Freegold Drilling Hits High-Grade Gold at Rob - 29 g/t Over 4 m



    
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    -  Grey Lead prospect drill results include 13.5 foot interval averaging
       20.1 g/t and 13 feet averaging 29.0 g/t

    -  Gold mineralization remains open to depth and along strike

    -  2008 exploration program to include drilling on multiple targets
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    www.freegoldventures.com

    VANCOUVER, Oct. 11 /CNW/ - Freegold Ventures Limited (TSX: ITF,
OTCBB: FGOVF, Frankfurt: FR4) is pleased to announce results of a 17 hole
diamond drill program conducted this summer on its Rob property in Interior
Alaska. A total of 3,514 feet were drilled in the Grey Lead and O'Reely vein
prospects following the receipt of significant gold assays from a limited
surface sampling program (see August 30, 2007 news release for results).
Although drilling within the O'Reely vein did not intersect the multi-ounce
values sampled at surface, holes within the Grey Lead vein consistently
intersected thick intervals of high-grade gold mineralization that exhibit
geological and geochemical characteristics very similar to those seen at the
5.6 million ounce Pogo gold mine.
    High grade gold mineralization was previously identified in the Grey Lead
vein in the late 1990's with one hole intersecting 31.5 g/t over 13.5 feet
(note: this historical intercept is non-43-101 compliant and should not be
relied upon). Freegold's drilling was designed to confirm the interval
intersected in historical drilling and to determine the strike and dip of the
Grey Lead vein using multiple dip angles from separate drill platforms.
    A total of 8 holes (numbers 6, 7, and 12-17, totaling 1,529 feet) were
drilled at the Grey Lead vein from two separate drill pads located
approximately 170 feet apart. All of the holes intersected a sugary textured
quartz vein, containing fine-grained bismuthinite and arsenopyrite, within a
biotite augen paragneiss host rock. The true width of the vein is variable but
averages in excess of 10 feet. Holes 6 and 7 were drilled to the east at dips
of 61 and 76 degrees respectively, and were designed to intersect the vein
where it was previously identified in the 1999 drilling. Hole 6 intersected
the vein at a depth of 154 feet and returned a 16.5 foot interval averaging
6.7 g/t, including a 2.5 foot section grading 23.1 g/t. Gold mineralization
further down the hole at a depth of 221 feet, returned a 13 foot interval
grading 0.7 g/t in Hole 7.
    Holes 12 through 17 were drilled as step-out holes from a second pad
located a further 170 feet to the northeast. The location of the second pad
further to the east as well as to the north was to ensure that the shallower
dipping holes would intersect the vein closer to surface. Holes 12, 13, 14 and
15 were drilled to the east at angles of 45, 60, 71 and 90 degrees
respectively to intersect the vein. Hole 17 was drilled in the opposite
direction at a dip of 75 degrees, and was designed to intersect the vein
further at depth after it crossed west of the drill pad. Hole 16 was drilled
at a similar angle and dip as hole 12, and was designed to extend a hole
further to the east to try and hit a fault structure that had been mapped at
surface.
    Holes 12 and 16, which traveled through the vein at roughly the same
location, were also used to test the variability of the vein via twinning. The
intercepts in these two holes compared very well, with hole 12 returning
14.5 feet with an average grade of 9.0 g/t while hole 16 returned 14 feet
averaging 7.9 g/t. Holes 13 and 14 intersected substantially higher grade
material, returning 13.5 feet averaging 20.1 g/t and 13 feet averaging
29.0 g/t respectively. Higher grade intervals included 1.5 feet @ 32.3 g/t, 1
foot @ 135.7 g/t and 2.5 feet @ 23.73 g/t in hole 13 and 3.6 feet @ 89.0 g/t
in hole 14. Holes 15 and 17, which tested the vein at depths of 93 and 179
feet, intersected 13 feet averaging 3.5 g/t and 6.5 feet averaging 23.2 g/t
respectively.

