Press Releases

AGY Holding Corp. Announces 2009 Third Quarter Consolidated Results and Earnings Conference Call Nov 11, 2009 01:26PM

AIKEN, S.C.--(BUSINESS WIRE)-- AGY Holding Corp. ("AGY" or the "Company") reports its consolidated 2009 third quarter results, including the impact of its acquisition of the 70% controlling ownership of Main Union Industrial Ltd (now known as AGY Hong Kong Limited, "AGY Asia"), which occurred on June 10, 2009.

    --  Third quarter 2009 revenue of $41.7 million reflects a 27% increase
        compared to the second quarter of 2009 primarily due the acquisition of
        AGY Asia and an improvement in most of the market segments served by
        AGY. Compared to the third quarter of 2008, revenue in the third quarter
        of 2009 decreased by 32%.
    --  AGY reported a loss from operations of $6.3 million for the third
        quarter of 2009, compared to income from operations of $7.1 million for
        the same quarter last year.
    --  The Adjusted EBITDA loss attributable to AGY Holding Corp. of $2.1
        million for the third quarter of 2009 (which excludes the portion of
        Adjusted EBITDA loss attributable to the 30% noncontrolling interest in
        AGY Asia) represents a $4.4 million improvement over the results in the
        second quarter of 2009 due to increased revenues, a lower cost structure
        and improved production efficiencies. Compared to the third quarter of
        2008, Adjusted EBITDA for the quarter decreased by $15.7 million.

Summary Financial Performance

Including the Recent Acquisition

($ in millions)

                        Quarter Ended September 30,  Year-to-date September 30,

                          2009      2008               2009      2008

Net sales               $ 41.7    $ 61.1             $ 114.2   $ 183.2

(Loss) income from        (6.3 )    7.1                (62.6 )   18.8
operations

Net (loss) income         (7.7 )    1.0                (43.1 )   0.4

Net (loss) income
attributable to AGY       (7.5 )    1.0                (42.7 )   0.4
Holding Corp.(1)

Non-GAAP measures:

EBITDA(2)                 (2.1 )    10.1               (29.0 )   28.5

Adjusted EBITDA(2)        (1.8 )    13.6               0.5       38.5

Adjusted EBITDA
attributable to AGY       (2.1 )    13.6               0.2       38.5
Holding Corp.(3)

Adjusted EBITDA margin
attributable to AGY       (5.0 )%   22.3 %             0.2   %   21.0  %
Holding Corp.(3)(4)

See Appendix D where EBITDA and Adjusted EBITDA are defined and reconciled from net income (loss) determined under GAAP.

(1) Net (loss) income attributable to AGY Holding Corp. excludes the portion of net (loss) income attributable to the noncontrolling interest in AGY Asia.

(2) Management uses EBITDA and Adjusted EBITDA, which are non-GAAP financial measures, to measure operating performance.

(3) Adjusted EBITDA attributable to AGY Holding Corp. excludes the portion of Adjusted EBITDA attributable to the noncontrolling interest in AGY Asia.

(4) Adjusted EBITDA margin attributable to AGY Holding Corp. is calculated by dividing Adjusted EBITDA attributable to AGY Holding Corp. by net sales.

Net sales in the third quarter of 2009 were $41.7 million, which consists of $6.2 million of revenue reported by the AGY Asian business segment (AGY Asia) and $35.5 million of revenue reported by the AGY U.S. business segment. The AGY U.S. business segment's third quarter 2009 revenue of $35.5 million represents a 42% decrease when compared to the third quarter of 2008. The decrease in third quarter 2009 revenue was due to lower demand across all business segments, while results in the third quarter of 2008 included shipments associated with the MRAP defense program. When compared to the second quarter of 2009, revenue in the third quarter for the AGY U.S. business segment increased by 13% as a result of improved order rates and re-stocking activities at several customers. Revenue generated by the AGY Asian business segment during the quarter was favorably impacted by a continuous improvement in Asian electronics demand. Year-to-date net sales, including $7.6 million of revenue reported by the AGY Asian business segment, were $114.2 million for the nine months ended September 30, 2009, representing a decrease of 38% over the comparable period of 2008.

