Freegold Reports Positive Results from Initial Bulk Sampling at Golden Summit



    VANCOUVER, June 17 /CNW/ - Freegold Ventures Limited (TSX: ITF, OTCBB:
FGOVF, Frankfurt: FR4) is pleased to provide an update on its bulk sampling
activities at the Golden Summit project located outside Fairbanks, Alaska, and
to report the first gold grades from the sampled material. The first samples
tested during the initial processing in late September and October of 2007 had
a weighted average grade of 2.7 g/tonne (0.08 oz/ton), with individual
stockpiles from a variety of areas tested ranging from 0.6 g/tonne
(0.02 oz/ton) to 7.0 g/tonne (0.21 oz/ton). A total of 23,500 tons of material
are currently stockpiled and are awaiting testing and processing over the next
four months, along with a further estimated 45,000 tons that will be collected
and processed from the Beistline, Fence 1 and Tolovana areas.
    As indicated in the June 13, 2008 release which provided an overview on
the Company's bulk sample processing and gravity-based gold recovery
activities, the primary purposes of the bulk-sampling program at Golden Summit
are to determine the continuity and average grades of gold mineralization
found within numerous gold-bearing shear zones over a +5,000 foot strike
length discovered and delineated through sampling and mapping numerous
trenches and drilling over 1,000 shallow RAB holes over the past two years.
    Bulk sample extraction commenced in the fall of 2006, when approximately
10,000 tons of material was collected from nine different locations - four of
which were related to the historically mined Cleary Hill vein and its newly
discovered eastern extension (the Beistline structure) while the other five
were from a number of veins and shear zones located immediately to the south
and sub-parallel to the east-west workings of the Cleary Hill mine (the South
Vein Swarm). Descriptions of these initial samples can be found in the
November 30, 2006 news release, with sample locations shown in the March 29,
2007 release. This initial bulk-sampling and associated overburden stripping
confirmed that the gold mineralization found in veins, shears and stockworks
extends over a much broader area than previously recognized, with gold
bleeding into the hanging and footwalls of the narrower high grade quartz
veins that were selectively mined underground in the past.
    Following the permitting, construction and installation of the Company's
impact crusher and gravity-based processing plant (located approximately
2 miles from the Cleary Hill Mine), the first of the bulk sample stockpiles
were crushed and sampled during a limited processing run in late September and
October of last year before the winter shut-down. All of the vein and shear
material extracted during bulk sampling was stockpiled separately according to
sample location. Individual stockpiles were batched through the crushing
circuit using a horizontal impact crusher in closed circuit with a vibrating
1/4" screen deck, and then weighed using the belt scale on the conveyor
feeding the gravity processing plant. This material fed into the plant was
then sampled every 15 minutes. The tonnages and average head grades of the
individual sample piles crushed and analyzed in 2007 are as follows:

    
    -------------------------------------------------------------------------
    Sampled Material  Tons Sampled  Gold Grade (g/tonne)  Gold Grade (oz/ton)
    -------------------------------------------------------------------------
    D-8                        409                  5.7                 0.17
    -------------------------------------------------------------------------
    Cleary Vein Cut
     No.5                      122                  2.6                 0.08
    -------------------------------------------------------------------------
    Cleary HW                 1064                  0.6                 0.02
    -------------------------------------------------------------------------
    Cleary Road Cut            693                  2.1                 0.06
    -------------------------------------------------------------------------
    Red Shaft                   94                  2.3                 0.07
    -------------------------------------------------------------------------
    Fence 1 Colorado           176                  1.6                 0.05
    -------------------------------------------------------------------------
    Wackwitz Area 1             96                  5.2                 0.15
    -------------------------------------------------------------------------
    Wackwitz Area 2            288                  7.0                 0.21
    -------------------------------------------------------------------------
    Wackwitz Area 4            137                  3.4                 0.10
    -------------------------------------------------------------------------
    

