Falcon Gold Corp. Announces Increase in Amount of P Rivate Placement

FALCON GOLD CORP. 3171 Kingsway, Unit 1 Sudbury, ON, Canada P3B 2G5 (705) 524-3777 www.falcongold.ca [email protected]

FALCON GOLD CORP. ANNOUNCES INCREASE IN AMOUNT OF PRIVATE PLACEMENT

Sudbury, ON. May 1, 2012. Falcon Gold Corp. (FG: TSX-V), (“Falcon” or the “Company”) previously by press release dated April 19, 2012 announced that it was effecting a private placement financing of up to $750,000 in connection with its acquisition of the shares of Templer Gold Corp. which through its wholly owned US subsidiary controls a 100% interest the Washington Silver Property.

The Company advises that the private placement has been increased in that the gross proceeds of the private placement will be up to $850,000. The private placement consists of up to 8,500,000 units at a price per unit of $0.10. Each unit consists of one common share of the Company and one-half of one share purchase warrant. Each whole warrant will be exercisable into one common share at a price of $0.17 for a period of 24 months from the closing of the financing transaction.

Falcon will use the proceeds for working capital purposes and a first phase exploration program on the Washington Silver Property project.

The private placement is expected to close in May 2012.

About Falcon Gold Corp.

Falcon Gold Corp. is a Canadian mineral exploration company focused on generating, acquiring, and exploring mining opportunities in the Americas.

On Behalf of the Board of Directors

FALCON GOLD CORP.

“Edward Stringer”

Edward Stringer President, CEO and Director

For Further Information:

Timea Carlsen Manager, Corporate Communications [email protected] Toronto Cell: 647-991-2473 (BIRD)

Vancouver Cell: 778-998-2473 (BIRD)

This news release may contain forward looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, native issues, etc. Forward looking statements address future events and conditions and therefor, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Neither 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.