Freegold Ships First Gold Concentrates from Golden Summit and Continues to Expand Western Mineralized Zones



    VANCOUVER, Sept. 18 /CNW/ - Freegold Ventures Limited (TSX: ITF, OTCBB:
FGOVF, Frankfurt: FR4) is pleased to announce that it has shipped its first
gold concentrates from its Golden Summit project to the Sunshine Precious
Metals Refinery in Kellogg, Idaho, and that additional gold concentrates will
continue to be shipped through the balance of the bulk sample processing
season this fall.
    The Company is also pleased to announce further results from its Phase 2,
40,000 foot, 2008 RAB drilling program, where shallow exploration drilling in
the western portion of the Cleary Hill area is continuing to intersect and
expand zones of bulk tonnage gold mineralization. Phase 1 step out drilling in
this western Tolovana area was conducted last year, and short drill fences 6
to 8 and 15 to 17 were able to trace an individual shear zone (Scheuyemere)
across the Tolovana area which trended directly towards the central part of
the 1,200 foot wide area of gold mineralization last delineated to the east in
Fence 5. The RAB drilling conducted in this area this year was designed to
test the areas to the north and south of this individual shear zone. As was
reported in April, drilling from the first fences (Fences 6 North and 17)
successfully identified new bulk tonnage zones extending to the north of the
Scheuyemere shear zone. All of the assays from the 46, 75-foot deep holes in
Fence 6 North, which covered an 850 foot extension to the north averaged
0.52 g/t, which compares favorably with the current reported reserve grade of
the nearby Fort Knox mine of 0.50 g/tonne.
    The latest fences in this program (Fences 20, 6 South, 19 Extension and
18 South) tested both the southern extent of mineralization in the Tolovana
area and in the area between Tolovana and Cleary Hill. A map showing the
locations of all of the drill fences in the Cleary Hill area at Golden Summit
can be found at www.freegoldventures.com/i/maps/maps022008ITF.pdf
    Fence 20 consisted of a single row of 56 vertical holes (holes 815 to
870) drilled to an average depth of approximately 70 feet. The average spacing
between holes was 20 feet, with spacing reduced to 10 feet in areas of intense
alteration (which has been shown to correlate well to higher-grade gold
mineralization in previous drilling) and extended to 40 feet in areas
exhibiting less alteration. Significant intercepts from Fence 20 include:

    
                                   Fence 20
    -------------------------------------------------------------------------
                       From        To   Thickness    Gold Grade   Gold Grade
    Hole Number       (foot)    (foot)      (feet)     (g/tonne)     (oz/ton)
    -------------------------------------------------------------------------
        822               0        51          51          0.78        0.023
    -------------------------------------------------------------------------
        826               6        60          54          0.52        0.015
    -------------------------------------------------------------------------
        836               0        33          33          0.93        0.027
    -------------------------------------------------------------------------
        846               0        48          48          0.65        0.019
    -------------------------------------------------------------------------
        848               0        78          78          0.53        0.015
    -------------------------------------------------------------------------
        855               0        36          36          2.16        0.063
    -------------------------------------------------------------------------
     Including           15        18           3         12.51        0.365
    -------------------------------------------------------------------------
        857               0        45          45          0.95        0.028
    -------------------------------------------------------------------------
        858               0        57          57          0.96        0.028
    -------------------------------------------------------------------------
     Including           18        36          18          2.15        0.063
    -------------------------------------------------------------------------
        859               0        72          72          1.08        0.032
    -------------------------------------------------------------------------
        860              24        69          45          0.87        0.025
    -------------------------------------------------------------------------
        861               0        75          75          1.75        0.051
    -------------------------------------------------------------------------
     including           60        72          12          6.60        0.192
    -------------------------------------------------------------------------
        862              21        48          27          0.98        0.028
    -------------------------------------------------------------------------
        863              36        63          27          3.04        0.089
    -------------------------------------------------------------------------
     including           51        57           6          9.75        0.284
    -------------------------------------------------------------------------
        868               0        69          69          1.25        0.036
    -------------------------------------------------------------------------
     including           21        39          18          2.82        0.082
    -------------------------------------------------------------------------
        869              18        60          42          0.65        0.019
    -------------------------------------------------------------------------
        870              21        24           3         34.29        1.000
    -------------------------------------------------------------------------
    