The Company reported a consolidated loss from operations for the third quarter of 2009 of $6.3 million, compared to income from operations of $7.1 million reported during the same period of 2008. The AGY U.S. business segment reported a loss of $5.5 million for the third quarter of 2009 due to lower sales volumes, an unfavorable product mix associated with lower defense and aerospace shipments and the under-absorption of manufacturing overhead costs associated with inventory depletion. Year-over-year operational improvements and significant cost and headcount reductions partially offset the loss in volume and under-absorption of cost. The AGY Asian business segment reported a net operating loss of $0.6 million for the third quarter of 2009. For the nine months ended September 30, 2009, the Company reported a consolidated loss from operations of $62.6 million, compared to income from operations of $18.8 million during the same period in 2008. The year-to-date results for 2009 were negatively impacted by the non-cash impairment charge on goodwill of $44.5 million recognized during the second quarter of 2009 and lower volumes associated with the global economic downturn.

On a consolidated basis, the loss attributable to AGY Holding Corp. was $7.5 million for the third quarter of 2009, compared to income of $1.0 million reported for the same period of 2008. The net loss attributable to AGY Holding Corp. for the nine months ended September 30, 2009 was $42.7 million, compared to net income of $0.4 million reported for the nine months of 2008.

Adjusted EBITDA is a measurement management uses to measure operating results. The Company reported a consolidated Adjusted EBITDA loss attributable to AGY Holding Corp. of $2.1 million during the third quarter of 2009, compared to Adjusted EBITDA of $13.6 million for the comparable period of 2008. The AGY U.S. business segment results in the third quarter of 2009 were negatively impacted by lower volumes, an unfavorable product mix and approximately $7.0 million of expenses associated with inventory depletion activities including the under-absorption of period costs. Year-to-date operational improvements and cost savings of $4.8 million associated with restructuring initiatives partially offset these variances. The AGY Asian business segment reported $0.9 million of Adjusted EBITDA before noncontrolling interest for the three months ended September 30, 2009. Consolidated Adjusted EBITDA attributable to AGY Holding Corp. was $0.2 million for the first nine months of 2009, compared to the $38.5 million reported for the comparable period of 2008.

The Company's consolidated cash balance as of September 30, 2009 was $2.1 million. Operating activities used $9.5 million during the first nine months of 2009 compared to cash provided by operations of $23.0 million during the comparable period of 2008. In 2009, lower inventory levels of $13.3 million were more than offset by the reported net loss of the Company. Excluding the net cash consideration paid for the acquisition of AGY Asia, cash provided by investing activities was $14.1 million, compared to cash used in investing activities of $34.0 million during the comparable period of 2008. In 2009, investing activities were favorably impacted by the sale of $11.1 million of excess alloy, while 2008 results included the purchase of $28.2 million of alloy metals necessary for defense related programs.

"The results in the third quarter reflect the actions we have implemented in 2009 to effectively manage the downturn in our global markets," commented Doug Mattscheck, Chief Executive Officer. "We have significantly reduced our cost structure, improved manufacturing efficiencies and lowered working capital requirements. We believe AGY is well positioned to profitably leverage additional volumes to the extent the markets begin to regain traction at the end of 2009 and into 2010."

AGY is a leading global producer of fiberglass yarns and high-strength fiberglass reinforcements used in a variety of composites applications. AGY serves a diverse range of markets including aerospace, defense, electronics, construction and industrial. Headquartered in Aiken, South Carolina, AGY has a European office in Lyon, France and manufacturing facilities in the U.S. in Aiken, South Carolina and Huntingdon, Pennsylvania and a controlling interest in a manufacturing facility in Shanghai, China. Additional information and a copy of this press release may be found at the Investor Relations section of the Company's website, www.agy.com or by email at info@agy.com.

Certain statements contained in this release are forward-looking and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Among these risks and uncertainties are general economic and business conditions; the Company's substantial debt and ability to generate cash flows to service its debt; the Company's compliance with the financial covenants contained in its various debt agreements; changes in market conditions or product demand (including whether or not the Company is awarded certain new defense contracts that it has sought to obtain); the level of cost reduction achieved through restructuring and capital expenditure programs; changes in energy and raw material costs and availability; downward selling price movements; currency and interest rate fluctuations; increases in the Company's leverage; the Company's ability to effectively integrate acquisitions; changes in the Company's business strategy or development plans; the timing and cost of plant closures; the success of new technology; and increases in the cost of compliance with laws and regulations. Factors that could cause actual results to differ materially from these forward-looking statements include but are not limited to those risk factors listed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. AGY does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The Company will hold a conference call to discuss the third quarter 2009 results and respond to questions. The details for the call are as follows:

Date: November 12, 2009

Time: 11:00am EST

Dial-in number: 866-866-1333

International: 404-260-1421

Conference ID: N/A (Operator Assisted)

Please dial in 10-15 minutes prior to the start time. An operator will request your name and organization and ask you to wait until the call begins.

