Freegold Contemplates Private Placement

    VANCOUVER, May 26 /CNW/ - Freegold Ventures Limited (TSX: ITF, OTCBB:
FGOVF, Frankfurt: FR4) announces that is in discussions with various parties,
including insiders of the Company, with respect to a proposed private
placement for up to $300,000. Terms of the private placement have not been
settled but any such placement would be subject to the pricing and other rules
of the Toronto Stock Exchange and regulatory approval. No assurance can be
given that the financing will be completed. Proceeds of the placement, if
completed, will be used for general working capital purposes.

    About Freegold Ventures Limited

    Freegold Ventures Limited is a North American exploration and development
company. 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 southern Idaho, a 93% interest in the Golden Summit gold project
outside Fairbanks, Alaska, and near the Fort Knox gold mine, a 100% interest
in the Rob gold project near the Pogo gold mine in the Goodpaster Mining
District of Alaska, and has an exploration agreement with option to lease the
Vinasale gold project in central Alaska.

    This press release contains forward-looking information. This
forward-looking information includes, or may be based upon, estimates,
forecasts, and statements as to management's expectations with respect to,
among other things, anticipated future financing. Forward-looking information
is based on the opinions and estimates of management at the date the
information is given, and is subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to differ
materially from those projected in the forward-looking information. These
factors include uncertainties relating to the availability and timing of such
financing and other factors. The forward-looking information contained herein
is given as of the date hereof and the Company assumes no responsibility to
update or revise such information to reflect new events or circumstances,
except as required by law.

For further information:

For further information: Mark Feeney - Investor Relations, (604)

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