TSX: ITF, OTC BB: FGOVF, Frankfurt: FR4
VANCOUVER, June 29 /CNW/ - Freegold Ventures Limited (the "Company") is
pleased to announce that further to its news release of June 18, 2007, the
Company has closed its non-brokered private placement and has issued 5,500,000
units at a price of $1.15 per unit for total proceeds of $6,325,000. Rob
McEwen has purchased 4.5 million of these units for $5,175,000, providing him
with an 8.2% stake in the Company. Sprott Asset Management has purchased
900,000 of these units for $1,035,000, increasing its position in the Company
from 9.9% to 10.5%.
No finder's fees or commissions were paid as part of this private
placement. In compliance with Canadian securities law, all of the securities
issued in connection with this private placement are subject to a hold period
expiring on October 27, 2007.
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 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 34,000-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 discovering new high-grade veins and bulk tonnage shear zones
in its 25,000-foot drill program at its Golden Summit project outside
Fairbanks, Alaska. A 10,000-ton bulk sample collected in the fall of 2006 was
successful in uncovered numerous zones of high-grade surface gold
mineralization. Pending permit completion, on-site processing of this bulk
sample material plus additional high-grade surface mineralization is expected
to commence in late summer 2007. Freegold has also 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
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) 685-1870, 1-800-667-1870, firstname.lastname@example.org