Freegold Drilling Continues Almaden Expansions - Phase 2 Drilling Underway



    TSX: ITF, OTC BB: FGOVF, Frankfurt: FR4

    VANCOUVER, Sept. 27 /CNW/ - Freegold Ventures Limited (the "Company") is
pleased to announce further drill results from its Almaden resource expansion
program. Based on the success of the program to date, the original Phase 1
drill program was expanded from its original 34,000 foot core/RC program to a
total of 40,813 feet. Phase 1 drilling, which consisted of 40 core holes
(17,773 feet) and 63 RC holes (23,040 feet) is now complete. Upon receipt of
the final assays from the Phase 1 drilling within the coming weeks, the drill
data base, the new geological model, and all supporting documentation will be
provided to Mine Development Associates (MDA) of Reno which will be
undertaking an updated 43-101 compliant resource calculation. MDA has been
working with the Company over the past 9 months and is expected to have the
updated resource completed within the fourth quarter of this year.
    Phase 2 drilling is now underway, with one RC drill rig focusing on the
expansion of gold mineralization outside the currently known resource areas
further along strike to the north and south and in the area between the Main
and North zones. This drilling will also attempt to expand the significant
molybdenum mineralization that is being identified in the northern portion of
the Main zone, in the northeast limb of the Main Zone and throughout the North
zone.
    The Phase 1 holes reported here were drilled in a variety of locations to
gather additional structural data, to infill and reduce hole spacing, and to
test for further extensions of mineralization both below the depth tested by
prior operators and laterally. In addition to finding deeper mineralization in
the central part of the Main Zone (440 feet of 0.022 oz/ton (0.75 g/tonne) in
hole 653), deeper gold mineralization was also identified in hole 682 in the
B2 structural zone in the north-east corner of the Main Zone (0.023 oz/ton
(0.78 g/tonne) over 220 feet to a depth of 445 feet). Unexpected molybdenum
mineralization was identified in holes 694 (0.017% MoS(2) over 35 feet at
surface) in the northeast part of the Main Zone and in hole 714 (0.06% MoS(2)
from 45 to 105 feet, including 0.085% MoS(2) from 55 to 90 feet) at the
extreme south end of the Main Zone. These discoveries will be followed up in
Phase 2 drilling. With more of the drill holes extending to greater depths in
the later part of Phase 1 drilling, it appears that gold and molybdenum is
becoming concentrated in more discrete structures, which may be followed
further down in subsequent programs to test for bonanza grade deposits.
    The following table presents the significant drill intercepts from 12 new
holes drilled within the Main and North zones. These hole locations can be
found on the map on our web site. Holes designated with a 'C' are core holes.
The remaining holes are reverse circulation drill holes. These holes were not
drilled sequentially as information from prior holes and drilling conditions
resulted to changes in the order in which the original holes were drilled.

    
    -------------------------------------------------------------------------
                                       Gold      Gold
    Hole      From    To   Thickness   Grade     Grade
    Number   (foot) (foot)  (feet)    (oz/ton) (g/tonne)       Comments
    -------------------------------------------------------------------------
    653        10     450     440       0.022     0.75   Vertical hole
                                                         testing for western
                                                         edge of deeper
                                                         mineralization.
                                                         Shows zone is wider,
                                                         needing further step
                                                         out holes to define
                                                         extent of width.
    -------------------------------------------------------------------------
    including  10     265     255      0.030      1.04
    -------------------------------------------------------------------------
    including  10     115     105      0.044      1.50
    -------------------------------------------------------------------------
    678        30     230     200      0.037      1.27   Vertical in-fill
                                                         hole along the
                                                         western side of the
                                                         Main Zone.
    -------------------------------------------------------------------------
    including  50     190     140      0.044      1.52
    -------------------------------------------------------------------------
    679         5     195     190      0.026      0.90   Vertical in-fill
                                                         hole along western
                                                         side of the Main
                                                         zone.
    -------------------------------------------------------------------------
    including  60     165     105      0.040      1.36
    -------------------------------------------------------------------------
    C-71      200     325     125      0.024      0.81   North-east directed
                                                         hole, dipping -85
                                                         degrees, testing
                                                         under a 200' clay
                                                         cap in the B2 area
                                                         that had never been
                                                         drilled under
                                                         before. Hole ends in
                                                         resource grade
                                                         mineralization
                                                         (0.017 oz/t).
    -------------------------------------------------------------------------
    including 255     305      50      0.035      1.22
    -------------------------------------------------------------------------
    682       225     445     220      0.023      0.78   North-east directed
                                                         hole, dipping -70
                                                         degrees testing B2
                                                         structure. testing
                                                         under a 225' clay
                                                         cap in the B2 area
                                                         that had never been
                                                         drilled under
                                                         before.
    -------------------------------------------------------------------------
    including 225     310      85      0.036      1.22
    -------------------------------------------------------------------------
    696        80     290     210      0.023      0.77   North-east directed
                                                         hole, dipping -80
                                                         degrees testing the
                                                         B2 and Main feeder
                                                         structures. Good
                                                         mineralization under
                                                         the clay cap.
    -------------------------------------------------------------------------
    including  95     195     100      0.036      1.24
    -------------------------------------------------------------------------
    C73        30     140     110      0.020      0.69   Short east directed
                                                         hole, dipping -60
                                                         degrees drilled
                                                         through the Main
                                                         feeder structure.
                                                         Hole stopped short
                                                         because of bad
                                                         ground and re-
                                                         drilled with C74.
    -------------------------------------------------------------------------
    including  30      60      30      0.037      1.28
    -------------------------------------------------------------------------
    C74         0      45      45      0.017      0.57   East directed hole,
                                                         dipping -60,
                                                         collared east of
                                                         C73, looking to find
                                                         main NS fault.
    -------------------------------------------------------------------------
    C55        20     125     105      0.020      0.70   East directed hole,
                                                         dipping -60, looking
                                                         for mineralization
                                                         and structure in the
                                                         Main zone.
    -------------------------------------------------------------------------
    including  20      70      50      0.032      1.10
    -------------------------------------------------------------------------
    694        20     145     125      0.018      0.62   Vertical in-fill
                                                         hole testing
                                                         potential of the NE
                                                         zone.
    -------------------------------------------------------------------------
    including  20      65      45      0.031      1.06
    -------------------------------------------------------------------------
    714        45     145     100      0.019      0.66   Testing and
                                                         infilling western
                                                         limits of deposit on
                                                         south end of Main
                                                         Zone. Both Au and Mo
                                                         grades indicates
                                                         need for additional
                                                         drilling around this
                                                         hole.
    -------------------------------------------------------------------------
    652        55     230     175      0.015      0.53   Vertical hole
                                                         testing the western
                                                         limit of
                                                         mineralization.
    -------------------------------------------------------------------------
    

