Freegold Reports Assays from Vinasale Drill Program

Highlights include 188.5 ft @ 3.94 g/t Au.

VANCOUVER, Sept. 28, 2011 /CNW/ - Freegold Ventures Limited (TSX: FVL) (Frankfurt: FR4N)("Freegold") is pleased to report assays from its Vinasale Project, in southwestern Alaska.

A total of 13 holes were drilled during the program for total footage of 11,491 feet (3502 m).   The program was aimed at expanding the known resource and upgrading the current NI 43-101 resource. The resource estimate was completed by Giroux Consultants Ltd. of Vancouver, BC. Canada.  Inferred resources are 37.3 million tonnes averaging 1.11 g/t Au for 1,331,000 ounces of gold utilizing a cutoff value of 0.5 grams/tonne (g/t) as a possible open pit cutoff.

Highlights of the current program include holes VM 11-08, 11-09, 11-12 and 11-13.

Hole Number Total Depth
(ft)
From To Interval (ft) Interval
(m)
g/t
VM11-08 889 8 227 219 66.8 1.06
    373 597 224 68.3 0.75
    804 877 73 22.3 0.50
             
VM11-09 1167 287 667 380 115.8 1.48
             
VM11-12 985 36.5 225 188.5 57.5 3.94
    463 577 114 34.7 2.01
             
VM11-13 883 14 234 220 67.1 0.95
including   14 66 52 15.8 3.03
    432 581 149 45.4 2.44

A complete table of the drill results is shown below.  In addition to the drilling carried out this summer a ground geophysical survey (induced polarization) was completed over the known intrusive. Results indicate that in addition to the Central Zone, where all the drilling was conducted this year, a significant geophysical anomaly was defined in the North East Zone where limited previous drilling has indicated mineralization of similar character to the Central Zone.  This area will be the focus of next year's planned 10,000 metre drill program aimed at significantly increasing the overall resource on the project.

Hole Number Total Depth
(ft)
From To Interval (ft) Interval
(m)
g/t
VM11-01 976 917 957 40 12.2 .70
             
VM11-02 657 615 657 42 12.8 1.89
             
VM11-03 1185 907 957 40 12.2 0.69
VM11-04  (Re-collared as VM 11-05) 190 No Significant Values        
VM11-05 714 No Significant Values        
             
VM11-06 877 356 407 51 15.5 0.81
    537 607 70 21.3 0.73
             
VM11-07 666 426 526 100 30.5 0.44
             
VM11-08 889 8 227 219 66.8 1.06
    373 597 224 68.3 0.75
    804 877 73 22.3 0.50
             
VM11-09 1167 287 667 380 115.8 1.48
             
VM11-10 1315 615 662 47 14.3 0.78
             
VM11-11 987 537 606 69 21.0 0.75
             
VM11-12 985 36.5 225 188.5 57.5 3.94
    463 577 114 34.7 2.01
             
VM11-13 883 14 234 220 67.1 0.95
including   14 66 52 15.8 3.03
    432 581 149 45.4 2.44

"Oz/T" is troy ounces per short ton;  "g/t" is grams per metric tonne

To date mineralization in the Central Zone extends over a length of 400 metres and remains open to the south and at depth.

About Vinasale:

The Vinasale Project is located approximately 310 kilometres northwest of Anchorage and 26 kilometres south of McGrath. Access to the Project area is by helicopter from a base in McGrath, and there are daily commercial flights from Anchorage to McGrath. Freegold entered into a Mining Exploration Agreement with an Option to Lease the Vinasale Project from Doyon Limited, an Alaskan Native Regional Corporation in 2007.

ALS Chemex was used to analyze 1301 core samples via fire assay analysis for gold plus multi element ICP-AES and ICP-MS analysis using 4 acid digestion.  Quality control entailed insertion of  35 blanks, 101 standards and 15 duplicates into the sample stream, at the rate of approximately one QA/QC sample every tenth assay, yielding approximately 10% of the total assays.  On average all of the reported standard and blank assay values were within an acceptable margin of error.

David Adams, Msc is the Qualified Person responsible for the technical disclosure contained in this release.

About Freegold Ventures Limited

Freegold is a TSX listed company focused on the exploration of gold projects in Alaska. In addition to the Vinasale Project, the Company is also actively exploring the Golden Summit Gold Project, near Fairbanks, and the Rob Gold Project near the Pogo Gold Mine in the Goodpaster Mining District of Alaska.

Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.

SOURCE Freegold Ventures Limited

For further information:

Kristina Walcott-President and CEO
Telephone: 1.604.662.7307
jkw@freegoldventures.com


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