Freegold Drilling Delineates Surface Bulk Tonnage Gold Mineralization Over 620 Foot Widths at Golden Summit



    
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    -   93 shallow holes (4,700') identify gold grades comparable to nearby
        Fort Knox Mine over 620-foot width of drilling.
    -   One line of close spaced holes returns 0.7 g/t (0.02 oz/ton) over 620
        foot N-S width, with a 300 foot section grading 1.02 g/t (0.03 oz/t)
    -   the zone remains open in all directions, with the first and last hole
        in one line grading 1.9 and 1.1 g/t over 51-foot hole depths.
    -   Phase 2 - 20,000 ' drill program underway to further delineate bulk
        tonnage material in the Cleary Hill area.
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    TSX: ITF, OTC BB: FGOVF, Frankfurt: FR4
    www.freegoldventures.com

    VANCOUVER, March 29 /CNW/ - Freegold Ventures Limited (the "Company") is
pleased to announce initial drill results from its 4,700-foot Phase 1 shallow
drilling program at its Golden Summit Project outside Fairbanks, Alaska. This
program, which is the first systematic drilling for bulk-tonnage gold
mineralization conducted on the property, has successfully identified broad
zones of gold mineralization over the entire 620-foot width of the drilled
area. The width of this zone remains open to the north and south, and gold
grades intersected within the zone are comparable to those currently being
mined at the neighboring Fort Knox Mine. Based on the success of this first
Phase, Freegold has commenced Phase 2 of the program which involves an
additional 20,000 feet of drilling aimed at further outlining bulk tonnage
mineralization in the Cleary Hill Mine area.
    Given the large number of mineralized structures encountered in prior
trenching and bulk sampling, Freegold determined the most favorable method for
simultaneously identifying new structures and veins, evaluating gold grade
variability, and extending the known 3,500' strike length of mineralization
previously encountered in this area, was through the use of a large number of
shallow, closed spaced drill holes. Gold mineralization in this area is known
to extend to depths of at least 400 feet, as evidenced by prior underground
mining and by wide spaced deeper drill holes in the area. As such, information
gathered from the current shallow programs is expected to help determine
optimal wider spaced deeper drilling patterns for future resource
calculations.
    Phase 1 consisted of 4,700 feet of drilling (93 holes) in 3 parallel
lines, spaced 15 feet apart. Each line consisted of 31 vertical holes, located
20 feet apart, with holes in the centre line offset ten feet to the south of
those in the Lines 1 and 3. Given the general 65-degree south dip to the
structures in this area, a drill depth of 51 feet was selected to be able to
intercept each structure twice with the 20-foot hole spacing. The first three
lines were drilled in an area between the Cleary Hill South Vein Swarm and the
Cleary Hill East Extension, which were the focus of much of last year's
exploration programs. (Figure 1)
    The table below shows the average assay results from each hole in Phase
1. The average grade for the top 51 feet of the 620-foot wide area is
0.6 g/tonne (0.017 oz/ton). As the lines move from east to west, average gold
grades of the drill lines increased by 36% (from 0.51 g/t in Line 1 to
0.70 g/t in Line 3) as the holes got closer to the Cleary Hill South Vein
Swarm area. The width of the mineralization remains open to the north and
south, with holes averaging 1.2 g/t and 1.9 g/ (hole 62 and 63) and 1.1 g/t
(hole 93) at the ends of these fences. High-grade assays do not significantly
distort the overall average grades, as only 9 of the 1,560 three-foot long
assay intervals graded higher than 10 g/tonne, and none of the assays graded
higher than 32 g/tonne.

    
    -   Higher-grade bulk tonnage mineralization encompassing the full 51
        vertical feet drilled along individual lines includes:
    -   Line 1: a 260-foot wide zone averaging 0.82 g/t (0.024 oz/t) from
        hole 4 to hole 16;
    -   Line 2: a 340-foot wide zone averaging 0.74 g/t (0.022 oz/t) from
        hole 62 to 46, including 200 feet averaging 0.95 g/t (0.028 oz/t)
        from hole 57 to 48; and
    -   Line 3: a 300-foot wide zone averaging 1.02 g/t (0.030 oz/t) from
        hole 63 to 77, including 120 feet averaging 1.74 g/t (0.051 oz/t)
        from hole 10 to 14

    -   These grades compare favorably to the 2006 average mill feed grade of
        0.83 g/tonne for the Fort Knox gold mine (the largest gold mine in
        Alaska, having produced 333,383 ounces of gold in 2006, and located
        less than 5 miles to the south of Golden Summit) and the 0.53 g/tonne
        grade of its proven and probable reserves.


