Freegold Completes Initial Drill Program on High-Grade Rob Property Targets



    TSX: ITF, OTC BB: FGOVF, Frankfurt: FR4

    VANCOUVER, Aug. 30 /CNW/ - Freegold Ventures Limited (the "Company") is
pleased to announce results from recent surface sampling programs, and the
completion of an initial 17 hole (3,514 foot) drill program at its Rob project
In east-central Alaska. Surface samples collected from five separate vein
systems within the 4,240 acre property in late 2006 and more recently in June
2007 continue to return high grade gold assays from a number of vein systems
on the property. Drilling has now been conducted by Freegold on two of these
vein systems, Gray Lead and O'Reely, both of which have intersected quartz
veins averaging true widths of 10 and 4 feet respectively within surrounding
gneissic host rocks. Final assays from these core holes are expected to be
reported within the next few weeks.
    Freegold acquired the Rob property in 2002 and has a 100% lease interest
in the property. Rob is located 110 miles southeast of Fairbanks, and lies
within the Goodpaster Mining District on the eastern end of the same gneissic
dome that hosts gold mineralization at Teck Cominco/Sumitomo's recently
commissioned Pogo gold mine. Pogo, located approximately 20 miles west from
Rob, is currently the largest underground gold mine in Alaska with planned
production over its 10 year-life estimated at 350,000 to 450,000 oz/year.
Pogo's 5.6 million ounce gold resource is hosted within stacked, flat-lying
quartz veins that average approximately 0.5 ounces of gold per ton. Gold at
Pogo is associated with a distinctive geochemical trace element suite (gold,
bismuth, arsenic) similar to the mineralization discovered at Rob. Since the
opening of the Pogo mine in 2006, this district has received considerable
investor attention, most notably with the consolidation of a 513,000 acre land
package through staking and joint venturing by Goldcorp founder Rob McEwen.
This large land package (subsequently merged into Rubicon Minerals) surrounds
the Pogo mine and the Rob property, and was acquired due to the shared belief
that the gold mineralization at Pogo is not a unique occurrence in the
district.
    The first systematic exploration on Rob was undertaken from 1995 to 1998
by Sumitomo Metal Mining and WGM, during which time they conducted over
$1.3 million in airborne/ground geophysics, soil/rock geochemical sampling,
geologic mapping, trenching and limited diamond drilling. This program
successfully identified numerous target areas, many of which have not been
tested to date. The program also confirmed that the high-grade quartz veins at
Rob are related to similar low-sulphur, high temperature intrusive events
similar to Pogo, and that the host rocks have been cut by similar high angle
NE and NW fault systems.
    Freegold's initial work in 2002/2003 centered on rock sampling and
top-of-bedrock auger soil sampling programs designed to confirm results
previously reported in the 1990's. This program confirmed high-grade gold
occurrences at a number of target locations throughout the property.
Significant assays from this 2002 sampling program include:

    
                2002 Significant Freegold Grab Sample Results

    -------------------------------------------------------------------------
                  Gold        Gold                      Gold        Gold
    Prospect   Grade (g/t) Grade (oz/t)   Prospect   Grade (g/t) Grade (oz/t)
    -------------------------------------------------------------------------
    Gray Lead     72.17        2.10       Michigan      24.27        0.71
    -------------------------------------------------------------------------
    Gray Lead     17.11        0.50       Michigan     698.89       20.38
    -------------------------------------------------------------------------
    Gray Lead     28.77        0.84       Michigan      29.83        0.87
    -------------------------------------------------------------------------
    Gray Lead      9.37        0.27       Michigan     175.06        5.11
    -------------------------------------------------------------------------
    Gray Lead      7.42        0.22       Michigan     120.55        3.52
    -------------------------------------------------------------------------
    Gray Lead     30.45        0.89     Upper Trench     8.79        0.26
    -------------------------------------------------------------------------
    O'Reely        8.04        0.23     Lower Trench    15.43        0.45
    -------------------------------------------------------------------------
    O'Reely        8.38        0.24     Lower Trench    14.37        0.42
    -------------------------------------------------------------------------
    Hilltop        8.72        0.25     Lower Trench    22.29        0.65
    -------------------------------------------------------------------------

