Freegold Continues to Extend High-Grade Mineralization at Rob with 4.5 m of 18 g/t Gold in Step-Out Holes

    VANCOUVER, Sept. 16 /CNW/ - Freegold Ventures Limited (TSX: ITF,
OTCBB: FGOVF, Frankfurt: FR4) is pleased to announce that it is continuing to
intersect high-grade gold mineralization at its 100% controlled Rob property.
Holes 19 and 20 were collared from the same pad as Hole 18 which recently
intersected 2.4 m grading 62 g/t gold. These holes encountered the main Grey
Lead vein along with numerous other veins within the hanging wall that may
either represent stacked veins, or possible eastern dipping off-shoots of the
main westerly dipping vein.
    Hole 19 was drilled to the east at angle of -75 degrees and was designed
to intercept the vein 15 to 25 m down dip from the intercept in hole 18 that
was drilled at a -45 degree angle. The veins in hole 19 contained banded to
disseminated arsenopyrite and pyrite which varied from mottled grey vitreous
quartz to pure sugary white quartz. These veins look identical to the vein
material which contained high-grade gold mineralization from the 2007
drilling, which intersected the main Grey Lead vein from pads located a
further 100 and 250 feet to the north. Quartz stockwork, which has not yet
been seen in any of the previous holes, was also found in the footwall below
the vein. Select intervals from two of the veins were submitted on a rush
assay basis. The thicker Grey Lead vein included an interval of 4.5 m grading
18 g/t, while a smaller vein approximately 9 m above the Grey Lead vein
included a 0.4 m section grading 86.4 g/t. Higher grade intersections from
this material included:

     From            To           Interval       Gold Grade       Gold Grade
    (foot)         (foot)          (feet)         (g/tonne)        (oz/ton)
    57.9            59.2             1.3             86.4             2.52
    87.8            88.8             1.0             10.3             0.30
    88.8            91.8             3.0             26.0             0.76
    91.8            95.2             3.4             53.7             1.57

    Hole 20 was drilled vertically, and was designed to intercept the vein a
further 15 to 25 m down from the vein intersected in hole 19. The veins and
stock work mineralization in this hole appear similar to those seen in hole
19. Selected intervals submitted for rush assay (which does not include other
quartz veins and stockwork in this hole that have not been rushed) include the

     From            To           Interval       Gold Grade       Gold Grade
    (foot)         (foot)          (feet)         (g/tonne)        (oz/ton)
    48.6            51.8             3.2              4.7             0.14
    51.8            56.7             4.9              1.9             0.05
    79.1            81.7             2.6             18.8             0.55
    81.7            82.7             1.0              1.3             0.04

    Drilling at Rob has now been completed. A total of 12 holes were drilled
from 6 different pad locations. These holes were designed to further test the
strike and depth extension of the high-grade, near surface gold mineralization
intersected in last year's program. In addition to further tracing the Grey
Lead vein along surface, prospecting and sampling in the Grey Lead area has
also identified two parallel gold-bearing veins to the east, suggesting that
the Grey Lead vein may be one of a series of veins, comparable to the multiple
vein system which is currently being mined at the nearby Pogo Mine.
    Assay results cited herein were based on drill core collected by Avalon
Development Corporation, consultants to Freegold, under the supervision of
Curt Freeman, MS., PGeo, Qualified Person as defined by NI 43-101. All samples
are shipped to ALS Chemex at its Fairbanks Preparation Laboratory for pulping.
Pulps are shipped to ALS Chemex Laboratories in Reno, NV for gold analysis
using fire assay with an AA finish. Multi-element analysis using ICP-AES with
aqua regia digestion are done by ALS Chemex in Vancouver, B.C.
    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     For further information:
                                            Mark Feeney - Investor Relations
    "Steve Manz"                            1.604.786.2587
    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)

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890