Rebroadcast of this conference will be available two hours after it is complete. Parties who are interested in listening to the rebroadcast may dial 866-430-1300 or 404-260-1414 and when prompted enter pin - 4804300#. At system prompt dial '4' to listen to a previously recorded conference. When prompted, enter confirmation number - 200911062183016#. The rebroadcast will be available through January 12, 2009.

Appendix A.

AGY Holding Corp. and Subsidiaries

Consolidated Balance Sheets

(Dollars in thousands, except share and
per share data)

                                           September 30, 2009  December 31, 2008
Assets
                                           (Unaudited)         (1)

Current assets:

Cash                                       $ 2,081             $ 4,760

Restricted cash                              -                   1,239

Trade accounts receivables, less
allowances of $2,896 and $3,604 at           23,899              14,023
September 30, 2009 and December 31, 2008,
respectively

Inventories, net                             29,202              39,992

Deferred tax assets                          7,197               6,708

Other current assets                         3,041               2,115

Total current assets                         65,420              68,837

Property, plant and equipment, and alloy     255,777             178,880
metals, net

Intangible assets, net                       20,095              21,453

Goodwill                                     40,526              84,992

Other assets                                 1,534               1,325

TOTAL                                      $ 383,352           $ 355,487

Liabilities and Shareholder's Equity

Current liabilities:

Accounts payable                           $ 12,517            $ 9,494

Accrued liabilities                          20,471              17,662

Short-term borrowings                        5,661               -

Current portion of long-term debt            1,590               -

Total current liabilities                    40,239              27,156

Long-term debt                               223,714             191,400

Pension and other employee benefit plans     10,560              10,917

Other liabilities                            4,035               -

Deferred tax liabilities                     16,565              27,709

Total liabilities                            295,113             257,182

Commitments and contingencies

Noncontrolling interest                      12,012              -

Shareholder's equity:

Common stock, $.0001 par value per share;
5,000,000 shares authorized; 1,291,667       -                   -
shares issued and outstanding

Additional paid-in capital                   122,336             101,729

Accumulated deficit                          (46,737 )           (4,047  )

Accumulated other comprehensive income       628                 623

Total shareholder's equity                   76,227              93,865

TOTAL                                      $ 383,352           $ 355,487

(1) Derived from audited financial
statements

Appendix B.

AGY Holding Corp. and Subsidiaries

Consolidated Statements of Operations

(Dollars in thousands, unless otherwise noted)

                               (Unaudited)

                               Three Months Ended       Nine Months Ended

                               September 30,            September 30,

                                 2009         2008        2009         2008

Net sales                      $ 41,738     $ 61,143    $ 114,178    $ 183,177

Cost of goods sold               43,873       48,532      117,013      148,985

Gross profit (loss)              (2,135  )    12,611      (2,835  )    34,192

Selling, general and             3,981        5,006       12,029       14,358
administrative expenses

Restructuring charges            27           -           752          -

Amortization of intangible       250          465         752          1,394
assets

Goodwill impairment charge       -            -           44,466       -

Other operating (expense)        98           -           (1,769  )    319
income

Income (loss) from operations    (6,295  )    7,140       (62,603 )    18,759

Other non-operating (expense)
income:

Interest expense                 (5,717  )    (5,222 )    (16,101 )    (17,858 )

Gain on bargain purchase         -            -           22,540       -

Other income (expense), net      285          (127   )    1,413        (18     )

Income (loss) before income      (11,727 )    1,791       (54,751 )    883
tax benefit (expense)

Income tax benefit (expense)     3,980        (792   )    11,635       (446    )

Net income (loss)                (7,747  )    999         (43,116 )    437

Less: Net loss attributable
to the noncontrolling            (229    )    -           (426    )    -
interest

Net income (loss)
attributable to AGY Holding    $ (7,518  )  $ 999       $ (42,690 )  $ 437
Corp.

Appendix C.

