Freegold Core Drilling Extends Depth of Bulk Tonnage Mineralization at Golden Summit

    VANCOUVER, Oct. 2 /CNW/ - Freegold Ventures Limited (TSX: ITF, OTCBB:
FGOVF, Frankfurt: FR4) is pleased to announce results from its diamond
drilling program at its Golden Summit project outside Fairbanks, Alaska. The
first area tested with a small grid of deeper core holes was in the Fence 1
area of the Cleary Hill Vein Swarm, where multiple 75 to 150 foot wide
mineralized shear zones were previously identified in closely spaced shallow
RAB drill fences. Deeper core drilling in this area indicates that these shear
zones can be extended to depth along the strike of the gold mineralization.
Significant intercepts of down dip gold mineralization include 303 feet @
0.027 oz/ton (92.4 m @ 0.93 g/t), 101 feet @ 0.046 oz/ton (30.8 m @ 1.58 g/t)
and 55 feet @ 0.18 oz/ton (16.8 m @ 6.29 g/t).
    Initial RAB drilling in this area in early 2007 consisted of 3 lines of
51 foot deep holes 20 feet apart. Each line of holes was 15 feet apart
(collectively called Fence 1) in order to better determine the variability of
the grade along strike. The three lines each encountered a mineralized zone
approximately 300 feet wide, with average assays in the zone ranging between
0.74 g/t to 1.02 g/t. Diamond drilling in this area was aimed at testing the
continuity of this zone at depth. A total of 13 core holes were drilled on a
grid of three lines, with each hole and each line spaced 100 feet apart.
Twelve holes were drilled to the north at an angle of 60 degrees, as the
shears and veins in this area principally dip 50 to 60 degrees to the south.
As smaller cross cutting structures were seen in this area during earlier bulk
sampling, one hole (Hole 1) was drilled to the south at an angle of 45
degrees. Significant results include:

                        From          To   Thickness   Gold Grade  Gold Grade
    Hole Number        (foot)      (foot)      (feet)   (g/tonne)    (oz/ton)
       0801            259.0       335.0        76.0        1.19       0.035
       0802              4.0       131.0       127.0        1.18       0.034
       0803            148.0       217.0        69.0        1.58       0.046
       0804              7.0       310.0       303.0        0.93       0.027
       0805            115.0       216.0       101.0        1.58       0.046
       0816             15.5       111.0        95.5        1.31       0.038
       0817             72.0       146.0        74.0        1.09       0.032
       0818              3.0        43.5        40.5        1.12       0.033
                       221.0       274.0        53.0        0.72       0.021
       0819             95.0       133.0        38.0        0.91       0.027
                       175.0       228.0        53.0        0.88       0.026
                       405.0       449.0        43.5        1.23       0.036
                       606.0       682.0        76.0        0.76       0.022
       0820             19.5        74.5        55.0        6.29       0.184
       0821            132.0       151.0        19.0        1.75       0.051
                       324.5       368.5        44.0        0.69       0.020
       0822            185.0       268.0        83.0        2.16       0.063
       0823            139.5       178.0        38.5        0.87       0.025
                       307.0       404.0        97.0        0.90       0.026

    Diamond drilling in the Fence 1 area has only tested 200 feet of strike
length. The results from this program will be utilized in conjunction with the
results from the shallow 10 foot x 10 foot RAB drilling and bulk sampling, to
design a future systematic drilling program aimed at delineating gold
resources along the open ended 5,000 foot long zone of multiple, parallel
shear zones in the Cleary Hill area.
    All diamond drill core was transported from site by Freegold's
consultant, Avalon Development Corp., to their secure storage facility where
the core was logged and photographed under the supervision of Curtis Freeman,
a qualified person as defined in 43-101 requirements. Because of the variable
nature of high grade gold mineralization that can occur within vein material,
whole core digestion was used for assay determinations. Whole core was
submitted to Alaska Assay Laboratories in Fairbanks, Alaska where the core was
crushed, pulped, homogenized and assayed for gold via fire assay analysis.
    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 in progress on the Vinasale property, where the Company has
entered into an exploration agreement with option to lease the property, 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)

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