Freegold Drilling Intersects 25 g/t Over 9 feet in Further Golden Summit Expansions



    VANCOUVER, Oct. 4 /CNW/ - Freegold Ventures Limited (TSX: ITF, OTCBB:
FGOVF, Frankfurt: FR4) is pleased to announce results from 59 holes drilled in
four separate fences at the Company's Golden Summit project outside Fairbanks,
Alaska. These holes are part of the 672-hole (40,093 foot) exploratory drill
program that has been systematically testing the swarm of veins and shear
zones along the known 5,000 foot strike of gold mineralization in the Cleary
Hill mine area. Similar to previously released holes, the shallow, closed
spaced holes in these fences continue to encounter high-grade structures at
surface that correlate well from fence to fence, within much broader zones of
lower grade, bulk tonnage mineralization.
    Following the drilling of fences in the Beistline shaft area this summer,
which intersected multiple parallel structures that are currently being bulk
sampled (see July 31, 2007 news release which reported 50.2, 34.8 and 21.9
g/tonne in near-surface 3-foot intervals), the RAB drill was re-located back
to Fence 5. Fence 5 consisted of a north-south oriented line of holes on
25-foot spacing covering a width of 1,725 feet within the central part of the
5,000 foot long, east-west trending mineralized zone. Due to difficult
drilling conditions at the time of the spring thaw, the middle 450-foot
section of this fence was not completed. Following the receipt of assays from
Fence 4 (located 385 feet to the east of Fence 5) which intersected a 175-foot
wide zone averaging 0.86 g/t, including new veins assaying 36.7 and 4.4 g/t
over 3 feet that trended in the direction of the gap in Fence 5, the decision
was made to return and drill this middle section. A total of 20 shallow holes
were drilled to an average depth of 41 feet in this area, with the assays from
all of these holes averaging 0.6 g/tonne. Significant intercepts from within
this in-fill zone include:

    
    -------------------------------------------------------------------------
                    From        To     Thickness   Gold Grade    Gold Grade
    Hole Number    (foot)     (foot)     (feet)    (g/tonne)      (oz/ton)
    -------------------------------------------------------------------------
        517           9         42         33         0.82          0.024
    -------------------------------------------------------------------------
        519           3         33         30         2.16          0.063
    -------------------------------------------------------------------------
        521          12         21          9        25.31          0.738
    -------------------------------------------------------------------------
     including       12         15          3        65.50          1.910
    -------------------------------------------------------------------------
        524           0         24         24         0.85          0.025
    -------------------------------------------------------------------------
    

    Combined with the northern and southern portion, Fence 5 now represents
an excellent cross-section of the multiple, wide zones of bulk tonnage
mineralization being found within the Cleary Hill area. Holes in the northern
portion of Fence 5 intersected a 275-foot wide zone averaging 1.08 g/t,
including a higher-grade 175-foot wide zone grading 1.56 g/tonne. Holes in the
southern portion of Fence 5 also intersected a 300-foot wide zone averaging
0.68 g/t, including a higher grade 75-foot zone averaging 1.27 g/t. All of
these wider zones compare favourably to the 2006 average mill feed grade of
0.83 g/t for the Fort Knox gold mine (the largest gold mine in Alaska, located
less than 5 miles to the south of Golden Summit) and the mine's reported
proven and probable reserve grade of 0.53 g/t.
    Holes in Fence 14 were drilled next to confirm the presence of the
375-foot wide mineralized zone found in the north end of Fence 4. (Please note
that these fences were not drilled in sequential order as drilling conditions,
assay timing from previous fences and permitting issues resulted in the fences
begin drilled in a different order from which they were originally laid out.)
Fence 14 stepped 50 feet east of Fence 4 and consisted and 13 vertical holes
drilled to an average depth of 66 feet over a 360 foot long north-south
length. Fence 14, which averaged 0.53 g/t in all of the holes, confirmed both
the width and grade of mineralization in the area over the old Cleary Hill
underground mine seen in Fence 4. Significant intercepts from within this
fence include:

    
    -------------------------------------------------------------------------
                    From        To     Thickness   Gold Grade    Gold Grade
    Hole Number    (foot)     (foot)     (feet)    (g/tonne)      (oz/ton)
    -------------------------------------------------------------------------
        529           6         21         15         2.00          0.058
    -------------------------------------------------------------------------
        532          27         45         18         1.40          0.041
    -------------------------------------------------------------------------
        533          15         18          3         5.09          0.148
    -------------------------------------------------------------------------
        534           0         78         78         0.79          0.023
    -------------------------------------------------------------------------
     including       57         72         21         2.35          0.069
    -------------------------------------------------------------------------
        535          48         75         27         1.06          0.031
    -------------------------------------------------------------------------
        540          42         63         21         2.97          0.087
    -------------------------------------------------------------------------
        541          63         78         15         5.66          0.165
    -------------------------------------------------------------------------
     including       63         69          6        12.86          0.375
    -------------------------------------------------------------------------
    

