Freegold Extends Southern Almaden Gold/Moly Mineralization



    VANCOUVER, Jan. 30 /CNW/ - Freegold Ventures Limited (TSX: ITF, OTCBB:
FGOVF, Frankfurt: FR4) is pleased to provide an update on its Almaden project
in south western Idaho, as well as report additional assays from the Company's
Phase 2 drill program. Thick intervals of gold mineralization assaying higher
than the average resource grade of the deposit were intersected in three holes
at the southern end of the Main Zone, along with molybdenum mineralization
over thicknesses up to 125 feet from surface. While the molybdenum
mineralization in the North zone and in the northern part of the Main zone is
seen as continuous from surface to depths exceeding 200 feet, drilling in the
south is continuing to identify smaller zones of structurally controlled
molybdenum mineralization in quantities expected to be significant to the
overall evaluation of the project.
    A total of 54,719 feet has now been drilled in 131 core and RC holes
since the Company commenced its resource expansion drill program in the summer
of 2006. Phase 1 drilling consisted of 104 holes (41 core holes (17,774 feet)
and 63 RC holes (23,040 feet)), aimed at further delineating and expanding the
known gold mineralization prior to the updating of the resource and the
previous 1997 feasibility study. A synopsis of the numerous depth and lateral
extensions identified in this program can be found in the recently posted
President's Message on our web-site. The Phase 2 drilling program commenced in
September 2007 with one RC rig drilling though mid-November. Phase 2 consisted
of 27 holes (13,905 feet) aimed at identifying both the strike extensions of
the gold mineralization, as well as further delineating the consistent
molybdenum mineralization identified in the North Zone and the northern
portions on the Main Zone during the Phase 1 drilling.
    The results of the three new Phase 2 holes indicate the potential for the
expansion of the gold and molybdenum mineralization in the southern portion of
the deposit. Holes 718 to 720 were all drilled to the east at angles of -50
degrees (718) and -60 degrees (holes 719 and 720), with all three holes
encountering good gold mineralization in the hanging wall of the main feeder
structure. Holes 718 and 719 were drilled at the extreme southern end of the
deposit, while 720 was drilled within the southern zone in order to intersect
the main feeder zone at depth. Mineralization continues to remains open to the
south. Significant gold assay results from these holes include:


    
    -------------------------------------------------------------------------
                                                         Gold         Gold
     Hole        From         To        Thickness       Grade         Grade
    Number      (foot)      (foot)       (feet)        (oz/ton)     (g/tonne)
    -------------------------------------------------------------------------
       718         10         150          145           0.024          0.83
    -------------------------------------------------------------------------
    Including     130         155           25           0.066          2.28
    -------------------------------------------------------------------------
       719         10         235          225           0.032          1.09
    -------------------------------------------------------------------------
    Including      20         145          125           0.047          1.62
    -------------------------------------------------------------------------
       720         55         410          355           0.021          0.70
    -------------------------------------------------------------------------
    Including      45         295          250           0.025          0.86
    -------------------------------------------------------------------------
    Including     105         220          115           0.035          1.19
    -------------------------------------------------------------------------


    In addition to the gold mineralization, these holes also confirm the
presence of molybdenum over the known one-mile strike length of the deposit,
from the continuous areas of molybdenum mineralization in the north to the
more discontinuous, structurally controlled mineralization in the south.
Significant molybdenum assay results from these holes include:


    -------------------------------------------------------------------------
     Hole            From             To            Thickness          MoS(2)
    Number          (foot)          (foot)            (feet)             (%)
    -------------------------------------------------------------------------
       718             10             135               125            0.026
    -------------------------------------------------------------------------
    including          10              80                70            0.042
    -------------------------------------------------------------------------
       719            210             235                25            0.041
    -------------------------------------------------------------------------
       720            240             285                45            0.017
    -------------------------------------------------------------------------
       720            465             500                35            0.021
    -------------------------------------------------------------------------
    


    While delays in the receipt of assays and in the compilation of the final
database have resulted in a delay in the updated resource calculation by Mine
Development Associates of Reno, these delays are fortunately allowing us to
incorporate these latest Phase 2 expansion holes (including the North zone
in-fill holes reported on December 18, 2007) into the data base that will
serve as the basis for our next resource calculation.
    Analysis of the drilling, mapping and sampling data collected by the
Company over the past 2 years also continues to reinforce the concept that a
deeper, higher-grade bonanza feeder vein system may lie beneath the lower
grade, bulk mineable surface mineralization. Now that Freegold has identified
what it believes to be the principal feeder zones in the upper parts of the
deposit through systematic drilling, the Company is enagaging consultants with
experience in the discovery of bonanza-grade deposits to refine its on-going
exploration plans on these deeper targets.
    The first consultant to visit the Almaden property was Eric Braun, PhD.,
an expert in epithermal gold deposits that has worked for numerous mining
companies throughout the world, including Barrick Gold in Peru, and who is
credited with the discovery of the high-grade Golden Promise Vein at the Knob
Hill Mine in Washington. Mr. Braun's report states that "the geological
environment at Almaden is appropriate for a deep bonanza feeder" and that "one
can infer a structural control oriented N-NW, which may reflect a structural
feeder." Mr. Braun provided Freegold with two prioritized drill locations in
which to drill a fan of holes to test the deep feeder concept. Mr. Braun's
assessment also included a review of the bulk tonnage mineralization, stating
"My favourite zone to add significant new resource is to extend the deposit
along trend to the south of the South zone. This area has received only minor
drill testing, yet the few holes in the zone are encouraging. This area should
be mapped, sampled and drilled along the E-W sections like the area further
north. The target has about 1,500 feet of strike length and is open further
south." Freegold's second epithermal consultant, Stuart Simmons, PhD., from
the University of Auckland, will be arriving on the property in late March.
    RC samples reported in this release 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.
    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 has finalized a 54,700-foot drilling program
aimed at further expanding the size of the resource and is in the process of
generating a new 43-101 resource prior to undertaking new economic evaluations
in 2008. Drilling at depth and to the north and south of the known
mineralization is continuing to identify new extensions to the deposit.
Freegold has also discovered many new high-grade veins and bulk tonnage shear
zones in its 40,100-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 property in Alaska, where geophysical and surface
sampling programs have recently been completed, and on the Rob property in
Alaska, where recent drilling has intersected high-grade gold (29.0 g/t over
13 feet and 20.1 g/t over 13.5 feet) in Pogo-style, near surface quartz veins.

    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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