    Phase 2 drilling commenced September 3rd and 9 holes have been completed
to date. Two holes were drilled into the B2 structural zone to finalize our
structural understanding of this area. Two holes were drilled toward the south
end of the main zone to help with the location and projection of the Main
feeder structure as it strikes to the south-southeast toward the Cove Creek
area.
    Freegold has now drilled five holes in the syncline area between the NE
and North zones where holes drilled by previous operators were limited to
100 feet in depth. Freegold's current holes average 464 feet in depth and have
encountered various degrees of both silicification and/or quartz veining below
100 feet level. The current drilling is aimed at determining if sufficient
mineralization exists within the syncline area to be incorporated in a future
pit design that would enable the NE and North zones to be joined. Assays are
pending.
    Additional drilling in Phase 2 is planned to further investigate the
grade and extent of molybdenum mineralization in the North zone, follow up on
the unexpected molybdenum mineralization in hole 714, step out along strike on
the Main feeder structure and follow-up with step out drilling in areas where
surface sampling has located gold grades higher than the deposit average.
    Diamond drill core and RC samples are generally analysed on five-foot
intervals. All samples are shipped to ALS Chemex at its Winnemucca, NV
laboratory for preparation. Pulps are shipped to ALS Chemex Laboratories in
Vancouver, B.C. for analysis. Gold values are determined using fire assay
techniques with AA finish and multi element analysis using ICP-AES with aqua
regia digestion.

    Acceleration of Expiry Date of Warrants

    Freegold also announces that it has satisfied the conditions necessary to
accelerate the expiry date of the $0.75 warrants issued pursuant to its
February 28, 2007 private placement. Having traded above C$1.10 for a twenty
consecutive day period six months following the closing date of the financing,
Freegold is now providing notice to the holders of these warrants that the
warrants must be exercised within 30 calendar days of today's date. Of the
5.1 million warrants issued on February 28, 2007, 1,185,000 have been
exercised to date for proceeds of C $888,750. Should the remaining 3,915,000
warrants be exercised by October 26, 2007 the Company will receive an
additional $2,936,250. These proceeds will be used to fund additional drill
programs in 2008 on the Almaden, Golden Summit, Vinasale and Rob properties.
    The Qualified Person for this release is Michael P. Gross, M.S., P. Geo.,
VP Exploration, Freegold Ventures Limited.

    About Freegold Ventures Limited

    Freegold Ventures Limited is a North American exploration and development
company with a new management team experienced in mine development and
production that is actively 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 is currently finalizing a 41,000-foot drilling
program aimed at further expanding the size of the resource prior to
undertaking new economic evaluations in 2007. Drilling at depth and to the
north and south of the known mineralization is continuing to identify new
extensions to the deposit. Freegold is also continuing to discover new
high-grade veins and bulk tonnage shear zones in its 40,000-foot drill program
at its Golden Summit project outside Fairbanks, Alaska. Gold production from
the processing of bulk sampled material has commenced, and in addition to
on-going bulk sampling of additional areas found to contain high grade surface
mineralization, the Company continues to define additional areas of larger,
lower grade mineralization through on-going drilling and stripping.
Exploration has also commenced on the Vinasale and Rob properties in Alaska,
with final assays from an 18-hole drill program at Rob to be reported shortly.

    On behalf of the Board of Directors

    "Steve Manz"

    Steve Manz
    President and C.E.O.

    The TSX has neither approved nor disapproved the contents of this news
    release.

    DISCLAIMER

    This news release contains certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations are
disclosed in the Company's documents filed from time to time with the Toronto
Stock Exchange, British Columbia Securities Commission and the United States
Securities & Exchange Commission.





For further information:

For further information: Kristina Walcott, VP Corporate Development,
(604) 662-7307, jkw@freegoldventures.com


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