Freegold Intersects New Gold Zone and Delineates Additional Moly at Almaden



    VANCOUVER, Dec. 18 /CNW/ - Freegold Ventures Limited (TSX: ITF, OTCBB:
FGOVF, Frankfurt: FR4) is pleased to report assay results from an additional
16 holes drilled at its 100% controlled Almaden gold project in southwestern
Idaho. With the completion of drilling for the new 43-101 resource
calculation, the Company has been focusing its latest drilling on identifying
strike extensions to its gold mineralization, and further delineating the
consistent molybdenum mineralization identified in the North Zone as well as
in the northern portions on the Main Zone. These latest drill results provide
encouragement that the Almaden project has the potential to continue to grow
in size, and that molybdenum may play a significant role in enhancing the
returns of the project.
    Freegold's first significant step-out drilling was conducted in the
Stinking Water basin area, located 1,700 feet east of the North Zone. This
area was previously identified as prospective by a prior operator through
scattered, widely-spaced drilling, which returned some of the highest-grade
gold assays within the deposit area. Previous drilling in this basin was done
on spacings of up to 500 feet, was never followed up with in-fill drilling,
and was never factored in to any previous resource calculations. Freegold's
first hole (SW C44) into the basin was a core hole drilled to a depth of 197
feet. Significant assays from this hole include:

    
    -------------------------------------------------------------------------
    Hole                From          To   Thickness  Gold Grade  Gold Grade
    Number             (foot)      (foot)      (feet)    (oz/ton)   (g/tonne)
    -------------------------------------------------------------------------
    SW C44                30         197         167       0.026        0.88
    -------------------------------------------------------------------------
    including             85         160          75       0.039        1.34
    -------------------------------------------------------------------------
    

    Mineralization in this hole remains open at depth, with the last interval
at the bottom of the hole grading 0.025 oz/ton (0.88 g/t). While none of the
previous operators assayed for any elements other than gold and silver, it is
encouraging to note the surface molybdenum values in this 1,700 foot step-out
hole from the North Zone. One interval graded 0.023% MoS(2) over a 119 foot
interval (from 35 to 154 feet), including a higher-grade section which graded
0.046% MoS(2) over a 50 foot interval (from 35 to 85 feet).
    Five additional shallow RC holes step-out holes (SW 45 to SW 48, and SW
50) were also drilled. As the water table in this basin occurs 20 feet below
surface, high water inflows into these holes through the porous surrounding
rock made sample collection difficult as cuttings were washed out of the
sample collection containers before they could settle. The porous rocks also
caused compressed air to be diverted away from the collection zone at the bit
face, washing cuttings into the surrounding rocks and causing surface mud
boils around the drill. As a result of these quality control issues, the
results from the five holes cannot be relied upon, and further testing of the
extents of gold mineralization in this area must await the return of a core
rig in the future.
    Following the completion of the Phase 1 resource expansion drilling
program, the RC drill rig was returned to the North Zone to determine whether
the molybdenum grades picked up through scattered in-fill drilling as part of
the new resource calculation, would remain consistent with closer drill
spacing. Molybdenum grades previously reported from Phase 1 drilling included:

    
             North Zone Molybdenum Assays Reported July 9, 2007
    -------------------------------------------------------------------------
      Hole                 From             To      Thickness       Mo Grade
     Number               (foot)         (foot)         (feet)     (% MoS(2))
    -------------------------------------------------------------------------
       655                   10            200            190         0.049%
    -------------------------------------------------------------------------
    Including                15             30             15         0.100%
    -------------------------------------------------------------------------
       670                    5            200            195         0.046%
    -------------------------------------------------------------------------
    Including                30            150            120         0.070%
    -------------------------------------------------------------------------
       681                   10            165            155         0.064%
    -------------------------------------------------------------------------
       685                    5            185            180         0.060%
    -------------------------------------------------------------------------
    Including                30             55             25         0.176%
    -------------------------------------------------------------------------
       690                    5            150            145         0.030%
    -------------------------------------------------------------------------
       701                   30            185            155         0.031%
    -------------------------------------------------------------------------
       702                    5            205            200         0.038%
    -------------------------------------------------------------------------
       703                   25            195            170         0.039%
    -------------------------------------------------------------------------
       C42                   30            120             90         0.065%
    -------------------------------------------------------------------------
    Including                45             70             25         0.137%
    -------------------------------------------------------------------------
       C70                   95            155             60         0.050%
    -------------------------------------------------------------------------
       C77                    0            205            205         0.031%
    -------------------------------------------------------------------------
    

    A total of 10 new RC holes (690, 723 to 731) were drilled as part of the
Phase 2 drilling, bringing the average drill spacing for holes with molybdenum
assays to approximately 200 feet. The gold mineralization intersected in these
new holes in the lower grading North Zone (containing 13% of the total tonnage
in the 2006 43-101 resource calculation) were generally consistent with
previous results, and should allow a greater portion of this mineralization to
be upgraded to higher resource categories due to the further reduction of
drill spacing. Significant gold assay results from these holes include:

    
    -------------------------------------------------------------------------
      Hole              From          To   Thickness  Gold Grade  Gold Grade
     Number            (foot)      (foot)      (feet)    (oz/ton)   (g/tonne)
    -------------------------------------------------------------------------
       690                 5         155         150       0.008        0.26
    -------------------------------------------------------------------------
       723                 5         180         175       0.022        0.74
    -------------------------------------------------------------------------
    Including              5         130         125       0.026        0.91
    -------------------------------------------------------------------------
       724                 5         170         165       0.020        0.68
    -------------------------------------------------------------------------
    Including             10          95          85       0.030        1.01
    -------------------------------------------------------------------------
       726                10          80          70       0.018        0.60
    -------------------------------------------------------------------------
       727                 5         175         170       0.015        0.50
    -------------------------------------------------------------------------
    Including              5          75          70       0.023        0.80
    -------------------------------------------------------------------------
       728                 5         145         140       0.018        0.61
    -------------------------------------------------------------------------
    Including             30         120          90       0.022        0.75
    -------------------------------------------------------------------------
       729                15         120         105       0.021        0.71
    -------------------------------------------------------------------------
       730                 5         110         105       0.020        0.70
    -------------------------------------------------------------------------
       731                10         185         175       0.019        0.64
    -------------------------------------------------------------------------
    

    The new in-fill drilling also confirms the consistency of the molybdenum
values with significant grades starting at surface and occurring over
thicknesses ranging from 100 to 300 feet. Significant molybdenum assays from
these 10 RC holes include:

    
    -------------------------------------------------------------------------
      Hole                 From             To      Thickness          MoS(2)
     Number               (foot)         (foot)         (feet)            (%)
    -------------------------------------------------------------------------
       690                    5            155            150          0.030
    -------------------------------------------------------------------------
       723                    5            120            115          0.051
    -------------------------------------------------------------------------
    including                 5             80             75          0.071
    -------------------------------------------------------------------------
       724                    5            210            205          0.029
    -------------------------------------------------------------------------
    including                10            100             90          0.043
    -------------------------------------------------------------------------
       725                    5            125            120          0.031
    -------------------------------------------------------------------------
    including                25             65             40          0.051
    -------------------------------------------------------------------------
       726                   10            300            290          0.032
    -------------------------------------------------------------------------
    including                10             80             70          0.052
    -------------------------------------------------------------------------
    including               145            175             30          0.069
    -------------------------------------------------------------------------
       727                    5            185            180          0.034
    -------------------------------------------------------------------------
    including                 5             40             35          0.062
    -------------------------------------------------------------------------
       728                    5            300            295          0.026
    -------------------------------------------------------------------------
    including                 5             80             75          0.052
    -------------------------------------------------------------------------
       729                    5            120            115          0.034
    -------------------------------------------------------------------------
       730                    5            150            145          0.025
    -------------------------------------------------------------------------
       731                   10            185            175          0.050
    -------------------------------------------------------------------------
    including               130            170             40          0.071
    -------------------------------------------------------------------------
    

    Freegold's recent drilling has also targeted the syncline area between
the Main and North Zones, where drilling by previous operators was limited to
100 feet in depth. Freegold's drilling was aimed at determining if sufficient
deeper mineralization existed within the syncline area to allow the two zones
to be joined in a future pit design. While the five RC holes (700, 713-716,
and 722) did not encounter significant intervals of resource grade gold
mineralization, the molybdenum envelope is seen extending into the syncline.
Holes 700 and 722 both intersected molybdenum grading 0.031% MoS(2) over
intervals of 70 feet (from 120 to 190 feet) and 175 feet (from 5 to 180 feet)
respectively. Hole 713, located within the center part of the syncline, 300
feet to the south of the North Zone also returned 60 feet (from 30 to 90 feet)
grading 0.027% MoS(2).
    Molybdenum mineralization in the North Zone has now been tested with 21
holes that cover an area roughly 1,300 feet long by 500 feet long. The
arithmetic average of the molybdenum intercepts reported to date from these
holes is 0.038% MoS(2) over an average thickness of 170 feet. While the
Company is still evaluating the significance of these molybdenum occurrences
in relation to the genesis and configuration of the gold mineralization, the
molybdenum may be an important element in the future development of the
project. As part of its on-going reviews of the project, Freegold is
commencing new metallurgical test-work at McClelland laboratories in Reno, NV
aimed at evaluating a variety of processing methods that may be used to
capture this potentially valuable mineral by-product.
    Freegold is also pleased to report that work is also proceeding on its
new 43-101 gold resource calculation. All of the assays from the Phase 1
drilling have now been received and entered into the data-base, and the last
of the geological cross-sections in support of the geological model are being
digitized and will be incorporated into the block modelling that will be
initiated shortly.
    Diamond drill core and RC samples 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 41,000-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 40,000-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 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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