Freegold Step-Out Drilling Continues to Intersect New Gold/Moly Occurrences at Surface and Depth



    VANCOUVER, March 13 /CNW/ - Freegold Ventures Limited (TSX: ITF, OTCBB:
FGOVF, Frankfurt: FR4) is pleased to report additional assays from the
Company's Phase 2 step-out drill program on its Almaden project in south
western Idaho. Completed late last year, the Phase 2 program was designed to
test for additional zones of gold and molybdenum mineralization along strike
from the Main and North Zones. These latest holes confirm that gold
mineralization assaying above the previously used resource cut-off grade of
0.01 oz/ton (0.34 g/t) continues to be intersected at the extreme southern end
of the Main Zone to depths of approximately 400 feet, and in two new step-out
areas located 1,200 and 3,000 feet to the northwest of the North Zone.
Molybdenum mineralization is also present in these various step-outs, with one
hole testing for deeper mineralization under the North Zone intersecting the
highest grade molybdenum intercepts to date on the property (55 feet grading
0.22% Mo, including 5 feet grading 1.39% Mo).
    Two additional step-out holes (699 and 704) were drilled at the southern
end of the Main Zone. These holes were step-outs further to the south of holes
718 and 720 that were reported on January 30, 2008 which interesected gold
mineralization in the hanging wall of the main feeder structure and which
returned gold grades of 145 feet grading 0.024 oz/ton (0.83 g/t), 225 feet
grading 0.032 oz/ton (1.09 g/t) and 355 feet grading 0.021 oz/ton (0.70 g/t).
The step-out holes were both located on the extreme southern end of Nutmeg
Mountain, with hole 699 drilled with an azimuth of 80 degrees and a dip of -80
degrees, and hole 704 drilled with an azimuth of 170 degrees and a dip of -70
degrees. Although these holes did not encounter the higher grades typically
encountered in proximity to the main feeder zone, they did intersect thick
intervals of lower grade mineralization that assay above the resource cut-off
and that would expect to be picked up in future pit designs. Significant
intercepts from these southern step-out holes include:

    
    -------------------------------------------------------------------------
                                                         Gold        Gold
      Hole         From          To       Thickness      Grade       Grade
     Number       (foot)       (foot)      (feet)       (oz/ton)   (g/tonne)
    -------------------------------------------------------------------------
      699           55          420          365         0.015        0.51
    -------------------------------------------------------------------------
    including       80          155           75         0.021        0.73
    -------------------------------------------------------------------------
      704           10          205          195         0.013        0.43
    -------------------------------------------------------------------------
    

    As was the case with holes 718-720, holes 699 and 704 also encountered
molybdenum mineralization. Significant molybdenum assays from these two holes
included 25 feet grading 0.036% Mo in hole 699 (from 100 to 125 feet) and 60
feet grading 0.019% Mo in hole 704 (from 70 to 130 feet). Both the gold and
molybdenum mineralization remain open to the south.
    Additional drilling was also completed in the area surrounding the
Stinking Water basin, located approximately 1,700 feet west of the North Zone.
Widely scattered holes in this area have previously intersected near surface
mineralization with excellent resource potential. Core hole SW-44, reported on
December 18, 2007, encountered a 167 foot interval within the basin starting
30 feet below surface grading 0.026 oz/ton (0.88 g/t), including a 75 foot
section grading 0.039 oz/ton (1.34 g/t). Mineralization in this hole remains
open at depth with the last interval grading 0.025 oz/ton (0.88 g/t). Six
additional RC holes (739 to 744) were drilled into a bench that overlooks the
basin and that is situated 1,200 feet west of the North Zone. In general, the
thickness and grade of the gold mineralization increased as the holes
progressively moved closer to the basin and hole SW-44. Significant intercepts
from these six holes include:

    
    -------------------------------------------------------------------------
                                                         Gold        Gold
      Hole         From          To       Thickness      Grade       Grade
     Number       (foot)       (foot)      (feet)       (oz/ton)   (g/tonne)
    -------------------------------------------------------------------------
      739           10           60           50         0.009        0.33
    -------------------------------------------------------------------------
      740           60          165          105         0.009        0.31
    -------------------------------------------------------------------------
      741           10          180          170         0.012        0.41
    -------------------------------------------------------------------------
    including       10           70           60         0.020        0.70
    -------------------------------------------------------------------------
      742           25          110           85         0.012        0.41
    -------------------------------------------------------------------------
      743           10          180          170         0.024        0.82
    -------------------------------------------------------------------------
      744           10          115          105         0.022        0.75
    -------------------------------------------------------------------------
    

