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Falcon Gold Drills 511.57 g/t Silver and 0.83 g/t Gold Over 9.14 Metres at Silver Bell

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SUDBURY, ONTARIO--(Marketwire - Oct. 24, 2012) - Falcon Gold Corp. (TSX VENTURE:FG) ("Falcon Gold" or "the Company") is pleased to announce it has received partial diamond drill hole assay results from its summer exploration program at its 100% owned Washington Silver project. A highlight of the results to date is an intersection of 511.57 grams per tonne (g/t) Silver (Ag) (16.45 ounces per ton) and 0.83 g/t Gold (Au), over an intersection length of 9.14 metres (m) (30 feet) contained within a 36.5m intersection of 167g/t Ag in hole SB12-01.

Falcon Gold has completed a summer exploration program on the Washington Silver Property that included property wide geological mapping and sampling, detailed geological mapping and sampling in the Silver Bell open pit, and diamond drilling in the area of the Silver Bell open pit. The results of sampling in the Silver Bell pit previously released (August 23, 2012) include a grab sample containing 2700 g/t Ag and 5.58 g/t Au. The results reported here include assays from 3 diamond drill holes completed at the Silver Bell pit as well as the results of outcrop mapping and sampling. Collectively, the Silver Bell and the mapped altered and brecciated volcanic rocks with associated mineralization form a potential trend of mineralization approximately 1.5 km long.

Diamond Drilling

Falcon Gold recently completed 678 m (2224 ft) of drilling in 6 holes in the area of the Silver Bell pit. Assay results from the first 3 holes have been received and significant intersections are contained in the table below. Assays from the remaining holes will be reported when received.



TABLE OF SIGNIFICANT INTERCEPTS, SILVER BELL OPEN PIT DRILLING

From To Length Length Au Ag Ag
Hole ID (ft) (ft) (ft) (m) (gpt) (gpt) (opt)
---------------------------------------------------------------------------
SB12-01 0 120 120 36.58 0.28 167.15 5.37
includes 75 105 30 9.14 0.83 511.57 16.45
SB12-02 5 40 35 10.67 0.31 121.01 3.89
SB12-02 5 25 20 6.1 0.03 203.18 6.53
SB12-02 180 250 70 21.33 0.03 15.84 0.51
includes 225 250 25 7.62 0.06 24.63 0.79
SB12-02 340 345 5 1.52 0.38 135 4.34
SB12-03 250 260 10 3.05 0.04 20 0.64

Note: True widths of mineralization are not known.



Rock types found in the Silver Bell pit, and intersected in the Silver Bell drilling, consist of tuffaceous felsic volcanic. They range from weakly to strongly silicified and host quartz stockworks, quartz+sulphide stockworks, and zones of well developed hydrothermal breccia. Mineralization is hosted by silicified quartz+sulphide stock work rocks and the best developed Silver-Gold mineralization occurs within strongly silicified and sulphide mineralized breccia.

Geological Mapping and Outcrop Sampling

Falcon also completed an initial property wide geological mapping program which identified outcrops of strongly altered and locally strongly brecciated volcanic rocks. Grab samples of outcrops returned assay grades up to 559 g/t Ag and 0.90 g/t Au (map can be viewed here: http://www.falcongold.ca/i/maps/testopen.jpg). The three highest grade samples collected form a north-northeast oriented trend projecting north-northeast from the Silver Bell Pit.

The orientation of the potential 1.5km long trend of mineralization is consistent with regional and property scale structural trends. Preliminary interpretation based on the drilling and other observations is a plunge of mineralization to the north-northwest within the north-northeast trending corridor.

The Washington Silver Project

The Washington Silver property encompasses approximately 880 acres, consisting of the Silver Bell Mining Lease (80 acres) and adjacent exploration claims (800 acres), and is located in the Ferry and Okanogan Counties in north central Washington State, approximately 14 kilometres (km) northwest of the town of Republic and 50 km south of the Canada-USA border.

The district has been an active precious metal mining region for over 100 years. A number of past producing silver and gold mines collectively represent an Epithermal Ag-Au district which extends from Northern Washington into British Columbia. Hecla Mining operated the Knob Hill Mine near Republic, which produced an estimated 2.4 million ounces of gold before closing, and current projects in the region include Midway Gold's Golden Eagle deposit (discovered by Hecla Mining in 1988) and Kinross Gold Corporation's Buckhorn Gold deposit and K1/K2 deposit. Kinross' 1,800 tpd capacity Kettle River Mill is located approximately 8 km from the Washington Silver Property. Silver was first discovered in the area of the Washington Silver Property in 1897 and the property has had a sporadic production history including 1907, 1940, and 1980-1983. During the period 1980-1983 production came from the Silver Bell Open Pit located on the Silver Bell Mining Lease. The property contains a number of Au and Ag showings consisting of veins, vein stocks works, and siliceous breccias consistent with the district style of epithermal mineralization.

Qualified Person

Jamie Lavigne, P.Geo., Vice President Exploration and Director of Falcon Gold supervised the diamond drilling and geological mapping programs on the Washington Silver Property and has reviewed and approved the technical contents in this press release.

Analytical and QA/QC

Assays were completed at ALS Minerals in Reno, Nevada. All samples received are crushed to 70% of the sample less than 2mm diameter. A 1 kg split of the crushed sample is pulverized to 85% less than 75 microns. Gold is analyzed by Fire Assay on a 30 gram split of the pulverized sample with an AAS finish (ALS method Au-AA23). Silver is analyzed by a multi-acid digestion followed by hydrochloric acid leach and AAS analysis (ALS method Ag-AA61). Samples with Silver concentrations greater than 5 g/t were re-analyzed using fire assay on a 30 gram split followed by gravimetric finish (ALS method Ag-GRA21). QA and QC measures implemented by Falcon Gold include the use of Certified Reference Materials, sample blanks, and analyses at a check laboratory.

About Falcon Gold Corp.

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

On Behalf of the Board of Directors

FALCON GOLD CORP.

Edward Stringer, President, CEO and Director

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, 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.

FOR FURTHER INFORMATION PLEASE CONTACT:
Falcon Gold Corp.
Timea Carlsen
Manager, Corporate Communications
Toronto Cell: 647-991-2473 (BIRD)
Vancouver Cell: 778-998-2473 (BIRD)
timea.carlsen@falcongold.ca

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