    While the grades of these surface samples are positive in relation to the
0.61g/tonne grade of the reserves currently reported as remaining within the
neighboring Fort Knox gold mine, it is important to note that the samples
collected in 2006 were selective in nature. These samples were also collected
prior to the drilling of the 1,000 shallow RAB holes over the past year and a
half which has added significantly to the Company's understanding of the
multiple 100 to 300 foot wide packages of veins and shear zones which strike
through the Cleary Hill and Tolovana areas. With the re-commencement of
processing for the 2008 season, four small piles remain to be sampled and
processed over the coming weeks, along with 6,100 tons from the Beistline
area, which represents the first larger-scale sampling that was undertaken on
the project.
    The 2006 Beistline bulk samples, which will be among the first material
processed in 2008, were collected from an excavation 300 feet long by 30 feet
deep and 30 feet wide. Approximately 2,850 tons of mineralized material was
collected from the vein system. Another 3,250 tons of mineralized material was
collected from the "bleed" material that splays into the hanging wall of the
vein. Channel sampling was conducted at the surface prior to excavation, with
vertical channel samples taken from the pit walls after excavation. Surface
samples of the 4" to 18" wide vein material averaged 39.5 g/tonne
(1.15 oz/ton) along the 185 foot strike length tested, while samples
5 to 10 feet into the hanging wall returned assays of 25.3, 34.3, 31.1, 26.1
and 46.3 g/tonne (0.74 to 1.35 oz/ton). Vertical channel samples ranging from
2 to 5 feet in length were taken every 10 to 20 feet along the walls of the
initial pit and ranged from a low of 0.24 g/tonne (0.007 oz/ton) over 2 feet,
to highs of 65.3 g/tonne (1.9 oz/ton) and 616.7 g/tonne (18.0 oz/ton) over
3-foot intervals.
    The bulk sampling that was conducted in 2007 focused on two areas in
order to provide much larger samples that are more representative of the bulk
tonnage mineralization found in the Cleary Hill area. The sampling in the
Beistline area extended the previously tested area through a new cut
approximately 550 feet long (oriented east-west) and 90 to 140 feet wide over
an average depth of 10 feet. Following completion of this cut, the bulk
sampling moved to the area where Fence 1 of the RAB drilling was conducted.
Sampling here was conducted over a 750 foot long (oriented north-south) by
50 foot wide area. As the ground in this area slopes from south to north,
5 separate excavations were conducted in a step-like fashion, with the depth
of each cut ranging from 1 to 2 feet on the north sides to 15 feet on south
sides. Where the Cleary Hill vein was encountered, additional sampling was
done on a 100 foot long by 130 foot wide area to a 10 foot depth to further
test the bleed mineralization in this area.
    As both the Cleary Hill and the Beistline areas were drilled with close
spaced RAB holes prior to their excavation, the results of these samples will
permit the first reconciliation of bulk sample grades with those predicted by
the drilling. The orientation of the two excavations also tested the
continuity of the gold mineralization along the strike of one of the shear
zones in one instance (Beistline) and perpendicular to the strike, and running
through multiple shear zones in the other (Fence 1).
    A total of 23,250 tons of material is currently stockpiled for processing
over the coming months. These are broken down as follows:

    
    -------------------------------------------------------------------------
    Sample Location   Tons Sampled      Sample Location          Ton Sampled
    -------------------------------------------------------------------------
    2007 Coarse Tails        3,500         Currey Shear                  200
    -------------------------------------------------------------------------
    Penrose Dump               150  Beistline Structure                2,850
    -------------------------------------------------------------------------
    Mixed clean-up             500      Beistline Bleed                3,250
    -------------------------------------------------------------------------
    Fence 1                    100       2007 Beistline                5,500
    -------------------------------------------------------------------------
    Alaska vein                200         2007 Fence 1                7,000
    -------------------------------------------------------------------------
    

    In addition to the above stockpiles, an additional 45,000 tons is
expected to be sampled in 2008, bringing the total estimated amount of
material to be processed over the next four months to approximately
70,000 tons. This new 45,000 tons will be extracted from a second and third
cut in the Beistline area, by extending and deepening the prior Fence 1
sampling, and from the Tolovana area, where a new bulk sampling area will be
opened up to test extensive shearing and stockwork veining encountered in the
2007 RAB drilling in this area.
    True widths of the veins reported in this release are variable, as the
orientation of the various mineralized structures encountered throughout the
drilling and bulk sampling is variable. Alaska Assay Laboratories in
Fairbanks, Alaska is being used to analyze the gold via fire assay analysis
plus multi element ICP-AES and ICP-MS analysis using 4 acid digestion. All
gravity process plant samples, whether from the feed, of from various
locations within the plant or the tailings, are assayed for gold via met
screen assay with gravimetric finish.
    The Qualified Person, Michael P. Gross, M.S., P. Geo., VP Exploration,
Freegold Ventures Limited 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,
and 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 recently 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. Over
7 million ounces of gold has historically been recovered from Golden Summit
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 on a 140,000 acre property in Alaska 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 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. The TSX has
neither approved nor disapproved the contents of this news release. CUSIP:
45953B107





For further information:

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


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