Freegold Readies for Summer Drilling

VANCOUVER, BC - Freegold Ventures Limited reported that field
activities on the Vinasale gold project, located 16 miles south of McGrath
in central Alaska, will commence in early July. The 2008 program will
include ground based geophysics and core drilling aimed at expanding the
known limits of the Vinasale deposit.
Freegold's 2007 exploration program was focused on identifying
additional targets in the vicinity of the Vinasale deposit, as previous
operators completed only limited systematic work on the surrounding lands.
Freegold's program included stream and soil sampling on relatively
unexplored parts of the property, followed by an airborne geophysical
program which covered the entire property in order to delineate additional
areas for subsequent follow-up.
Freegold's 2008 program will focus on the Vinasale deposit, where
previous operators drilled 36 holes from 1990 to 1994 on approximately
200-foot spacing within the Central Zone. These holes were used to generate
a non-43-101 compliant historical resource of 920,000 ounces of gold (18.04
million tons grading 0.051 oz/ton). (Note that these resource figures are
historical in nature and are provided for information purposes only. They
are not 43-101 compliant, and as such, should not be relied upon).
Freegold's summer program will include additional sampling, ground
geophysics and drilling aimed at confirming and expanding the known gold
mineralization within the property. Following the completion of
ground-based geophysics in the deposit area in July, a 2,000 foot drill
program will be undertaken in order to provide Freegold with a better
understanding of the structural controls of the deposit and to expand the
area known to contain gold mineralization. Following the completion of this
season's drilling program, a new 43-101 compliant resource is expected to
be completed.
Freegold holds a Mining Exploration Agreement with Option to Lease with
Doyon Limited, an Alaskan Native Regional Corporation, on Doyon's 100%
interest in the Vinasale Gold Property. The Vinasale gold deposit occurs in the same northeast trending belt of igneous intrusion-related deposits that include the 33 million ounce Donlin Creek gold deposit and the Nixon Fork gold mine.
The Company is currently exploring advanced-stage gold projects in Idaho and Alaska. Freegold holds a 100% lease interest in the Almaden gold project in Idaho. This large tonnage epithermal gold deposit was the subject of a feasibility study in 1997 calling for the development of a 95,000 oz/year open pit, heap leach mine. Freegold has recently finalized a 54,700-foot drilling program which has successful identified numerous extensions to the gold mineralization, along with newly identified open-ended areas of molybdenum mineralization.
The Company is in the process of generating a new 43-101 resource which
will be followed with the commencement of new economic evaluations.
Freegold's 40,100-foot drill program in 2007 continued to discovery new
high-grade veins and bulk tonnage shear zones on its 93% controlled Golden
Summit project outside Fairbanks, Alaska. Over 7 million ounces of gold has
historically been recovered from Golden Summit which is situated less than
5 miles to the north of the +7 million ounce Fort Knox Mine. Further
evaluation and expansion of the mineralization is currently being
undertaken with a combination of closely spaced shallow drilling, deeper,
systematic core drilling and on-going bulk sampling program, which includes
seasonal processing of gold mineralization using an on-site gravity-based
concentration plant. Drilling in 2008 will also be conducted on the
company's 100% controlled Rob property, where the Company has intersected
high-grade gold in near surface quartz veins similar in appearance and
grade to those being mined at the nearby 5.6 million ounce Pogo, and on the
Vinasale property, where the Company has entered into an exploration
agreement with option to lease on a 140,000 acre property in Alaska which
contains the previously identified Vinasale gold deposit.
The company's address is 1750 - 700 West Georgia Street, Vancouver, BC V7Y 1B6, 604.662-7307, fax: 604.662-3791, email: [email protected], www.freegoldventures.com.