |
|-----------------------------|-----------------------------------------------------------------------------------------------------------------------------|

| (a)     | a      member of the board of directors of a company or an individual who      performs similar functions for a company,and |
|-----------------------------|-----------------------------------------------------------------------------------------------------------------------------|

----

| (b)     | with      respect to a person that is not a company, an individual who performs      functions similar to those of a director of a  company; |
|-----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| (a)     | cash, |
|-----------------------------|-------|

| (b)     | securities,      or |
|-----------------------------|---------------------|

| (c)     | a      contract of insurance, a deposit or an evidence of a deposit that is not a      security for the purposes of securities  legislation; |
|-----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| (a)     | a      partnership, unincorporated association, unincorporated syndicate,      unincorporated organization or a trust,or |
|-----------------------------|--------------------------------------------------------------------------------------------------------------------------|

| (b)     | a      natural person in his or her capacity as trustee, executor, administrator      or other legal personalrepresentative; |
|-----------------------------|------------------------------------------------------------------------------------------------------------------------------|

----

| (a)     | whose      primary purpose is to invest money provided by its      securityholders, |
|-----------------------------|-------------------------------------------------------------------------------------|

| (b)     | that      does not invest, |
|-----------------------------|----------------------------|

| (A)     | for      the purpose of exercising or seeking to exercise control of an issuer,      other than an issuer that is a mutual fund or a non-redeemable investment      fund, or |
|-----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B)     | for      the purpose of being actively involved in the management of any issuer in      which it invests, other than an issuer that is a mutual fund or a      non-redeemable investment fund,and |
|-----------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)     | that      is not a mutual fund; |
|-----------------------------|---------------------------------|

| (a)     | an      individual, |
|-----------------------------|---------------------|

| (b)     | a      corporation, |
|-----------------------------|---------------------|

| (c)     | a      partnership, trust, fund and an association, syndicate, organization or      other organized group of persons, whether incorporated or not,      and |
|-----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)     | an      individual or other person in that person’s capacity as a trustee,      executor, administrator or personal or other legal      representative; |
|-----------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)     | liabilities      incurred or assumed for the purpose of financing the acquisition or      ownership of financial assets;or |
|-----------------------------|----------------------------------------------------------------------------------------------------------------------------|

| (b)     | liabilities      that are secured by financialassets; |
|-----------------------------|-------------------------------------------------------|

----

| (a)     | is      married to another individual and is not living separate and apart within      the meaning of the Divorce Act (Canada),      from the other individual, |
|-----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)     | is      living with another individual in a marriage-like relationship, including      a marriage-like relationship between individuals of the same gender,      or |
|-----------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)     | in      Alberta, is an individual referred to in paragraph (a) or (b), or is an      adult interdependent partner within the meaning of the Adult Interdependent      Relationships Act (Alberta);and |
|-----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (a)       | the      Subscriber is, and (if applicable) any other purchaser for whom it is      acting hereunder, is: |
|-----------------------------------------|-----------------------------------------------------------------------------------------------------------|