AGY Holding Corp. and Subsidiaries

Consolidated Statements of Cash Flows

                                                 (Unaudited)

                                                 Nine Months Ended September 30,

                                                   2009         2008

Cash flow from operating activities:

Net (loss) income                                $ (43,116 )  $ 437

Adjustments to reconcile (net loss) net income
to net cash (used in) provided by operating
activities:

Goodwill impairment charge                         44,466       -

Depreciation                                       8,858        8,343

Alloy metals depletion, net                        4,830        8,964

Amortization of debt issuance costs                535          543

Amortization of intangibles with definite lives    752          1,394

Gain on sale, disposal or exchange of property     (450    )    (750    )
and equipment and alloy metals

Gain on early extinguishment of debt               (1,138  )    -

Effect of adopting ASC 805 for                     1,098        -
acquisition-related costs

Stock compensation                                 607          805

Gain on bargain purchase for majority interest     (22,540 )    -
business acquisition

Deferred income tax (benefit) expense              (11,633 )    700

Changes in assets and liabilities (net of
effect of assets acquired and liabilities
assumed in acquisition):

Trade accounts receivable                          (4,347  )    (2,157  )

Inventories                                        13,292       (33     )

Other assets                                       637          244

Accounts payable                                   248          (470    )

Accrued liabilities                                (1,242  )    4,051

Pension and other employee benefit plans           (357    )    912

Net cash (used in) provided by operating           (9,500  )    22,983
activities

Cash flows from investing activities:

Purchases of property and equipment and alloy      (10,074 )    (36,726 )
metals

Adjustment of Continuous Filament Mat business     -            2,300
purchase price

Proceeds from the sale of property and             11,074       1,326
equipment and alloy metals

(Increase) decrease in restricted cash             13,056       (20     )

Payment for majority interest business             (18,153 )    -
acquisition, net of cash acquired

Other investing activities                         -            (848    )

Net cash used in investing activities              (4,097  )    (33,968 )

Cash flows from financing activities:

Proceeds from Revolving Credit Facility            46,825       60,500
borrowings

Payments on Revolving Credit Facility              (45,475 )    (53,400 )
borrowings

Purchases of Senior Secured Notes                  (1,793  )    -

Proceeds from AGY Asia Credit Facility             3,635        -

Payments on Shanghai Grace Fabric Corporation      (12,309 )    -
loan

Payments on capital leases                         -            (221    )

Capital contribution                               20,000       -

Net cash provided by financing activities          10,883       6,879

Effect of exchange rate changes on cash            35           15

Net decrease in cash                               (2,679  )    (4,091  )

Cash, beginning of period                          4,760        5,204

Cash, end of period                              $ 2,081      $ 1,113

Appendix D.

AGY Holding Corp. and Subsidiaries

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

(Dollars in thousands, unless otherwise noted)

The Company's management uses EBITDA and Adjusted EBITDA, which are
non-GAAP financial measures, to measure operating performance. The most
directly comparable financial measure determined under GAAP is net income
(loss), the calculation of which for the three and nine months ended
September 30, 2009 and 2008 is set forth on Appendix B.

EBITDA and Adjusted EBITDA (which are defined below) are reconciled from
net income (loss) determined under GAAP as follows (dollars in thousands):

                               Three Months Ended    Nine Months Ended

                               September 30,         September 30,

                                 2009        2008      2009         2008

Statement of operations data:

Net (loss) income              $ (7,747 )  $ 999     $ (43,116 )  $ 437

Interest expense                 5,717       5,222     16,101       17,858

Income tax (benefit) expense     (3,980 )    792       (11,635 )    446

Depreciation and amortization    3,955       3,106     9,610        9,737

EBITDA                         $ (2,055 )  $ 10,119  $ (29,040 )  $ 28,478

                                  Three Months Ended    Nine Months Ended

                                  September 30,         September 30,

                                    2009        2008      2009         2008

EBITDA                            $ (2,055 )  $ 10,119  $ (29,040 )  $ 28,478

Adjustments to EBITDA:

Alloy depletion charge, net         65          3,093     4,830        8,964

Non-cash compensation charges       58          223       607          805

Management fees                     188         188       563          563

Acquisition-related costs
expensed in accordance with ASC     188         -         2,628        -
805

Gain on early extinguishment of     -           -         (1,138  )    -
debt

Restructuring charges               27          -         752          -

Cost associated with the exit of    -           16        -            639
Anderson facility

Goodwill impairment charge          -           -         44,466       -

Purchase bargain gain               -           -         (22,540 )    -

Disposition of assets (gain) &      (227   )    -         (616    )    (930   )
others

Adjusted EBITDA                     (1,756 )    13,639    512          38,519

Less: Adjusted EBITDA
attributable to the                 (300   )    -         (263    )    -
noncontrolling interest

Adjusted EBITDA attributable to   $ (2,056 )  $ 13,639  $ 249        $ 38,519
AGY Holding Corp.