    The 22 closely spaced RAB holes in Fence 6 South cover a north-south
distance of 440 feet. This fence was designed to further test the southward
width of the Scheuyemere shear system and to test for mineralization close to
the Dolphin Intrusive that occurs to the south. Significant intercepts from
Fence 6 South include

    
                                Fence 6 South
    -------------------------------------------------------------------------
                       From        To   Thickness    Gold Grade   Gold Grade
    Hole Number       (foot)    (foot)      (feet)     (g/tonne)     (oz/ton)
    -------------------------------------------------------------------------
        871               3        69          66          0.61        0.018
    -------------------------------------------------------------------------
        872               3        63          60          0.76        0.022
    -------------------------------------------------------------------------
        877              12        30          18          1.61        0.047
    -------------------------------------------------------------------------
        878              18        24           6         20.60        0.601
    -------------------------------------------------------------------------
        885              30        75          45          0.84        0.025
    -------------------------------------------------------------------------
        889              15        78          63          0.70        0.020
    -------------------------------------------------------------------------
    

    The 20 closely spaced holes in Fence 19 Extension were drilled to fill in
an area where the Tolovana vein was projected to extend based on results from
Fences 6 N and 17 N. The vein was encountered in drill hole 927. Significant
intercepts from Fence 19 Ext include:

    
                                   Fence 19
    -------------------------------------------------------------------------
                       From        To   Thickness    Gold Grade   Gold Grade
    Hole Number       (foot)    (foot)      (feet)     (g/tonne)     (oz/ton)
    -------------------------------------------------------------------------
        895              48        60          12          2.30        0.067
    -------------------------------------------------------------------------
        927              30        69          39          2.18        0.064
    -------------------------------------------------------------------------
     including           45        51           6         10.90        0.318
    -------------------------------------------------------------------------
        931              39        78          39          1.03        0.030
    -------------------------------------------------------------------------
    

    The 31 closely spaced holes in Fence 18 South cover a north-south
distance of approximately 620 feet. This fence was designed to further test
the southward extension of the Scheuyemere shear system and to explore the
area near the fringes of the Dolphin intrusive that occurs south of the
Tolovana area.

    
                               Fence 18 South
    -------------------------------------------------------------------------
                       From        To   Thickness    Gold Grade   Gold Grade
    Hole Number       (foot)    (foot)      (feet)     (g/tonne)     (oz/ton)
    -------------------------------------------------------------------------
        907               0        78          78          0.81        0.024
    -------------------------------------------------------------------------
        908               3        78          75          1.03        0.030
    -------------------------------------------------------------------------
     including           54        57           3         13.20        0.385
    -------------------------------------------------------------------------
        909               6        42          36          1.47        0.043
    -------------------------------------------------------------------------
        936              27        48          21          1.94        0.056
    -------------------------------------------------------------------------
        937              51        60           9          3.59        0.105
    -------------------------------------------------------------------------
    

    With this latest drilling, the gold bearing mineralization - seen as
multiple and parallel 75 to 300 foot wide zones at the various locations
tested in the eastern area of Cleary Hill - are also being identified in the
western part of this area. Mineralization in this area remains open along
strike in both directions and at depth.
    True widths of the veins reported in this release are variable, as the
orientation of the various mineralized structures encountered throughout the
drilling is variable. Drilling was conducted with an Ingersol-Rand
conventional percussion drill. Cuttings were returned up the drill hole with
the use of an OEM vacuum drill cuttings collector, and were dropped from a
cyclone directly into a sample bag. Samples were 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 maintained 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 was conducted in every drill hole and
either a blank or a standard was inserted in the sample stream every 10
samples. Alaska Assay Laboratories in Fairbanks, Alaska was 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 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 successfully 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
discover 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 is also being
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 Mine. Work
programs are also planned 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 forms 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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