Freegold Drilling (Fence 5) Continues to Extend Gold Mineralization at Golden Summit

    -  Step out drilling continues to intersect extensions of numerous
       high-grade veins and shear zones.
    -  Individual intercepts include: 35.4 g/t over 3 feet, 9.1 g/t over
       9 feet, 21.8 g/t over 6 feet and 15.6 g/t over 3 feet.
    -  Numerous bulk tonnage zones, with grades comparable to those of the
       nearby Fort Knox Mine have been identified over widths exceeding
       575 feet, with one 175-foot section grading 1.56 g/tonne (88% higher
       than Fort Knox 2006 average mill feed grade).

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

    VANCOUVER, June 5 /CNW/ - Freegold Ventures Limited (the "Company") is
pleased to provide Fence 5 assay results from the Phase 2, 20,000-foot drill
program currently underway at the Company's Golden Summit project outside
Fairbanks, Alaska. A total of 71 vertical holes were drilled in a line
oriented in a generally north-south direction in Fence 5 which is located
approximately 385 feet further to the west of Fence 4 (reported on May 24,
2007). Fence 5 covers an area approximately 1,725 feet wide within the
5,000-foot long strike length of known mineralization in the Cleary Hill Mine
Area. Drilling continues to intersect and extend the strike length of both
low-grade, large-tonnage gold mineralization, along with high-grade vein
intercepts that are exhibiting excellent correlation between the drill fences.
    As with the previous fences, holes in Fence 5 employed shallow,
close-spaced drilling to better define the large number of mineralized
structures in the system. The holes, spaced 25 feet apart, were drilled to an
average depth of approximately 50 feet. Because of difficult drilling
conditions encountered in the mid-part of Fence 4, a gap of 450 feet was left
within Fence 5 that will be completed later in the program. At the southern
end of Fence 5, 27 holes covering 650 feet of surface width were drilled
(starting from south to north with holes 230 to 233, then continuing with
holes 254 to 234 and ending with holes 255 and 256). In the northern portion,
44 holes covering 1,075 feet of surface width were drilled (starting with hole
256 in the south and ending with hole 300 in the north). Subsequent drilling
within the Fence 5 gap is expected to yield positive results, as assays from
structures in the mid-part of Fence 4 that strike in the direction of this gap
include a 175 foot zone of holes averaging 0.86 g/t (0.025 opt), including new
veins assaying 36.7 g/t (1.07 oz/ton) and 4.4 g/t (0.13 oz/ton) over 3 feet.

    Significant higher-grade intervals from Fence 5 (reported from north to
    south) include:

                    From     To    Thickness   Gold Grade    Gold Grade
    Hole Number    (foot)  (foot)    (feet)     (g/tonne)     (oz/ton)
        281           6       21       15          1.67         0.05
        279          21       33       12         11.22         0.33
      Including      27       30        3         35.38         1.03
      Including      30       33        3          7.64         0.22
        278          30       54       24          3.80         0.11
      Including      42       51        9          9.05         0.26
        276          12       15        3          5.68         0.17
        273          12       15        3          5.11         0.15
        273          42       54       12         12.17         0.35
      Including      42       45        3         14.85         0.43
      Including      45       48        3         28.88         0.84
        271           3        6        3          4.50         0.13
        234           0       57       57          1.05         0.03
      Including      30       48       18          2.46         0.07
        239           6       54       48          0.81         0.02
        240          12       45       33          1.03         0.03
        243           0       48       48          1.14         0.03
      Including      27       48       21          1.70         0.05
        244           0       54       54          2.10         0.06
      Including      30       51       21          4.39         0.12
      Including      36       39        3         15.55         0.45
      Including      39       42        3          5.11         0.15
        245           3       24       21          1.56         0.05
        233          15       48       33          1.09         0.03
      including      15       27       12          2.08         0.06
        231           0        3        3          6.83         0.20

