Item 1.03 Bankruptcy Filing

On January 27, 2010 Firstgold Corp. voluntarily filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. The filing was made in the United States Bankruptcy Court, District of Nevada (Case #10-50215). Since Firstgold filed for bankruptcy protection its current management continued to operate the Company as debtor-in-possession subject to the supervision and orders of the Bankruptcy Court.

Since filing for bankruptcy protection, Firstgold’s management has held discussions with several groups in an attempt to establish and fund a reorganization plan for Firstgold. Unfortunately, management was unable to establish a reorganization plan that would timely fund the recommencement of business operations and satisfy the secured creditor obligations.

At a bankruptcy hearing held on April 20, 2010, Firstgold’s management reported its inability to timely develop a reorganization plan to restart Firstgold’s operations. In light of the foregoing, Firstgold verbally stipulated to allowing its primary secured lenders, Platinum Long Term Growth, LLC (“Platinum”) and Lakewood Group, LLC (“Lakewood”), to pursue their contractual and state law rights and remedies to foreclose and take possession of all collateral securing their debt obligations with Firstgold pursuant to their security interests. The collateral securing their debt obligations includes the Relief Canyon mine property and all improvements to the mine property, all vehicles and equipment, and all reports, surveys, permits and documentation relating to the Relief Canyon mine. The collateral also included a mineral assay laboratory and an office building, both located in Lovelock, NV as well as certain exploration rights. Together the collateral represents substantially all of Firstgold’s assets.

In addition, Firstgold agreed to relinquish possession of the collateral to allow Platinum and Lakewood to preserve and protect such collateral as of April 21, 2010.

Platinum and Lakewood may now choose to foreclose on their security interest and take possession of the collateral or may attempt to sell such assets in place. Upon a sale of the collateral, Platinum and Lakewood would be entitled to full repayment of their debt obligations, currently aggregating $19,357,961 including interest, charges and fees. Unsecured creditors and stockholders will not realize any further value from the Firstgold assets unless and until the obligations of the secured creditors have been satisfied.

Firstgold will continue in a Chapter 11 status which will allow Firstgold’s management to pursue a possible reorganization of the corporate entity with another company. The next status conference hearing relating to the Firstgold corporate entity is set for May 11, 2010.

Item 9.01 Financial Statements and Exhibits

Exhibits