FISCHER-WATT GOLD COMPANY, INC.

_______________________________________________________________________

2582 Taft Court, Lakewood, CO 80215

January 9, 2009

Ms. Jill Davis

Branch Chief

US SEC

Washington

DC 20549 – 7010

Re: Fischer-Watt Gold Company, Inc.

Form 10-K for the Fiscal Year Ended Jan. 31, 2008

Filed on April 30, 2008

Response Letter Dated May 2, 2008

Response Letter Dated July 14, 2008

Response Letter Dated November 12, 2008

File No. 000-17386

Dear Ms. Davis,

In response to your letter of December 3, 2008, we offer the following answers to your comments in the same numbered order as in your letter.

Draft Consolidated Financial Statements as of and for the Years Ended January 31, 2008 and January 31, 2007

1.

We have included the $360,000 of compensation expense in general and administrative expense as opposed to offsetting the proceeds from the sale of Montoro in Other Income.  Please see the revised draft of the consolidated financial statements included with this letter.

2.   

The financial statements have been revised to include the caption “Restated”. The following has been included in Note 1 to our financial statements:  The January 31, 2008 financial statements have been restated to reflect the correction of an error in the amount of $360,000.  This amount represents the fair market value of options granted to The Astra Ventures Inc. The result of this correction was an increase in additional paid in capital and accumulated deficit of $360,000 at January 31, 2008, an increase in general and administrative and stock option expense, and a reduction of net income in the amount of $360,000 for the year ended January 31, 2008.  There was no effect on previously reported net income per share.

__________________________________________________________________

Ms. Jill Davis

Branch Chief

January 9, 2009

Page 2

3.

We have noted your reference to SFAS 123(R) and have booked the transaction in the quarter ending July 31, 2007 when the transaction closed. The value of the options booked is $360,000.

4.

We have noted your comment and the disclosure will not be repeated.

5.

 We have revised our citation to reference the correct rules.

Closing Comments

If you have any further questions or comments please contact me.

Sincerely,

FISCHER-WATT GOLD COMPANY, INC.

/s/ Peter Bojtos

Peter Bojtos P.Eng.

President and CEO

______________________________________________________________________________

Fischer-Watt Gold Company, Inc.
(An Exploration Stage Company)
Consolidated Balance Sheets
January 31, 2008 and 2007
			2008		2007
	ASSETS		(Restated)
Current Assets:
	Cash	$	182,391	$	466,370
	Prepaid and other current assets		48,436		-
	Total current assets	$	230,827	$	466,370
	LIABILITIES AND STOCKHOLDERS' (DEFICIT)
Current Liabilities:
	Accounts payable and accrued expenses	$	98,462	$	98,586
	Income taxes payable		-		173,750
	Note payable - shareholders		30,000		781,045
	Accounts payable and accrued expenses - shareholders		659,937		962,898
	Total current liabilities		788,399		2,016,279
Stockholders' (Deficit):
	Preferred stock, non-voting, convertible, $2 par    value, 250,000 shares authorized, none outstanding		-		-
	Common stock, $.001 par value, 200,000,000    shares authorized, 72,866,819 and 70,516,819     shares issued and outstanding, respectively		72,866		70,516
	Additional paid-in capital		16,589,341		15,969,191
	Common stock subscriptions		12,750		12,750
	Accumulated (deficit) prior to exploration stage		(15,353,115)		(15,353,115)
	Accumulated (deficit) during the exploration stage		(1,879,414)		(2,249,251)
			(557,572)		(1,549,909)
		$	230,827	$	466,370

See the accompanying notes to the consolidated financial statements

F-3

______________________________________________________________________________

Fischer-Watt Gold Company, Inc.
(An Exploration Stage Company)
Consolidated Statements of Operations
Years Ended January 31, 2008 and 2007, and
February 1, 2001 (Inception of Exploration Stage) to January 31, 2008
							February 1, 2001
							(Inception of
							Exploration Stage)
							to January 31,
			2008		2007		2008
			(Restated)				(Restated)
Revenue		$	-	$	-	$	44,240
Costs and expenses:
	Cost of sales		-		-		50,000
	Exploration		152,471		36,784		816,467
	Writedown of inventory to     market value		-		-		125,000
	General and administrative		669,370		320,322		2,796,175
			821,841		357,106		3,743,642
	(Loss) from operations		(821,841)		(357,106)		(3,743,402)
Other income (expense)
	Interest expense		(8,383)		(10,250)		(58,019)
	Relief of payables and other     indebtedness		-		-		66,935
	Other income		1,205,000		770,000		2,029,184
	Interest income		18,179		4,577		22,756
			1,214,796		764,327		2,060,856
	Income (loss) before income taxes		752,955		407,221		(1,322,546)
Income taxes			(383,118)		(173,750)		(556,868)
Net income (loss)		$	369,837	$	233,471	$	(1,879,414)
Per share information – basic    and fully diluted
Net income (loss) per share
		$	0.01	$	0.00	$	(0.03)
	Fully-diluted	$	0.00	$	0.00	$	(0.03)
Weighted average shares outstanding
	Basic		71,400,016		69,910,792		54,968,664
	Fully-diluted		97,600,016		87,260,792		54,968,664

