Freegold Financing Update

    VANCOUVER, Feb. 9 /CNW/ - Freegold Ventures Limited (TSX: ITF, OTCBB:
FGOVF, Frankfurt: FR4) announces that as a result of ongoing delays in the
closing of the debt financing outlined in its January 14, 2009 news release,
the Company is not in a position to repay its bridge loans in the aggregate
amount of US $4.1 million due on February 10, 2009. Freegold's original
maturity date with its two bridge lenders had previously been extended from
January 15, 2009 to February 10, 2009 following the receipt of terms from a
private European lender for a secured line of credit for up to US $10 million.
Funding under this line of credit required the prior sale of certain assets by
the lender, and these sales were unable to be completed in the time frame that
was originally forecast.
    The Company is continuing to pursue this line of credit financing,
continues to hold discussions with other potential sources of financing, and
is currently in discussions with its bridge lenders to further extend the
maturity date of the loans.

    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.

    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 proposed
loan facilities described herein 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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