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).

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. This verbal stipulation was formalized and approved by the Bankruptcy Court on April 27, 2010.

As a result, Platinum and Lakewood have not foreclosed on their security interest but have taken possession of their collateral. Platinum and Lakewood have also circulated a Notification of Disposition of Collateral indicating that they intended to sell the collateral privately after May 31, 2010. Upon a sale of the collateral, Platinum and Lakewood will be entitled to full repayment of their debt obligation, currently aggregating approximately $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 continues in a Chapter 11 status under bankruptcy protection which will allow Firstgold’s management to pursue a possible reorganization of the corporate entity, either with or without another company. There are no further conference hearings currently scheduled relating to the reorganization of the Firstgold corporate entity.