    This shallow drilling program continues to intersect broader zones with
lower grade mineralization in between many of the shear zones and veins. Holes
within the Cleary Hill Zone (holes 273 to 284 in the northern part of Fence 5)
average 1.08 g/t (0.03 oz/ton) over a 275-foot width. Included within this
zone is a higher-grade section of 1.56 g/tonne (0.05 oz/ton) over a 175-foot
width. The Currey Shear Zone (holes 234 to 245 in the southern portion of
Fence 5) displays similar characteristics, and has an average grade of
0.68 g/t (0.02 oz/ton) over a 300-foot width, which includes a higher-grade
75-foot section averaging 1.27 g/t (0.04 oz/ton). Both of these zones were
encountered in Fences 1, 3 and 4, and are as wide as, or wider than the zones
encountered in the previous fences. Both zones continue to carry additional
lower-grade mineralization in their hanging walls. A new structure located
175 feet south of the Currey Shear Zone in Fence 4 (4.06 g/t (0.12 oz/ton)
over 12 feet) was picked up again in a similar location in Fence 5 (4.03 g/t
(0.12 oz/ton) over 12 feet). This new zone is likely an eastern extension of
the Wyoming Vein, another of the many veins mined underground in the area
surrounding the Cleary Hill Mine. All of these wider, bulk tonnage zones
compare favourably to the 2006 average mill feed grade of 0.83 g/t for the
Fort Knox gold mine (the largest gold mine in Alaska, located less than 5
miles to the south of Golden Summit) and the mine's remaining proven and
probable reserve grade of 0.53 g/t.
    The Company recently completed the drilling of Fence 6 to test the
Tolovana vein system a further 2,000 feet to the west of Fence 5. This vein
system, exposed in a 15- foot high face excavated by previous mining, returned
a 31 g/t (0.90 oz/ton) grab sample from the face. This area is believed to be
the westward projection of some of the numerous structures in the Cleary Hill
south vein swarm, with the character and appearance of the mineralization
strongly suggesting a correlation with the Wackwitz vein that has been traced
throughout the previous drilling. Final assays from this fence are pending.
    Drilling is currently in progress in the Beistline shaft area, where last
year's trenching and bulk sampling programs returned the highest-grade gold
assays to date. During the bulk sampling of approximately 6,000 tons of
material from this area in October 2006, high-grade mineralization was seen to
extend up to 100 feet into the hanging wall of the main structure. The
principal vein in this area averaged 4 to 18 inches in width and averaged
39.5 g/t (1.15 oz/ton) over a sampled length of 185 feet. Following the
excavation of this vein, 3-foot long vertical channel samples taken from the
south wall of the 30-foot wide pit returned 1.6 g/t (0.05 oz/ton), 616.7 g/t
(18.0 oz/ton), 4.6 g/t (0.14 oz/ton), and 65.3 g/t (1.90 oz/ton) in
consecutive samples located 10 feet apart. Five-foot long chip channel samples
located 10 feet or more into the hanging wall and perpendicular to the strike
of the Beistline structure found mineralization grading 25.3 g/t (0.74
oz/ton), 34.3 g/t (1.00 oz/ton), and 31.1 g/t (0.91 oz/ton), while a channel
sample located 80 feet south of the structure and 50 feet from the walls of
the pit returned 22.3 g/t (0.65 oz/ton) over a 15 foot length perpendicular to
the strike of the structures.
    Drilling is being conducted with an Ingersol-Rand conventional percussion
drill. Cuttings are returned up the drill hole with the use of an OEM vacuum
drill cuttings collector, and are dropped from a cyclone directly into a
sample bag. Samples are collected every three feet, with the drill bit being
pulled off the bottom and the hole cleaned at the completion of each sample
interval. Freegold maintains a geologist and sampler at the drill rig for all
drilling to take and log all samples to insure that quality assurance and
control procedures are in accordance with 43-101 requirements. One duplicate
assay is being conducted in every drill hole and either a blank or a standard
is inserted in the sample stream every 10 samples. Alaska Assay Laboratories
in Fairbanks, Alaska is being used to analyze the drill cuttings for gold via
fire assay analysis plus multi element ICP-AES and ICP-MS analysis using 4
acid digestion.

    The Qualified Person for this release is Michael P. Gross, M.S., P. Geo.,
VP Exploration, Freegold Ventures Limited.

    About Freegold Ventures Limited

    Freegold Ventures Limited is a North American exploration company with a
new management team experienced in mine development and production that is
actively exploring advanced-stage gold projects in Idaho (Almaden) and Alaska
(Golden Summit, Vinasale). 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
34,000-foot drilling program aimed at further expanding the size of the
resource prior to updating the project economics in 2007. Freegold has also
discovered new high-grade veins and bulk tonnage shears in surface trenching
at its Golden Summit project outside Fairbanks. A 10,000-ton bulk sample
collected in the fall of 2006 will be processed in the summer of 2007, and a
25,000-foot drill program to further delineate gold mineralization within the
current 1,000-foot wide by 5,000-foot long vein swarm commenced in December.
In addition Freegold has recently optioned the Vinasale Gold Deposit in
Alaska, from Doyon, Limited. Geophysical, mapping and sampling programs will
be carried out on the property in 2007.

    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


    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 map attachment please visit

For further information:

For further information: Kristina Walcott - VP Corporate Development,
(604) 685-1870, 1-800-667-1870,

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