Freegold Drilling Intersects 28.5 g/t Over 9 feet On Golden Summit Tolovana Vein

    VANCOUVER, Oct. 29 /CNW/ - Freegold Ventures Limited (TSX: ITF,
OTCBB: FGOVF, Frankfurt: FR4) is pleased to announce results from 54 holes
drilled at the Company's Golden Summit project outside Fairbanks, Alaska.
Located on the western end of the known gold mineralization in the Cleary Hill
mine area, drilling has extended the strike length of the high-grade Tolovana
Vein to over 825 feet. The Tolovana vein and its accompanying hanging and
footwall gold mineralization remain open in all directions, with the vein
striking towards the central part of the much wider Cleary Hill vein swarm on
the eastern side of Bedrock Creek. Further RAB drilling will be undertaken in
early January to extend the short drill fences in the Tolovana area further to
the north and south to determine whether the Tolovana vein is also part of a
larger swarm of veins and shear zones that have to date been hidden under the
permafrost overburden.
    The 54 holes in fences 15 to 18 are part of the 672-hole (40,093 foot)
exploratory drill program that has been systematically testing the swarm of
veins and shear zones along the known 5,000 foot strike of gold mineralization
in the Cleary Hill mine area. Similar to previously released holes, these
shallow, closed spaced holes are continuing to encounter high-grade structures
near surface within much broader zones of lower grade, bulk tonnage
mineralization. As seen in the accompanying map (available on the Company's
website), fences 15 to 18 are testing the north-east striking Tolovana vein
with vertical holes averaging 72 feet in depth, spaced roughly 20 feet apart,
that are oriented in a north-north west direction.
    The Tolovana vein and its associated hanging and footwall mineralization
was originally intersected in Fence 6, which returned intersections of
23.0 g/t (0.67 oz/ton), 17.8 g/t (0.52 oz/ton) and 18.1 g/t (0.53 oz/ton) all
over 3-foot widths within wider zones of lower-grade mineralization (see June
11, 2007 release). Fences 7 and 8 traced the vein a further 350 feet to the
east with intersections comparable to those seen in Fence 6 (see Oct. 4, 2007
release). Fences 15 (24 holes) 16 (9 holes) 17 (9 holes) and 18 (12 holes)
traced the Tolovana vein another 525 feet to the east for a total confirmed
strike length of 825 feet. Significant intervals from these fences include:

      Hole        From      To    Thickness   Gold Grade  Gold Grade   Fence
     Number      (foot)   (foot)    (feet)    (g/tonne)    (oz/ton)   Number
       568          6       27        21         1.73        0.050      15
       569          0       30        30         1.03        0.030      15
       570          0       33        33         0.92        0.027      15
       571         36       54        18         1.57        0.046      15
       573         12       54        42         1.24        0.036      15
       576         27       75        48         1.00        0.029      15
       614         30       36         6         5.41        0.158      15
       581          0       78        78         4.11        0.120      16
    including      60       69         9        28.53        0.832      16
    including      60       63         3        55.88        1.630      16
       582          6       60        54         0.79        0.023      16
       629         24       33         9         5.20        0.152      16
       589          3       78        75         1.24        0.036      17
    including       6       12         6         4.41        0.129      17
    Including      66       78        12         4.28        0.125      17
       590         36       78        42         2.00        0.058      17
    including      36       48        12         4.22        0.123      17
       591         15       75        60         1.01        0.032      17
       592         12       78        66         1.10        0.032      17
    including      66       75         9         5.16        0.150      17
       598         54       66        12         2.85        0.083      18
       600          3       72        69         2.18        0.064      18
    including      36       48        12         9.70        0.283      18
    including      39       42         3        26.98        0.787      18
       606          0       45        45         1.41        0.041      18
    including       3        9         6         7.27        0.212      18
       607          0       33        33         1.51        0.044      18

    At the present time, it is believed that the Tolovana vein and the
Wackwitz vein, which is hosted within the much wider swarm of veins and shear
zones on the eastern side of Bedrock Creek, are the same vein. Both veins
exhibit a distinctive mottled grey appearance not known to occur in any other
veins within the swarm, and the strike projection of the Tolovana vein runs
close to the Wackwitz portal, located only 1,100 feet east of the Tolovana
vein intersected in fence 18. Cross sections of the Tolovana vein RAB drill
holes exhibit mineralized structures in both the hanging and foot walls of the
vein that are similar to those found in the Beistline area RAB drilling/bulk
sampling on the far western end of the known mineralization, as well at that
seen in RAB fences 1, 3, 4 and 5, suggesting that the Tolovana vein is simply
part of a larger vein swarm. To test this concept, the Company will resume its
RAB drilling program in the New Year and will initially drill holes north and
south of the Tolovana vein, as well as drill longer fences of holes in between
fence 18 and fence 5 to continue to extend the strike of the wider, Cleary
Hill south vein swarm further to the west.
    True widths of the veins reported in this release are variable, as the
orientation of the various mineralized structures encountered throughout the
drilling is variable. Drilling is currently 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.

    Map attachment:

    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 also continuing to discover new
high-grade veins and bulk tonnage shear zones in its 40,000-foot drill program
at its Golden Summit project outside Fairbanks, Alaska. Gold production from
the processing of bulk sampled material has commenced, and in addition to
on-going bulk sampling of additional areas found to contain high grade surface
mineralization, the Company continues to define additional areas of larger,
lower grade mineralization through on-going drilling and stripping.
Exploration has also commenced on the Vinasale property in Alaska, where
geophysical and surface sampling programs have recently been competed, and on
the Rob property in Alaska, where recent drilling has interested high-grade
gold (29.0 g/t over 13 feet and 20.1 g/t over 13.5 feet) in Pogo-style, near
surface quartz veins.

    On behalf of the Board of Directors For further information:

    "Steve Manz"

    Steve Manz
    President and C.E.O.

    The TSX has neither approved nor disapproved the contents of this news


    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) 662-7307,

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