Freegold Drilling Intersects New Golden Summit Vein - 23.4 g/t Au over 6 feet



    TSX: ITF, OTC BB: FGOVF, Frankfurt: FR4
    www.freegoldventures.com

    VANCOUVER, April 26 /CNW/ - Freegold Ventures Limited (the "Company") is
pleased to provide assay results from the first two fences drilled under the
Phase 2, 20,000' drill program currently underway at the Company's Golden
Summit project outside Fairbanks, Alaska. As with Fence 1 (Phase 1) which
outlined open-ended bulk-tonnage mineralization over surface widths of
640 feet, the current Phase 2 program is employing similar shallow,
close-spaced drilling to test for high grade and bulk tonnage mineralization
at various locations along the known 5,000' of gold mineralization in the
historic Cleary Hill mine area.
    Results from the Phase 2 drilling (Fences 2 and 3) have identified two
new areas of bulk tonnage mineralization east and west of Fence 1, as well as
two new veins in the hanging wall of the main Cleary Hill structure (23.4 g/t
over 6 feet, and 12.6 g/t over 3 feet)
    Fence 2, located 700 feet east of Fence 1, consisted of three NW-SE
oriented lines of 10 holes (lines 15 feet apart, holes 20 feet apart, with the
middle line offset by 10 feet) used to test the gold mineralization and grade
variability over a shorter 200 foot wide section along the Cleary Hill eastern
extension. A map showing the locations of these holes can be seen on the
Company's web site at
http://www.freegoldventures.com/i/maps/map_attachementApril2607.jpg. Holes 94
to 104 (line 1) and 114 to 123 (line 3) were all drilled to a vertical depth
of 54 feet, with holes 104-103 (line 2) alternating between 54 and 78 feet in
depth. The highest-grade hole was 103 (1.17 g/tonne over 54 feet), located at
the southern end of line 1, which itself averaged 0.4 g/t over the 200 foot
width tested. Significant intercepts from Fence 2 include:

    
    -------------------------------------------------------------------------
                     From      To     Thickness    Gold Grade    Gold Grade
    Hole Number     (foot)   (foot)     (feet)      (g/tonne)      (oz/ton)
    -------------------------------------------------------------------------
         98            39       51         12           2.35         0.069
    -------------------------------------------------------------------------
     Including         48       51          3           7.10         0.207
    -------------------------------------------------------------------------
        102            18       24          6           2.50         0.073
    -------------------------------------------------------------------------
        103             9       54         45           1.39         0.041
    -------------------------------------------------------------------------
     Including         21       24          3           7.75         0.226
    -------------------------------------------------------------------------
        106             9       48         39           0.70         0.020
    -------------------------------------------------------------------------
        110             0        9          9           3.45         0.101
    -------------------------------------------------------------------------
     Including          6        9          3           8.75         0.255
    -------------------------------------------------------------------------
        113             0       27         27           0.84         0.025
    -------------------------------------------------------------------------
        122            33       54         21           0.96         0.028
    -------------------------------------------------------------------------
    

    Fence 3, located 200 feet to the west of Fence 1, tested the
mineralization over a total width of 1,025 feet with a single N-S oriented
line of 41 holes (124 to 164) spaced 25 feet apart and drilled vertically to a
depth of 78 feet. The fence successfully intersected the previously known
structures, including the high grade Cleary Hill hanging wall vein which
assayed 12.6 g/t over 3 feet in hole 154. This zone, which was intersected in
the final 3-foot interval of the hole, remains open at depth. Two new
mineralized zones were also identified. The first, a high grade structure in
the hanging wall of the Cleary Hill structure, intersected in hole 151, graded
7.8 g/t over a 21 feet width, including a 6-foot section grading 23.4 g/t
starting at 57 feet in hole 154. The other new mineralization was discovered
in the footwall of the Cleary Hill structure in hole 163, which intersected
9 feet averaging 1.68 g/t starting at 66 feet. Additional work is planned
using shallow drilling to further define these new discoveries as the strike
and dip of these intersections remain open. Significant intercepts from Fence
3 include:

    
    -------------------------------------------------------------------------
                     From      To     Thickness    Gold Grade    Gold Grade
    Hole Number     (foot)   (foot)     (feet)      (g/tonne)      (oz/ton)
    -------------------------------------------------------------------------
        128            18       51         33           1.12         0.033
    -------------------------------------------------------------------------
                       72       78          6           1.57         0.046
    -------------------------------------------------------------------------
        129             0        6          6           1.62         0.047
    -------------------------------------------------------------------------
        133            45       78         33           1.51         0.044
    -------------------------------------------------------------------------
     Including         72       78          6           4.76         0.139
    -------------------------------------------------------------------------
        134             0       63         63           1.28         0.037
    -------------------------------------------------------------------------
        135            15       33         18           1.10         0.032
    -------------------------------------------------------------------------
        139             3        9          6           2.73         0.080
    -------------------------------------------------------------------------
        143            75       78          3           6.17         0.180
    -------------------------------------------------------------------------
        144            42       51          9           3.11         0.091
    -------------------------------------------------------------------------
        145             0       18         18           1.28         0.037
    -------------------------------------------------------------------------
                       48       54          6           1.74         0.051
    -------------------------------------------------------------------------
        146            57       60          3           6.19         0.181
    -------------------------------------------------------------------------
        148             6       45         39           1.12         0.033
    -------------------------------------------------------------------------
        151            54       75         21           7.82         0.228
    -------------------------------------------------------------------------
     Including         57       63          6          23.37         0.682
    -------------------------------------------------------------------------
        152            24       36         12           1.06         0.031
    -------------------------------------------------------------------------
        154            75       78          3          12.63         0.368
    -------------------------------------------------------------------------
        157            12       30         18           1.26         0.037
    -------------------------------------------------------------------------
        163            66       75          9           1.68         0.049
    -------------------------------------------------------------------------
    

    Lower grade mineralization continues to be encountered in between many of
the shear zones and veins, and the average grade of these 41 holes over their
78-foot depth and their 1,025 foot width is 0.36 g/tonne, which includes a
central area 350 feet in width that averages 0.5 g/tonne.
    Holes in Fence 4 and 5 (single line fences similar to Fence 3), located
500 and 835 feet further to the west of Fence 3, have recently been completed
and assay results are pending.
    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 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 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 summer of 2007, and a
25,000-foot drill program to further delineate gold mineralization within the
current 1,000-foot wide by 5,000-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: Kristina Walcott, VP Corporate Development,
(604) 685-1870, 1-800-667-1870, jkw@freegoldventures.com


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