See the accompanying notes to the consolidated financial statements

F-4

______________________________________________________________________________

Fischer-Watt Gold Company, Inc.
(An Exploration Stage Company)
Consolidated Statements of Cash Flows
Years Ended January 31, 2008 and 2007, and
February 1, 2001 (Inception of Exploration Stage) to January 31, 2008
								February 1, 2001
								(Inception of
								Exploration Stage)
				2008		2007		to January 31, 2008
				(Restated)				(Restated)
Cash flows from operating activities:
	Net income (loss)		$	369,837	$	233,471	$	(1,879,414)
	Adjustments to reconcile net
		income (loss) to net cash  provided by (used in) operating activities:
		Income from sale of mineral     interest		(1,490,000)		(695,000)		(2,235,000)
		Writedown of inventory to     market  value		-		-		125,000
		Gain on relief of payables and     other indebtedness		-		-		(66,935)
		Depreciation		-		-		7,062
		Issuance of common stock for     services and other non-cash     items		24,500		38,500		207,064
		Stock subscriptions related to    services provided		-		-		82,750
		Stock options issued for services		-		-		75,500
		Stock option expense		448,000		106,000		554,000
	Changes in assets and liabilities:
		Inventory		-		-		50,000
		Other current assets		(48,436)		-		(48,436)
		Accounts payable		(124)		25,526		156,071
		Income taxes payable		(173,750)		173,750		-
		Accounts payable and accrued     expenses – shareholders		(190,461)		-		555,856
		Total adjustments		(1,430,271)		(351,224)		(537,068)
		Net cash provided by (used in)    operating activities		(1,060,434)		(117,753)		(2,416,482)
Cash flows from investing activities
		Proceeds from sale of mineral      interest		1,490,000		695,000		2,235,000
		Net cash provided by investing    activities		1,490,000		695,000		2,235,000
Cash flows from financing activities:
		Proceeds from issuance of       common shares and stock     subscriptions		-		-		580,486
		Proceeds from exercise of     options		-		-		35,000
		Proceeds from notes    payable – shareholders		-		-		40,500
		Repayment of note    payable – shareholder		(713,545)		(288,023)		(1,001,568)
		Capital contribution by    shareholder		-		-		689,068
		Net cash provided by (used in)    financing activities		(713,545)		(288,023)		343,486
Increase in cash and cash equivalents				(283,979)		289,224		162,004
Cash and cash equivalents,     beginning of period				466,370		177,146		20,387
Cash and cash equivalents, end of     period			$	182,391	$	466,370	$	182,391
Supplemental cash flow information:
		Cash paid for interest	$	-	$	-	$	-
		Cash paid for income taxes	$	383,118	$	173,750	$	556,868
Non-cash investing and financing     activities:
		Reclassification of capital    contributions  to note payable	$	-	$	864,068	$	864,068
		Conversion of notes payable and    accrued interest to common    stock	$	37,500	$	150,000	$	187,500
		Conversion of amounts due to    shareholders to common stock	$	12,500	$	40,000	$	202,500
		Conversion of amounts due to    shareholders upon exercise    of  stock warrants	$	100,000	$	16,000	$	116,000
		Common shares issued for    stock subscriptions	$	-	$	240,971	$	433,813
		Conversion of amounts due    to affiliate to stock    subscription	$	-	$	-	$	131,282
		Purchase of inventory via    direct payment by shareholder	$	-	$	-	$	175,000