    Following a 3 year period of limited work, Freegold undertook additional
surface grab sampling in late 2006 and again in June 2007 in advance of the
commencement of drilling. Assay results from all of the samples collected
during these two sampling periods are as follows:

                 2006 and 2007 Freegold Grab Sample Results

    -------------------------------------------------------------------------
                  Gold        Gold                      Gold        Gold
    Prospect   Grade (g/t) Grade (oz/t)   Prospect   Grade (g/t) Grade (oz/t)
    -------------------------------------------------------------------------
    Blue Lead     23.50        0.69       O'Reely        0.94        0.03
    -------------------------------------------------------------------------
    Blue Lead     46.70        1.36       O'Reely        6.61        0.19
    -------------------------------------------------------------------------
    Blue Lead      1.13        0.03       O'Reely        0.17       0.004
    -------------------------------------------------------------------------
    Blue Lead     19.60        0.57       O'Reely        0.44        0.01
    -------------------------------------------------------------------------
    Blue Lead      0.16       0.004       O'Reely        0.28        0.01
    -------------------------------------------------------------------------
    Michigan       2.92        0.09       O'Reely        1.16        0.03
    -------------------------------------------------------------------------
    Michigan      11.50        0.34       O'Reely        0.21        0.01
    -------------------------------------------------------------------------
    Michigan      -0.05           -       O'Reely        0.74        0.02
    -------------------------------------------------------------------------
    Michigan       6.35        0.19       O'Reely        0.03       0.001
    -------------------------------------------------------------------------
    Michigan       2.39        0.07    Grizzley Mine    31.78        0.93
    -------------------------------------------------------------------------
    O' Reely       0.53        0.02      Gray Lead      49.88        1.45
    -------------------------------------------------------------------------
    

    Following the completion of the above sampling, Freegold completed an
initial diamond drilling program at the Gray Lead and O'Reely veins in the
southern portion of the property. A total of 8 holes (1,529 feet) were drilled
at Gray Lead from two separate drill pads and 10 holes (1,985 feet) were
drilled at O'Reely from four separate drill pads. In both cases, holes drilled
from the same pad were drilled at angles ranging from 45 to 90 degrees in dip.
Drilling at both targets encountered sugary textured quartz veins containing
fine-grained bismuthinite and arsenopyrite. Veins were hosted in altered
biotite granodiorite at O'Reely and biotite augen paragneiss at Grey Lead.
Analytical results on this drilling are pending and will be reported at a
later date.
    Assay results cited herein were based on grab samples which were
collected by Avalon Development Corporation, consultants to Freegold, under
the supervision of Curt Freeman, MS., PGeo, Qualified Person as defined by NI
43-101. Alaska Assay Laboratories in Fairbanks, Alaska was used to analyze the
samples collected in 2006/2007 via fire assay analysis for gold plus multi
element ICP-AES and ICP-MS analysis using 4 acid digestion. The samples in
2002 were submitted to ALS Chemex in Fairbanks, Alaska (prep) and Vancouver,
B.C. (analytical) for fire assay analysis for gold plus multi element ICP-AES
analysis using 4 acid digestion.

    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 is currently finalizing a 41,000-foot drilling
program aimed at further expanding the size of the resource prior to
undertaking new economic evaluations in 2007. Drilling at depth and to the
north and south of the known mineralization is continuing to identify new
extensions to the deposit. Freegold is continuing to discover new high-grade
veins and bulk tonnage shear zones in its 25,000-foot drill program at its
Golden Summit project outside Fairbanks, Alaska. Gold production from the
processing of an initial 10,000-ton bulk sample collected in the fall of 2006,
along with additional bulk sampling/processing of additional areas containing
surface high grade gold mineralization will commence shortly. Drilling to
outline larger, lower grade bulk tonnage targets on the property will continue
throughout the year. Freegold has also optioned the Vinasale Gold Deposit in
Alaska, from Doyon, Limited, where geophysical, mapping and sampling programs
are currently being initiated.

    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) 685-1870, 1-800-667-1870, jkw@freegoldventures.com


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