                                  Three Months Ended    Nine Months Ended

                                  September 30,         September 30,

                                    2009        2008      2009      2008

Adjusted EBITDA allocated to AGY
Holding Corp. segment breakdown:

AGY US and Corporate              $ (2,757 )  $ 13,639  $ (365 )  $ 38,519

AGY Asia                            701         -         614       -

                                  $ (2,056 )  $ 13,639  $ 249     $ 38,519

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP financial measure used by management to measure operating performance. EBITDA is not a recognized term under GAAP and does not purport to be an alternative to net income as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. Additionally, EBITDA is not intended to be a measure of free cash flow available for management's discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. Management believes EBITDA is helpful in highlighting trends because EBITDA excludes the result of decisions that are outside the control of operating management and can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments. In addition, management believes EBITDA provides more comparability between AGY's historical results and results that reflect purchase accounting and changes in AGY's capital structure. Management compensates for the limitations of using non-GAAP financial measures by using them to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. Because not all companies use identical calculations, these presentations of EBITDA (as well as Adjusted EBITDA) may not be comparable to other similarly titled measures of other companies.

Adjusted EBITDA is a non-GAAP financial measure which is defined as EBITDA further adjusted as permitted and calculated in the manner that consolidated cash flow is calculated under the indenture governing the Company's senior second lien notes, relative to certain provisions, including but not limited to, restricted payments and incurrence of additional indebtedness.

    Source: AGY Holding Corp.

EnOcean Alliance Reaches Milestone Toward Becoming an International Standard Nov 11, 2009 01:24PM

SAN RAMON, Calif., Nov. 11 /PRNewswire/ -- The EnOcean Alliance, an international consortium of 120 companies from the building sector, announces the publication of its first global, open specification for energy-harvesting wireless sensors. Productized in the form of EnOcean Equipment Profiles (EEP), Alliance standardization guidelines ensure interoperability among devices of various manufacturers. Jointly produced by EnOcean Alliance members, the public specification is accessible to everyone and presently contains 50 equipment profiles supporting the development of a variety of solutions for building automation. Currently available EEPs include switches, remote controls, sensors, sensor combinations and data of every kind.

(Logo: http://www.newscom.com/cgi-bin/prnh/20091009/LA90260LOGO)

Jointly devised specification

Graham Martin, chairman and CEO of the EnOcean Alliance, said, "Publication of the first specification for EnOcean sensors is extremely important for the EnOcean Alliance because it ensures continuing seamless interoperability between EnOcean-enabled solutions across the spectrum of manufacturers. Moreover, it's the first step taken by the Alliance towards formal recognition as an international standard."

The specification was devised by the EnOcean Alliance technical working group (TWG), which undertook the task of standardizing EnOcean technology on an international scale in order to assure full interoperability over a broad spectrum of sensor-based building automation solutions. EnOcean Alliance member companies currently offer 350 different products based on EnOcean technology, all of which provide true interoperability by virtue of their rigid adherence to firmly defined equipment profiles established in the EnOcean Alliance specification.

Non-proprietary communication

As a prerequisite for enabling equipment from different manufacturers to communicate and work together in building automation systems, interoperability demands adherence to clearly defined rules and standards. For example, all components must use the same data formats or protocols as set forth in the profile definitions. In a system with interoperable components that work according to a profile definition, it is possible to combine a receiver from manufacturer A with a sensor from manufacturer B and a sensor from manufacturer C performing the same function. In this way, non-proprietary, smart solutions for energy-efficient building automation are easily implemented on an enterprise-wide basis.

First open specification for energy harvesting wireless sensors

At present the published specification contains 50 EEPs describing different switching functions, remote controls, sensors and combinations of sensors for temperature, brightness, motion and humidity. Additional profiles are also defined for switching actuators, dimmers and other devices, with new EEPs under development, including Demand Response, Smart Grid and SMART ACK.

EnOcean Equipment Profiles define the functionality of EnOcean-enabled equipment independently of manufacturer. To ensure interoperability between all EnOcean-based products, every manufacturer must provide a binding declaration prior to product introduction demonstrating that their solution meets the EnOcean Alliance specification though compliance with one or more EEP.