See the accompanying notes to the consolidated financial statements

F-5

Fischer-Watt Gold Company, Inc.
(An Exploration Stage Company)
Consolidated Statement of Stockholders’ (Deficit)
Years Ended January 31, 2002 to 2008 (Restated)
						Accumulated (Deficit)
						Prior to	During
	Common Stock		Additional	Capital Stock	Deferred	Exploration	Exploration
	Shares	Amount	Paid-in Capital	Subscribed	Compensation	Stage	Stage	Total
Balance,    January 31,    2001	44,398,384	$       44,398	$    14,476,921	$       41,250	$                 -	$    (15,353,115)	$                      -	$(790,546)
Contribution to   capital	-	-	263,263	-	-	-	-	263,263
Issuance of   subscribed   shares	825,000	825	40,425	(41,250)	-	-	-	-
Issuance of    stock for    services at    $0.03 per    share	1,000,000	1,000	24,000	-	-	-	-	25,000
Net (loss)	-	-	-	-	-	-	(634,552)	(634,552)
Balance,    January 31,    2002	46,223,384	46,223	14,804,609	-	-	(15,353,115)	(634,552)	(1,136,835)
Contribution to     capital	-	-	271,305	-	-	-	-	271,305
Issuance of    stock options    for services	-	-	75,500	-	-	-	-	75,500
Issuance of    stock for    services at    $0.10 per    share	250,000	250	24,750	-	-	-	-	25,000
Stock    subscriptions    for cash at    $0.03 per    share	-	-	-	30,000	-	-	-	30,000
Stock    subscriptions    for services    at $0.04    per share	-	-	-	12,750	-	-	-	12,750
Net (loss)	-	-	-	-	-	-	(586,422)	(586,422)
Balance,    January 31,    2003	46,473,384	46,473	15,176,164	42,750	-	(15,353,115)	(1,220,974)	(1,308,702)
Contribution to     capital	-	-	129,500	-	-	-	-	129,500
Issuance of     subscribed     shares	1,000,000	1,000	29,000	(30,000)	-	-	-	-
Discount on     stock issued     to affiliates	-	-	57,000	-	-	-	-	57,000
Stock     subscriptions     for cash at     $0.02 to     $0.14 per     share	-	-	-	166,282	-	-	-	166,282
Issuance of    stock for    cash at $0.04    per share	3,169,000	3,169	114,035	-	-	-	-	117,204
Net (loss)	-	-	-	-	-	-	(561,865)	(561,865)
Balance,    January 31,    2004	50,642,384	50,642	15,505,699	179,032	-	(15,353,115)	(1,782,839)	(1,400,581)
Reclassification   of subscription	-	-	(12,560)	12,560	-	-	-	-
Issuance of    subscribed    shares	1,906,727	1,407	156,435	(157,842)	-	-	-	-
Issuance of    stock for    options	500,000	500	4,500	(5,000)	-	-	-	-
Contribution to     capital	-	-	25,000	-	-	-	-	25,000
Issuance of      stock and     subscription     for services    at $0.08 per     share	20,000	20	1,580	70,000	-	-	-	71,600
Issuance of    stock for    cash at $0.07     per share	400,000	900	27,411	-	-	-	-	28,311
Stock     subscriptions     for cash  at     $0.05 to     $0.10 per     share	-	-	-	154,971	-	-	-	154,971
Net (loss)	-	-	-	-	-	-	(474,858)	(474,858)
Balance     January 31,     2005	53,469,111	53,469	15,708,065	253,721	-	(15,353,115)	(2,257,697)	(1,595,557)
Reclassification    of capital to     shareholder    loan	-	-	(864,068)	-	-	-	-	(864,068)
Contribution to    capital	-	-	50,500	-	-	-	-	50,500
Issuance of    subscribed    shares	3,392,308	3,392	237,579	(240,971)	-	-	-	-
Issuance of    stock for    services at    $0.05 per    share	505,400	505	24,765	-	-	-	-	25,270
Issuance of    stock for    cash at $0.04    per share	5,800,000	5,800	244,200	-	-	-	-	250,000
Issuance of    stock in    settlement    of debt    at $0.05 per    share	6,000,000	6,000	294,000	-	-	-	-	300,000
Stock options   granted as   compensation	-	-	360,000	-	(360,000)	-	-	-
Net (loss)	-	-	-	-	-	-	(225,025)	(225,025)
	-	-	-	-	-	-	-	75,000
Balance    January 31,    2006	69,166,819	69,166	16,055,041	12,750	(360,000)	(15,353,115)	(2,482,722)	(2,058,880)
Contribution  to capital	-	-	75,000	-	-	-	-	75,000
Issuance of    stock in    settlement of    shareholder    payable    at $0.10 per    share	400,000	400	39,600	-	-	-	-	40,000
Issuance of    stock for    services at    $0.07 per     share	550,000	550	37,950	-	-	-	-	38,500
Issuance of    stock options    for services	-	-	106,000	-	-	-	-	106,000
Exercise of    stock    warrants    at $0.04 per    share	400,000	400	15,600	-	-	-	-	16,000
Net income	-	-	-	-	-	-	233,471	233,471
Balance    January 31,    2007    (restated)	70,516,819	70,516	16,329,191	12,750	(360,000)	(15,353,115)	(2,249,251)	(1,549,909)
Issuance of    stock in    settlement of    shareholder    payable    at $0.05 per    share	250,000	250	12,250	-	-	-	-	12,500
Issuance of    stock in    settlement of    note  payable    at $0.05    per share	750,000	750	36,750	-	-	-	-	37,500
Issuance of    stock for    services at    $0.07 per    share	350,000	350	24,150	-	-	-	-	24,500
Issuance of    stock options    for services	-	-	448,000	-	-	-	-	448,000
Exercise of    stock    warrants at    $0.10 per    share	1,000,000	1,000	99,000	-	-	-	-	100,000
Amortization   of deferred   compensation	-	-	-	-	360,000	-	-	360,000
Net income	-	-	-	-	-	-	369,837	369,837
Balance    January 31,    2008 (Restated)	72,866,819	$       72,866	$   16,589 ,341	$    12,750	$                  -	$   (15,353,115)	$      (1,879,414)	$  (557,572)

See the accompanying notes to the consolidated financial statements

F-6