                   Cleary Hill Area: Fence 1 Drill Results
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          Line 1               Line 2             Line 3
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           Hole      Grade      Hole     Grade     Hole      Grade
          Number     (g/t)     Number    (g/t)    Number     (g/t)
    -------------------------------------------------------------------------
            1        0.200       62      1.236      63       1.883
    -------------------------------------------------------------------------
            2        0.297       61      0.185      64       0.291
    -------------------------------------------------------------------------
            3        0.218       60      0.290      65       0.684
    -------------------------------------------------------------------------
            4        0.447       59      0.157      66       0.785
    -------------------------------------------------------------------------
            5        0.447       58      0.280      67       0.390
    -------------------------------------------------------------------------
            6        0.460       57      0.684      68       0.476
    -------------------------------------------------------------------------
            7        0.225       56      0.649      69       0.740
    -------------------------------------------------------------------------
            8        0.539       55      0.386      70       0.467
    -------------------------------------------------------------------------
            9        1.148       54      0.867      71       0.280
    -------------------------------------------------------------------------
           10        1.591       53      0.408      72       3.018
    -------------------------------------------------------------------------
           11        1.561       52      1.426      73       1.327
    -------------------------------------------------------------------------
           12        1.566       51      1.006      74       3.027
    -------------------------------------------------------------------------
           13        0.278       50      1.678      75       0.506
    -------------------------------------------------------------------------
           14        1.907       49      0.585      76       0.846
    -------------------------------------------------------------------------
           15        0.190       48      1.800      77       0.557
    -------------------------------------------------------------------------
           16        0.499       47      0.488      78       0.233
    -------------------------------------------------------------------------
           17        0.117       46      0.425      79       0.211
    -------------------------------------------------------------------------
           18        0.168       45      0.192      80       0.230
    -------------------------------------------------------------------------
           19        0.347       44      0.589      81       0.296
    -------------------------------------------------------------------------
           20        0.024       43      0.121      82       0.198
    -------------------------------------------------------------------------
           21        0.056       42      0.226      83       0.086
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           22        0.103       41      0.032      84       1.389
    -------------------------------------------------------------------------
           23        0.096       40      0.062      85(*)    0.086
    -------------------------------------------------------------------------
           24        0.091       39      0.323      86       0.209
    -------------------------------------------------------------------------
           25(*)     0.121       38      0.112      87       0.204
    -------------------------------------------------------------------------
           26(*)     0.284       37      0.097      88       0.081
    -------------------------------------------------------------------------
           27(*)     0.593       36      0.336      89       0.534
    -------------------------------------------------------------------------
           28        0.310       35      0.699      90       0.415
    -------------------------------------------------------------------------
           29        0.933       34      0.318      91       0.465
    -------------------------------------------------------------------------
           30        0.586       33      0.439      92       0.606
    -------------------------------------------------------------------------
           31        0.456       32      0.534      93       1.128
    -------------------------------------------------------------------------
    Line Avg.
     (g/tonne)       0.512               0.536               0.698
    -------------------------------------------------------------------------
    Line Avg.
     (oz/ton)        0.015               0.016               0.020
    -------------------------------------------------------------------------
    (*)Note: all holes are 51 feet in length, except hole 25 @ 24 feet,
       hole 26 @ 45 feet, hole 27 @ 45 feet, and hole 85 @ 42 feet.

    Individual drill holes also showed good thicknesses of higher grade
mineralization, including:

    ----------------------------------------------------------
    Hole Number   Thickness (ft)    Grade (g/t)   Grade (oz/t)
    ----------------------------------------------------------
        10            15               4.46          0.130
    ----------------------------------------------------------
        11            36               1.20          0.058
    ----------------------------------------------------------
        14             9               7.42          0.216
    ----------------------------------------------------------
        32            12               1.30          0.038
    ----------------------------------------------------------
        35            18               1.24          0.036
    ----------------------------------------------------------
        48            12               7.42          0.117
    ----------------------------------------------------------
        52             9               5.21          0.152
    ----------------------------------------------------------
        93             6               7.51          0.219
    ----------------------------------------------------------
        74            12              10.81          0.351
    ----------------------------------------------------------
        73            12               3.05          0.089
    ----------------------------------------------------------
        72             9              10.06          0.294
    ----------------------------------------------------------
    

    Based on the success of this initial drilling, Freegold has moved
immediately into its Phase 2 drill program. This program is using similar
shallow, close spaced drilling with both multi-line and individual line fences
that will step out in 300 to 600 foot increments at various locations along
the known 3,500 feet of strike length of mineralization in the Cleary Hill
Mine area, along with testing further eastern and western extensions.
    Drilling is being conducted with an Ingersol-Rand conventional percussion
drill. Cuttings are returned up the drill hole with the use of an OEM vacuum
drill cuttings collector, and are dropped from a cyclone directly into a
sample bag. Samples are collected every three feet, with the drill bit being
pulled off the bottom and the hole cleaned at the completion of each sample
interval. Freegold maintains a geologist and sampler at the drill rig for all
drilling to take and log all samples to insure that quality assurance and
control procedures are in accordance with 43-101 requirements. One duplicate
assay is being conducted in every drill hole and either a blank or a standard
is inserted in the sample stream every 10 samples. Alaska Assay Laboratories
in Fairbanks, Alaska is being used to analyse the drill cuttings for gold via
fire assay analysis plus multi element ICP-AES and ICP-MS analysis using 4
acid digestion.
    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 company with a
new management team experienced in mine development and production that is
actively exploring advanced-stage gold projects in Idaho (Almaden) and Alaska
(Golden Summit, Vinasale). 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
34,000-foot drilling program aimed at further expanding the size of the
resource prior to updating the project economics in 2007. Freegold has also
discovered new high-grade veins and bulk tonnage shears in surface trenching
at its Golden Summit project outside Fairbanks. A 10,000-ton bulk sample
collected in the fall of 2006 will be processed in the spring of 2007, and a
25,000-foot drill program to further delineate gold mineralization within the
current 1,000-foot wide by 3,500-foot long vein swarm commenced in December.
In addition Freegold has recently optioned the Vinasale Gold Deposit in
Alaska, from Doyon, Limited. Geophysical, mapping and sampling programs, along
with metallurgical test-work will be carried out on the property in 2007.

    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. CUSIP: 45953B107

    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: Investor Relations: (604) 685-1870,
1-800-667-1870, ir@freegoldventures.com


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