    Hole 743 (azimuth 270 and dip -50 degrees) ended in gold mineralization
at 180 feet, with the final assay interval grading 0.023 oz/ton (0.77 g/t). As
was seen in SW-44, which intersected near surface molybdenum mineralization
grading 0.014% Mo over 119 feet (including 0.028% Mo over 50 feet), holes 740
(vertical) and 741 (azimuth 270 and dip -50), which were closer to the
molybdenum rich North Zone, encountered similar intervals of 105 feet grading
0.011% Mo (from 65 to 170 feet) and 90 feet of 0.014% Mo (from 10 to 90 feet)
respectively. No gold mineralization from this area has ever been included in
prior resource evaluations due to the wide spaced drilling in the area.
    Two additional step-out areas were tested as part of the Phase 2
drilling: one 500 feet north of the Main zone, and the other 1,400 to 3,400
feet northwest of the North Zone. The three holes (693 (azimuth 50 and dip -75
degrees), 695 (azimuth 240 and dip -70 degrees) and 697 (azimuth 230 and dip 
-80 degrees)) drilled north of the Main Zone were situated at the base of the
hill whose top currently serves as the north western limit of the Main Zone.
While these holes intersected numerous feeder structures, gold mineralization
was limited to small intervals bounding these structures, with the highest
grade assay of 0.072 oz/ton (2.45 g/t) being intersected adjacent to the main
feeder zone in hole 693.
    In the area to the northwest of the Main Zone, six RC holes (732 to 737)
were drilled on hole spacings of up to 1,000 feet. Although gold
mineralization was intersected right at surface, this mineralization was found
to be relatively shallow in the areas tested. Significant intervals in this
area include 5 feet grading 0.01 oz/ton (0.35 g/t) in hole 732 (vertical), 15
feet grading 0.023 oz/ton (0.79 g/t) in hole 733 (azimuth 45 and dip -80
degrees), 10 feet grading 0.014 oz/ton (0.50 g/t) in hole 734 (vertical) and
60 feet grading 0.009 oz/ton (0.31 g/t) in hole 737 (vertical). Only hole 737,
approximately 1,400 feet from the North Zone, encountered significant
molybdenum grading 0.01% Mo over 150 feet (from 10 to 160 feet).
    The final hole in Phase 2 tested underneath the North Zone where
molybdenum has been consistently intersected in shallow drilling. To test the
possible depth extent of this mineralization, hole 747 was located at the base
of the hill that encompasses the North Zone, and was drilled to the east at an
angle of -60 degrees. This hole intersected the highest grade molybdenum
mineralization to date. Significant assays from this intersection include:

    
    -------------------------------------------------------------

      Hole         From          To       Thickness     Mo Grade
     Number       (foot)       (foot)      (feet)        (% Mo)
    -------------------------------------------------------------
      747          455          510           55         0.221%
    -------------------------------------------------------------
    including      480          505           25         0.475%
    -------------------------------------------------------------
    including      490          495            5          1.39%
    -------------------------------------------------------------
    

    This mineralization was encountered at a depth of approximately 800 feet
vertically below the surface of the flat-topped North Zone hill, and
represents new molybdenum mineralization 600 feet below the 200 foot depth
tested in the earlier North Zone drilling. The implications of this discovery
as it relates to the main feeder structure and Mo mineralization further south
in the Main Zone are currently being investigated.
    True widths reported in this release are variable, as the orientation of
the various mineralized structures encountered throughout the drilling is
variable. RC samples reported in this release 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 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
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 recently finalized a 54,700-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, and
newly identified open ended areas of molybdenum mineralization continue to be
encountered along with the gold in the northern portions of the deposit.
    Freegold's 40,100-foot drill program has resulted in the discovery of new
high-grade veins and bulk tonnage shear zones on its 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. In order to further evaluate the
mineralized zones delineated to date, on-site seasonal bulk sample processing
using a gravity-based concentration plant has commenced. Exploration is
ongoing as 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 on this
140,000 acre property which contains the Vinasale gold deposit, 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 near surface quartz
veins similar in appearance and grade to those being mined at the nearby
5.6 million ounce Pogo mine.

    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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