The new document is the first official specification to compile and publish the EEPs, paving the way for global proliferation of EnOcean technology driving the development and manufacture of new types of equipment. For users, the directive means that they have an even greater selection and more implementation possibilities as a result of a growing number of products and suppliers.

EnOcean Alliance at Greenbuild 2009

At Greenbuild 2009 (Phoenix, AZ, Nov 10-12), several EnOcean Alliance partner organizations will be displaying a wide range of EnOcean-enabled wireless building automation solutions, including:

    --  Leviton Manufacturing Co., Inc.--booth 3954
    --  Verve Living Systems (Masco Corp.)--booth 5133
    --  EnOcean, Inc.--booth 5125
    --  Ad Hoc / Illumra--booth 5125
    --  Douglas Lighting Controls--booth 5125
    --  Echoflex Solutions Inc.--booth 5125
    --  EMerge Alliance--booth 2252
    --  Ledalite (a Philips Company)--booth 5241

    --  Osram Sylvania, Inc.--booth 957

About the EnOcean Alliance

EnOcean Alliance, a consortium of currently 120 international corporations, shares the common goal of standardizing wireless control systems for sustainable building applications. The core technology of the Alliance centers around EnOcean's patented energy harvesting and radio-frequency technology offering self-powered wireless operation in the form of flexibly positioned, maintenance-free sensor solutions. The goal of the EnOcean Alliance is to standardize and internationalize EnOcean wireless technology through the creation of true interoperability between all products produced by the Alliance's OEM partners. EnOcean Alliance is a California 501(c)(3) non-profit corporation headquartered in San Ramon, CA. For further information, visit www.enocean-alliance.org.

SOURCE EnOcean Alliance

Appointment of Mr. Daniel B.J. Kivari to the First Gold's Board of Directors Nov 11, 2009 01:23PM

LAVAL, QUEBEC--(Marketwire - Nov. 11, 2009) - First Gold Exploration Inc. (TSX VENTURE: EFG)(FRANKFURT: F12) is pleased to announce the appointment of Mr. Daniel B.J. Kivari to the Company's board of directors.

Mr. Kivari, P. Eng., is a senior mining executive with a degree in Metallurgical Engineering and over 37 years of international experience in all aspects of mine operations, engineering, construction and development. Mr. Kivari is currently the chief operating officer of Carpathian Gold, A TSX listed company under the symbol (TSX:CPN), he also was Regional General Manger for Western Canada and Nunavut for Agnico Eagle Mines Ltd. and prior to that position, Vice President of Operations for Yamana Gold Inc. Mr. Kivari has also held senior engineering positions with the consulting firms of Kellogg Brown & Root/Colt Engineering and SNC-Lavalin. He has worked extensively throughout Latin America, Canada, Australia and the USA.

The Company has granted Mr. Kivari 300,000 stock options. Each option entitles its holder to acquire one common share at $0.15 until November 11, 2014.

"I'm very pleased that First Gold was able to attract such talent for our board of directors, Mr. Kivari will play an active role in the preparation of our Croinor gold project, and we look forward to his advice on the recent LOI for the Mexican Silver property and mine" comments, Eric Leboeuf, President of First Gold Exploration.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FOR FURTHER INFORMATION PLEASE CONTACT:
        First Gold Exploration Inc.
        Eric Leboeuf
        President and Chief Executive Officer
        514-862-6889
        president@firstgoldexploration.com
        www.firstgoldexploration.com

Source: First Gold Exploration Inc.

Appointment of Mr. Daniel B.J. Kivari to the First Gold's Board of Directors Nov 11, 2009 01:23PM

LAVAL, QUEBEC -- (MARKET WIRE) -- 11/11/09 -- First Gold Exploration Inc. (TSX VENTURE: EFG)(FRANKFURT: F12) is pleased to announce the appointment of Mr. Daniel B.J. Kivari to the Company's board of directors.

Mr. Kivari, P. Eng., is a senior mining executive with a degree in Metallurgical Engineering and over 37 years of international experience in all aspects of mine operations, engineering, construction and development. Mr. Kivari is currently the chief operating officer of Carpathian Gold, A TSX listed company under the symbol (TSX: CPN), he also was Regional General Manger for Western Canada and Nunavut for Agnico Eagle Mines Ltd. and prior to that position, Vice President of Operations for Yamana Gold Inc. Mr. Kivari has also held senior engineering positions with the consulting firms of Kellogg Brown & Root/Colt Engineering and SNC-Lavalin. He has worked extensively throughout Latin America, Canada, Australia and the USA.

