Freegold Golden Summit Drilling Widens Gold Zone to the West

    VANCOUVER, Nov. 21 /CNW/ - Freegold Ventures Limited (TSX: ITF, OTCBB:
FGOVF, Frankfurt: FR4) is pleased to announce results from drill Fence 19
which is the final fence of RAB drill holes to be reported in the 40,093 foot
Phase 1 Drill Program at the Company's Golden Summit project outside
Fairbanks, Alaska. Drilling has been systematically testing the known
5,000 foot strike length of gold mineralization in the Cleary Hill Mine area.
    Similarly to previously released holes, these 45 holes (holes 630 to 674)
are continuing to encounter numerous mineralized structures and shears in the
hanging wall of the Cleary Hill structural zone in shallow, close spaced
drilling. Located between 1,000 to 1,500 feet west of Fence 5, Fence 19
follows an old road up the nose of the ridge on the west side of Bedrock
Creek. The holes were spaced 10 to 40 feet apart and drilled to an average
depth of 72 feet. While the holes in areas exhibiting limited surface
mineralization were drilled with wider spacing, the drill holes were always
spaced to ensure at least one intercept on a 60 to 65 degree dipping vein.
Holes 630 to 651, located towards the bottom of the ridge, intersected
structures and veins that were too widely spaced to be considered part of a
vein swarm. As the drilling progressed up the ridge, it began to intersect the
wider Cleary Hill vein swarm traced extensively on the eastern side of Bedrock
Creek, with one 435 foot length of holes (actual length 370 feet after
removing a bend in the road) averaging 0.53 g/t (0.016 opt).

    Significant assay intervals from the Fence 19 drilling includes:
    Hole                From          To   Thickness  Gold Grade  Gold Grade
    Number             (foot)      (foot)      (feet)   (g/tonne)    (oz/ton)
    652                   42          78          36        2.36       0.069
    Including             54          60           6       11.90       0.347
    Including             57          60           3       19.73       0.575
    654                   27          57          30        1.92       0.056
    659                   42          78          36        2.57       0.075
    Including             42          45           3       20.20       0.589
    660                   66          72           9        5.37       0.157
    Including             66          69           3       12.93       0.377
    666                   12          24          12        2.01       0.059
    668                    0          24          24        1.37       0.040
    669                    9          21          12        6.46       0.188
    Including              9          12           3       17.88       0.521
    671                   33          75          42        1.27       0.037
    672                   39          60          21        2.11       0.062

    These results, in conjunction with the other RAB drill fences in the
Tolovana area also on the western side of Bedrock Creek, confirm that
mineralization in Fence 19, and the previously identified vein swarms south of
the old Cleary Hill mine workings, is a westward extension of the same
structures and mineralization that host the vein swarms seen in RAB drill
fences 1, 3, 4 and 5 where drilling has shown the vein swarm to be up to
1,000 feet wide. In order to further confirm that the mineralization found in
Fence 19 and previously reported from the Tolovana vein in Fences 6 to 8 and
15 to 18, is hosted within an extension of the wider mineralization seen to
the east, Freegold is planning to resume RAB drilling in January 2008 on the
northern extensions of Fences 6 and 17 and in a new 1,800 foot long fence
drilled slightly west of Bedrock Creek. This proposed fence will reduce the
current RAB fence spacing to less than 750 feet between fences.
    In addition to ongoing RAB drilling to explore for width and strike
extensions of the mineralization in this area, compilation of the data from
RAB drilling completed to date, in conjunction with bulk sample data, will be
used to plan a deeper core drilling program to start later in 2008 as the
first phase of resource definition for the Golden Summit Project.
    Freegold also announces that the seasonal on-site processing of bulk
sampled material was suspended for the winter on October 28th. Final results
from the bulk samples crushed and processed during the initial weeks of
processing are still pending in order to complete an accounting of gold grades
for the bulk samples processed. That information is expected to be available
within a few weeks.
    In addition, bulk sample extraction was also suspended on October 25th
for the winter season. Approximately 9,000 tons of new bulk sample material
has already been collected and stockpiled from the Beistline area. Another
3,100 tons of bulk sample material has also recently been stockpiled from five
small pits opened up along a 1,000 foot width that includes the 600 foot area
tested in RAB Fence 1. This stockpiled material will be processed when the
plant resumes operations in the spring.
    Mapping and grade control sampling of the structures and veins in the
excavation in the Fence 1 area discovered additional steeply dipping veins and
mineralized structures that were missed by the 20 foot spaced drill holes.
This additional mineralization is expected to enhance the bulk sample
potential that was previously reported in the Fence 1 drilling (reported
March 29, 2007). While these samples were collected for grade control purposes
and were not of a systematic nature, numerous assays were returned with grades
exceeding 17 g/t (0.50 oz/ton) with several of the higher grade samples of
vein material identified between the drill holes returning assayed grades of
20.2 g/t (0.6 oz/ton), 44.7 g/t (1.3 oz/ton), 366.9 g/t (10.7 oz/ton), and
427.3 g/t (12.5 oz/ton).
    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.
    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 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

    "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 further information:

For further information: Kristina Walcott - VP Corporate Development,
(604) 662-7307,

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