| (i)       | a      purchaser that is recognized by the securities regulatory authority in the      jurisdiction in which it is, and (if applicable) any other purchaser for      whom it is acting hereunder is resident or otherwise subject to the      securities laws of such jurisdiction as an exempt purchaser and is      purchasing the Units as principal for its, or (if applicable) each such      other purchaser’s, own account, and not for the benefit of any other      person, for investment only and not with a view to resale or distribution      and no other person, corporation, firm or other organization has a      beneficial interest in the said securities being purchased, or purchasing      the securities as agent or trustee for the principal disclosed on the      cover page of this Agreement and each disclosed principal for whom the      Subscriber is acting is purchasing as principal for its own account, and      not for the benefit of any other person, and is purchasing for investment      only and not a view to resale or distribution;  or |
|-----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)       | a      purchaser which is purchasing Units pursuant to an exemption from any      prospectus or securities registration requirements (particulars of which      are enclosed herewith) available to the Corporation, the Agent, the      Subscriber and any such other purchaser under applicable securities laws      of their jurisdiction of residence or to which the Subscriber and any such      other purchaser are otherwise subject to, and the Subscriber and any such      other purchaser shall deliver to the Corporation and the Agent such      further particulars of the exemption and their qualification thereunder as      the Corporation or the Agent may reasonably  request; |
|------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)       | the      purchase of Units by the Subscriber, and (if applicable) each such other      purchaser, does not contravene any of the applicable securities laws in      such jurisdiction and does not trigger: (i) any obligation of the      Corporation to prepare and file a prospectus, an offering memorandum or      similar document, or (ii) any obligation of the Corporation to make any      filings with or seek any approvals of any kind from any regulatory body in      such jurisdiction or any other ongoing reporting requirements with respect      to such purchase or otherwise; or (iii) any registration or other      obligation on the part of the Corporation or the  Agent; |
|-----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (c)       | all      acts of solicitation, conduct or negotiations directly or indirectly in      furtherance of the purchase of securities occurred outside of Canada and      the United States; |
|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)       | no      offer was made to the Subscriber in Canada or the United States and the      buy order in respect of the subscription was not placed from within Canada      or the United States; |
|-----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)       | the      Subscriber is knowledgeable of, and has been independently advised as to,      the securities laws of such jurisdiction as applicable to this      Subscription Agreement; and |
|-----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)       | the      Subscriber, and (if applicable) any other purchaser for whom it is acting      hereunder will not sell or otherwise dispose of any the Shares, Warrants      and Warrant Shares underlying the Units (the “Underlying Securities”),      except in accordance with applicable Canadian securities laws, and if the      Subscriber, or (if applicable) such beneficial purchaser sell or otherwise      dispose of Underlying Securities to a person other than a resident of      Canada, the Subscriber, and (if applicable) such beneficial purchaser,      will obtain from such purchaser representations, warranties and covenants      in the same form as provided in this Schedule “B” and shall comply with      such other requirements as the Corporation may reasonably      require. |
|-----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                               |
|--------|------------------------------------|
|   | Name      of Subscriber            |
|   |                               |
|   |                               |
|   |  Signature      of Subscriber |
|   |                               |
|   |                               |
|   |  Title      of Subscriber     |
|   |                               |

----

----

| Issuer:                 | Firstgold      Corp. (the “Corporation”)                                                                                                                                                                                                                                                                                                                                                                                                                   |
|-------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Issue:                  | Up      to 7,692,307 Units (the “Units”), each Unit      consisting of one common share in the capital of the Corporation (each, a      “Share”) and      one-half of one common share purchase warrant (each whole warrant, a      “Warrant”).                                                                                                                                                                                    |
| Warrants:               | Each      whole Warrant will entitle the holder thereof to purchase one common share      of the Corporation (each, a “Warrant Share”) at a      price of US$0.80 per Warrant Share (the “Exercise Price”) for a      period of 18 months from the closing date.                                                                                                                                                                               |
| Amount:                 | Up      to US$5,000,000.                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Issue      Price:       | US$0.65      per Unit.                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Form      of Financing: | Best      efforts agency private placement to institutional and “accredited”      investors in Canada.                                                                                                                                                                                                                                                                                                                                                     |
| Agent:                  | D&D      Securities Company                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Use      of Proceeds:   | The      net proceeds of the offering shall be used for exploration and development      of the Corporation’s Relief Canyon project, as well as for general and      administrative expenses.                                                                                                                                                                                                                                                                    |
| Hold      Period:       | The      Shares, Warrants and Warrant Shares will be subject to applicable hold      periods in Canada and the United States. In Canada the hold period is four      months from the date the Company becomes a reporting issuer and in the      United States the hold period is six months from the date of Closing for      the Shares so long as the Corporation maintains its public information      requirements.                                               |
| Fees:                   | Fees      equal to 7.0% cash commission based on the gross proceeds raised in the      Financing and 10.0% Broker’s Warrants (calculated on the basis of the      number of Units issued upon closing of the Financing) with each broker      warrant entitling the holder to purchase one Common Share and one-half of      one Warrant at an exercise price equal to the offering price of the Units      and expiring 18 months from closing of the Offering. |
| Closing:                | On      or about February 15, 2008 or as the Corporation and the Agent may      otherwise agree.                                                                                                                                                                                                                                                                                                                                                                       |