Freegold Intersects More Gold Bearing Structures in 2,300 Foot Step-out Drilling at Golden Summit



    
    -------------------------------------------------------------------------
    -   37 shallow, close spaced holes drilled in a 200 x 275 foot area
        containing a recent 31 g/t (0.90 oz/ton) grab sample in gold bearing
        structures trending towards the multiple 150 to 375 foot wide zones
        picked up in Fences 1 to 5.

    -   High-grade drill intercepts of 23.0 g/t  (0.67 oz/ton), 17.8 g/t
        (0.52 oz/ton) and 18.1 g/t (0.53 oz/ton) all over 3-foot widths
        hosted within broader zones of lower-grade, surface, bulk-tonnage
        mineralization.

    -   Mineralization in this Tolovana vein area remains open in all
        directions, and future drilling will seek to expand this zone to the
        north and south as well as to fill in the 2,300-foot wide area
        between Fences 5 and 6.
    -------------------------------------------------------------------------
    

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

    VANCOUVER, June 11 /CNW/ - Freegold Ventures Limited (the "Company") is
pleased to provide assay results from Fence 6 of the Phase 2, 20,000-foot
drill program currently underway at the Company's Golden Summit project
outside Fairbanks, Alaska.
    Holes in Fence 6 tested a smaller 200 x 275 foot area in the Tolovana
vein area, located 2,300 feet west of Fence 5. Drilling was undertaken in this
area to follow up on a recent grab sample which assayed 31 g/t (0.90 oz/ton)
in the face of an old surface mining cut in which the gold-bearing structures
were seen striking in the general direction of the Currey Shear Zone.
    As with the previous drilling in this program, the Fence 6 holes continue
to intersect high-grade veins hosted within broader areas of lower grade,
bulk-tonnage surface gold mineralization. Although the Tolovana vein,
encountered in the 31 g/t grab sample in the face of the old mining cut, and
in holes 336, 303, 311, 312, 334, 332, and 333 strikes in a more northerly
direction than the structures seen in the vein swarms south of the Cleary Hill
Mine area, the strike indicates that the Tolovana structure will intersect the
south vein swarm somewhere in the 2,300 foot untested area in between Fence 5
and 6. The gold mineralization in this area remains open in all directions,
and future drilling will aim to expand this zone, as well as to in-fill the
areas between Fences 5 and 6 to determine how this structure ties into the
broader zones of gold mineralization traced from Fences 1 to 5.
    As with the previous fences, holes in Fence 6 employed shallow,
close-spaced drilling to better define the large number of mineralized
structures in the system. These 37 holes (holes 301 to 337) were spaced 25
feet apart in roughly a grid pattern, and were drilled to an average depth of
50 feet (see map of the drill hole locations on the company web-site).

    
    Significant higher-grade intervals from Fence 6 include:

    -------------------------------------------------------------------------
                    From     To    Thickness   Gold Grade    Gold Grade
    Hole Number    (foot)  (foot)    (feet)     (g/tonne)     (oz/ton)
    -------------------------------------------------------------------------
        303           0      39        39          2.42         0.071
    -------------------------------------------------------------------------
     Including       24      27         3         23.01         0.671
    -------------------------------------------------------------------------
     Including       27      30         3          3.22         0.094
    -------------------------------------------------------------------------
        305           3      39        36          0.85         0.024
    -------------------------------------------------------------------------
        307          18      24         6          3.21         0.094
    -------------------------------------------------------------------------
        311           0      15        15          1.49         0.043
    -------------------------------------------------------------------------
        312           3      24        21          4.26         0.124
    -------------------------------------------------------------------------
     Including       12      15         3         17.76         0.518
    -------------------------------------------------------------------------
     Including       15      18         3          7.85         0.229
    -------------------------------------------------------------------------
        321           3      18        15          2.88         0.084
    -------------------------------------------------------------------------
     Including        6       9         3          8.61         0.251
    -------------------------------------------------------------------------
        325          33      54        21          3.30         0.096
    -------------------------------------------------------------------------
     Including       36      39         3         18.10         0.528
    -------------------------------------------------------------------------
        328          33      54        21          1.65         0.048
    -------------------------------------------------------------------------
     Including       33      36         3          4.73         0.138
    -------------------------------------------------------------------------
        329          27      39        12          2.04         0.060
    -------------------------------------------------------------------------
        334           0      18        18          1.70         0.050
    -------------------------------------------------------------------------
     Including        3       6         3          5.25         0.153
    -------------------------------------------------------------------------
        336           3       6         3          3.11         0.091
    -------------------------------------------------------------------------
    

    In addition to the mineralization located along the Tolovana vein,
additional wider, lower-grade intercepts off the main vein include 0.85 g/t
(0.024 oz/ton) over 36 feet (hole 305) and 3.30 g/t (0.096 oz/ton) over
21 feet (hole 325), including a 3 foot section assaying 18.1 g/t (0.229
oz/ton) over 3 feet. The average grade of all 650 three-foot sample intervals
over the 200 x 275 foot area tested was 0.46 g/t (0.014 oz/ton). The scattered
appearance of gold mineralization away from the main vein is not yet
understood as many of these intercepts were in the southernmost holes of this
fence.
    Drilling in this area was halted due to spring break up conditions.
Drilling is now in progress in the Beistline area where additional drill
testing of the Beistline (Cleary Hill vein extension) and Beistline bleed area
south of the structure is in progress. Future drilling will include testing
the strike extension of the Tolovana structure, along with additional drilling
north and south to determine if the width of the gold mineralization in this
area may be similar to the multiple 150-350 foot wide zones seen 2,300 feet
further to the east.
    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 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 map attachment please visit www.freegoldventures.com.





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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