Freegold Management Change

    VANCOUVER, May 8 /CNW/ - Freegold Ventures Limited (TSX: ITF, OTCBB:
FGOVF, Frankfurt: FR4) announces that Steve Manz has resigned as /President
and Chief Executive Officer and a director of Freegold.
    As indicated in its recent news releases, the Company is currently
pursuing a number of alternatives in order to satisfy its various debt
obligations and to provide additional working capital to the Company, as it
currently does not have the ability to repay its existing secured loans. These
include ongoing discussions with parties that have expressed an interest in
the possible purchase of individual projects and in the possibility of
business combinations. There is no assurance that the Company will be able to
successfully conclude any such transaction or arrange financing sufficient to
satisfy its creditors.

    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.

For further information:

For further information: Mark Feeney, Investor Relations, (604)

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