The Company has granted Mr. Kivari 300,000 stock options. Each option entitles its holder to acquire one common share at $0.15 until November 11, 2014.

"I'm very pleased that First Gold was able to attract such talent for our board of directors, Mr. Kivari will play an active role in the preparation of our Croinor gold project, and we look forward to his advice on the recent LOI for the Mexican Silver property and mine" comments, Eric Leboeuf, President of First Gold Exploration.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
First Gold Exploration Inc.
Eric Leboeuf
President and Chief Executive Officer
514-862-6889
president@firstgoldexploration.com
www.firstgoldexploration.com

Research and Markets: Protein Kinase Therapeutics in Oncology - Where To Commercialize? Analyses 133 Identified Targets of Protein Kinase Drugs, Organized Into 200 Drug Target Profiles Nov 11, 2009 01:22PM

DUBLIN--(BUSINESS WIRE)-- Research and Markets (http://www.researchandmarkets.com/research/ef5944/protein_kinase_the) has announced the addition of the "Protein Kinase Therapeutics in Oncology - Where to Commercialize?" report to their offering.

This report comprises defined and up to date development strategies for 409 protein kinase drugs (990 projects) within the portfolio of 160 investigators, from Ceased to Marketed. The report extensively analyses 133 identified targets of protein kinase drugs, organized into 200 drug target profiles, and assesses them in 57 different cancer indications.

The report is written for you to understand and assess the impact of competitor entry and corresponding changes to development strategies for your own portfolio products. It serves as an external commercial advocate for pharmaceutical companies' portfolio planning and new product planning by:

    --  Providing you with competitive input to the R&D organization to guide
        development of early product ideas and ensure efforts are aligned with
        business objectives
    --  Assisting you to make informed decisions in selecting cancer indications
        that are known to be appropriate for your drug's properties
    --  Analyzing, correlating and integrating valuable data sources in order to
        provide accurate data for valuation of pipeline, in-licensing and new
        business opportunities
    --  Providing you with commercial analytic support for due diligence on
        in-licensing and acquisition opportunities
    --  Integrating knowledge for you to consider the therapeutic target for the
        highest therapeutic outcome and return on investment

This report will also be an important part of creating and implementing a market development plan for any protein kinase drug in oncology to ensure that the optimal market conditions exist by the time the product is commercialized.

Key Topics Covered:

    --  1 Executive Summary
    --  2 About Cancer Highlights
    --  3 Methodologies
    --  4 Overview
    --  5 Introduction
    --  6 Consider the Therapeutic Target for the Highest Therapeutic Outcome
        and Return on Investment
    --  7 The Rise of New Products: How Mature, Unique and Clinically Validated
        are the Drug Target Profiles Identified in the Cancer Protein Kinase
        Therapeutic Pipeline?
    --  8 Compound Strategies at Work: Competitive Benchmarking of Protein
        Kinase Drugs in Oncology by Compound Type
    --  9 Selecting Cancer Indications for Protein Kinase Therapeutics
    --  10 Portfolio Planning: Competitive Benchmarking of Protein Kinase Cancer
        Therapeutic Pipeline by Investigator
    --  11 Disclaimer
    --  12 Drug Index
    --  13 Company Index
    --  4.1 List of Figures
    --  4.1 List of Figures

Companies Mentioned:

    --  AB Science
    --  Abbott
    --  Bayer
    --  Cancer Research Technology
    --  Celgene
    --  Exelixis
    --  Galapagos
    --  Insmed
    --  Johnson & Johnson
    --  Kirin Pharma
    --  KuDOS
    --  Kyowa Hakko Kirin
    --  Novogen
    --  Oncalis
    --  Pfizer
    --  Provid
    --  QLT
    --  Quantum Pharmaceuticals
    --  Ras Therapeutics
    --  Sareum
    --  SBIO
    --  Scancell
    --  Schering-Plough
    --  ToolGen
    --  TopoTarget
    --  UCB
    --  VasGene Therapeutics
    --  ViroMed
    --  Wyeth
    --  Xencor

For more information visit http://www.researchandmarkets.com/research/ef5944/protein_kinase_the

    Source: Research and Markets