Freegold Receives Approval for Second $2 Million Tranche of Financing



    VANCOUVER, Aug. 11 /CNW/ - Freegold Ventures Limited (TSX: ITF, OTCBB:
FGOVF, Frankfurt: FR4) is pleased to announce that it has received lender
approval for a second tranche of US $2 million in financing which is expected
to close shortly. This funding is being conducted on identical terms to the
first tranche of $2 million (see release dated July 30, 2008) which closed on
July 31, 2008, and will bring the total proceeds under this financing to
$4 million.
    The above mentioned second tranche is subject to regulatory approval. The
Qualified Person with respect to scientific and technical information
contained herein is Michael P. Gross, M.S., P. Geo., VP Exploration, Freegold
Ventures Limited, who has reviewed and approved the contents of this release.

    About Freegold Ventures Limited

    Freegold Ventures Limited is a North American exploration and development
company with a management team experienced in mine development and production
that has a proven track-record in transitioning exploration companies into
gold producers. The Company is currently 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 which has successful identified numerous extensions to the
gold mineralization, along with newly identified open-ended areas of
molybdenum mineralization. The Company is in the process of generating a new
43-101 resource which will be followed with the commencement of new economic
evaluations. Freegold's 40,100-foot drill program in 2007 continued to
discovery new high-grade veins and bulk tonnage shear zones on its 93%
controlled Golden Summit project outside Fairbanks, Alaska. Historically over
6.75 million ounces have been recovered from streams that drain the Golden
Summit project area and an additional 500,000 ounces of lode gold were
recovered from past producing mines on the Golden Summit project which is
situated less than 5 miles to the north of the +7 million ounce Fort Knox
Mine. Further evaluation and expansion of the mineralization is currently
being undertaken with a combination of closely spaced shallow drilling,
deeper, systematic core drilling and on-going bulk sampling program using an
on-site gravity-based concentration plant. Drilling in 2008 will also be
conducted on the company's 100% controlled Rob property, where the Company has
intersected high-grade gold in near surface quartz veins similar in appearance
and grade to those being mined at the nearby 5.6 million ounce Pogo, and on
the Vinasale property, where the Company has entered into an exploration
agreement with option to lease which contains the previously identified
Vinasale gold deposit.

    On behalf of the Board of Directors

    "Steve Manz"
    Steve Manz, President and C.E.O.

    DISCLAIMER - This press release contains "forward-looking information"
within the meaning of Canadian securities laws including, without limitation,
statements and information regarding the Company's exploration operations and
financing needs. Such forward-looking information reflects the current
expectations or beliefs of the Company. Forward-looking information is subject
to a number of risks, assumptions and uncertainties that may cause the actual
results of the Company to differ materially from those discussed herein,
including the possibility that future exploration results will not be
consistent with the Company's expectations, the uncertainties involved in
interpreting exploration results, other inherent risks in the mineral
exploration and development industry and the possibility that the loan
facilities will not be completed or completed on terms not currently
contemplated by the Company. Readers are cautioned not to place undue reliance
on forward-looking information because it is possible that expectations,
predictions, forecasts, projections and other form of forward-looking
information will not be achieved by the Company. A change in any one of these
factors could cause actual events or results to differ materially from those
projected in the forward-looking information. Although the Company believes
that the expectations reflected in such forward-looking statements and
information are reasonable, the Company can give no assurance that such
expectations will prove to be correct. Forward-looking statements and
information are based on current expectations, estimates and projections that
involve a number of risks and uncertainties which could cause actual results
to differ materially from those anticipated by the Company and described in
the forward-looking statements or information. The forward-looking statements
and information are based on a number of assumptions which may prove to be
incorrect. In addition to other assumptions identified herein, the Company has
made assumptions regarding, among other things, the ability to conduct
exploration activities in a timely manner and in accordance with the Company's
drilling program, the availability and costs of financing, the degree of risk
that credit approvals may be delayed or withheld, and other risks and
uncertainties described elsewhere in this document or in the Company's other
filings with Canadian securities authorities. Such forward-looking information
speaks only as of the date on which it is made and, unless required by
applicable securities laws, the Company undertakes no obligation to update any
forward-looking information, whether as a result of new information, future
events or results or otherwise. CUSIP: 45953B107





For further information:

For further information: Mark Feeney - Investor Relations, (604)
786-2587, mfeeney@freegoldventures.com


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