    
    Significant assays from the Grey Lead holes include the following:

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     Hole                     From     To   Thickness  Gold Grade  Gold Grade
    Number     Azimuth  Dip  (foot)  (foot)   (feet)    (g/tonne)   (oz/ton)
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      6          102    -61   154.5    171     16.5        6.76       0.197
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    Including                 154.5    157      2.5       23.09       0.673
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    Including                   157    161      4.0        8.22       0.240
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    Including                   167    171      4.0        5.11       0.149
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      6                       234.5  238.5      4.0        1.03       0.030
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      7          108    -76     221    234     13.0        0.70       0.020
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      12          93    -46    43.5     58     14.5        8.99       0.262
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    Including                    45     53      8.0       15.17       0.442
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    Including                  49.6     52      2.4       23.42       0.683
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      13          95    -60      52   65.5     13.5       20.11       0.586
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    Including                    52   53.5      1.5       32.30       0.942
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    Including                  53.5   54.5      1.0      135.74       3.959
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    Including                  54.5     57      2.5       23.73       0.692
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    Including                    57   65.5      8.5        3.29       0.096
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      14         100    -71      60     73     13.0       28.84       0.841
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    Including                    60   63.6      3.6       88.98       2.595
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    Including                  63.6     72      8.4        3.67       0.107
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    Including                    72     73      1.0       23.79       0.694
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      14                         73   76.5      3.5        1.58       0.046
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      15                -90      78    106     28.0        1.88       0.055
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    Including                    93    106     13.0        3.52       0.103
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      16          95    -45      43     57     14.0        7.89       0.230
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    Including                    45     51      6.0        9.21       0.269
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    Including                  53.5     57      3.5       13.78       0.402
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      17         251    -76     179  185.5      6.5       23.23       0.677
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    Including                   182    183      1.0       49.44       1.442
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    A total of 9 holes (numbers 1 - 5, and 9 - 11, totaling 1,985 feet) were
also drilled at the O'Reely vein, located approximately 6,000 feet east of the
Grey Lead vein. These holes, which dipped eastward at angles from 45 to
75 degrees, were designed to test the west dipping vein from five separate
drill pads located approximately 100 to 150 feet apart. Although all 9 of the
holes intersected the quartz vein over intercept widths of 5 to 20 feet, only
anomalous gold values were returned. Of the 128 assay intervals, 31 widely
scattered assays were returned grading higher than 0.2 g/t, with the highest
interval being 2.1 g/t over 3 feet in hole 5 at a depth of 126 feet. One
longer interval of anomalous gold assayed 0.94 g/t over a 17 foot interval in
hole 3 at a depth of 106 feet. Throughout the drilling, the vein was seen to
exhibit a consistent west dip with little indication of structural offset
along the drilled strike length.
    Gold mineralization at Grey Lead is associated with a distinctive
geochemical trace elements suite (gold, bismuth, arsenic) similar to the gold
currently being mined 20 miles to the west at the 350,000 to 450,000 oz/year
Pogo mine. Gold at Pogo is found within stacked, flat-lying quartz veins
(averaging approximately 17 g/t) that are hosted within the same gneissic dome
that has been mapped at Rob. In the O'Reely vein gold mineralization is
associated with highly anomalous arsenic (to 6,386 ppm) and antimony (to
1,132 ppm) values. Sporadic silver anomalies (+15 ppm) do occur in the core
but are not strongly correlated with elevated gold values.
    Exploration for 2008 will focus on strike extensions of the Grey Lead
vein and on other prospective targets both to the north and further to the
west of Grey Lead. Vein mineralization at Grey Lead is controlled by a
moderate to steeply west dipping, north-northeast striking structure which
extends across the property and which lies within the regional scale Black Mt.
tectonic zone. The high-grade, intrusive-hosted Michigan prospect (see
August 30, 2007 release for surface sample results) has never been drill
tested and is also centered on this structure approximately 2 miles to the
northeast of Grey Lead. Future exploration will also focus on low level
(less than 100 ppb) gold in soil anomalies that are also present at several
locations west of the Grey Lead surface exposures, as well as at the Johnson
Saddle prospect, located on strike 4,000 feet northeast of the Grey Lead
prospect.
    Assay results cited herein were based on drill core collected by Avalon
Development Corporation, consultants to Freegold, under the supervision of
Curt Freeman, MS., PGeo, Qualified Person as defined by NI 43-101. Alaska
Assay Laboratories in Fairbanks, Alaska was used to analyze the samples via
fire assay analysis for gold plus multi element ICP-AES and ICP-MS analysis
using 4 acid digestion. Given the high-grade results returned from many of the
fire assays, samples which returned grades in excess of 1 g/t were re-analysed
using the metallic sieve method. On average, the met screen results were 7.4%
higher than those generated by fire assay, and a simple scatter plot of the
data showed a relatively linear pattern centred on the 1:1 correlation line,
suggesting that there is no predictable nugget effect and that the results can
be seen as reliable.

    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. In
addition to the recent drilling at the Rob property, Freegold has also
commenced its initial exploration programs on the Vinasale property in Alaska.

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


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