    Fence 6 (reported June 11, 2007), which was a 2,300 foot step-out further
to the west of Fence 5, successfully encountered a similar style of
mineralization along the Tolovana vein that trends in the same direction as
the parallel zones encountered in Fences 1 to 5. The 37 shallow, closed spaced
holes in this fence covered an area of 200 by 275 feet, and high grade
intercepts of 23.0, 17.8 and 18.1 g/t over 3 foot intervals in multiple holes
allowed the strike of the structure to be determined.
    Fences 7 and 8 were drilled subsequent to Fence 14, and followed along
the strike of the Tolovana structure as it headed further to the north-east in
the direction of the vein swarm south of the old Cleary Hill mine. Drilling in
these two fences not only identified a well defined mineralized structure, but
also encountered old underground mine workings that were not previously known
to have existed in the area. Additional drill fences that have been stepping
out further to the east of fences 7 and 8 have now covered half of the 2,300
feet distance to Fence 5, and confirm that this Tolovana structure is one of
veins that makes up the swarm south of the old Cleary Hill underground mine
workings.
    Fence 7, located 120 feet north-east of Fence 6, consisted of 12 vertical
holes covering a surface width of 110 feet and drilled to an average depth of
62 feet. Fence 8 is located a further 160 feet to the north-east of fence 7
and consists of 14 holes covering a surface width of 120 feet and drilled to
an average depth of 74 feet. Significant intercepts from these two fences
include:

    
    -------------------------------------------------------------------------
                   From     To    Thickness  Gold Grade  Gold Grade
    Hole Number   (foot)  (foot)    (feet)   (g/tonne)    (oz/ton)  Fence No.
    -------------------------------------------------------------------------
        542         54      72        18        3.56        0.104   Fence 7
    -------------------------------------------------------------------------
     including      57      60         3       18.53        0.540   Fence 7
    -------------------------------------------------------------------------
        548         12      66        54        1.08        0.032   Fence 7
    -------------------------------------------------------------------------
        556         18      78        60        2.23        0.065   Fence 8
    -------------------------------------------------------------------------
     including      36      45         9        4.54        0.132   Fence 8
    -------------------------------------------------------------------------
     including      72      78         6       11.10        0.324   Fence 8
    -------------------------------------------------------------------------
        557          0      78        78        1.03        0.030   Fence 8
    -------------------------------------------------------------------------
        564          0      51        51        1.55        0.045   Fence 8
    -------------------------------------------------------------------------
     including       0      24        24        2.47        0.072   Fence 8
    -------------------------------------------------------------------------
    

    The final 54 holes in the current drill program are included in fences
15, 16, 17 and 18 that follow the Tolovana structure further to the north-east
of fences 7 and 8, and in fence 19, which covers approximately 1,000 feet
across an area along the strike extension of the central part of the south
vein swarm. These final holes will be reported shortly.
    In addition to the bulk sampling which is continuing in the original
Beistline shaft area (where 6,000 of the 10,000 tons of sample material was
collected last fall), sampling is also being undertaken over a 600 foot long
area that was drilled in Fence 1. The area being bulk sampled here shows
multiple, narrow, high-grade veins containing visible gold within the 12 foot
high sample pit face that can be traced with confidence through exposures 50
to 100 feet apart. Many of these veins did not appear in the earlier Fence 1
drilling, as they dip steeper than the 60 to 65 degree southern dip that was
projected for this area, and were generally missed by the vertical holes
drilled in this area.
    The Beistline structure and the parallel B1 structure have now been
traced from the historic Beistline shaft through the bulk sample pits,
trenches and road cuts over a distance of approximately 2,000 feet. The
extensive bleed mineralization identified in the Beistline bulk sample area
last fall is seen again in the Fence 1 bulk sample pits located about 1,450
feet to the west. A new geologic model for the vein swarm area in the
southern, hanging wall area of the old Cleary Hill mine continues to be
refined as bulk sampling continues to generate new geologic information not
available from the RAB drilling.
    True widths of the veins are variable, as the orientation of the various
mineralized structures is variable throughout the drilling. Drilling is
currently 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 analyze 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 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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