Freegold Vests 100% Interest at Rob - Drilling Continues to Extend Pogo-Style Veins

    VANCOUVER, Aug. 12 /CNW/ - Freegold Ventures Limited (TSX: ITF, OTCBB:
FGOVF, Frankfurt: FR4) is pleased to announce that it has now vested with a
100% interest in the underlying long term lease at its Rob property. The
Company is also pleased to announce that its initial mapping and geophysics
have identified new prospective targets on the property, and that the initial
step-out drill holes at Grey Lead are continuing to extend the vein
intersected in last year's program (which returned true width intervals as
high as 4 m grading 29 g/t and 4.1 m grading 20.1 g/t) and are intersecting
what appear to be stacked quartz veins, similar to those currently being mined
at Pogo, for the first time in this area.
    To earn its 100% interest in the lease on the property, Freegold was
required to expend a minimum of US $1 million on the property prior to
December 31, 2008. Freegold has achieved this minimum level, and has made the
final 500,000 share issuance to an underlying vendor, and now holds a 100%
interest in the long term lease on the property, subject to ongoing advance
minimum royalty payments, and net smelter royalties which aggregate 3% at
current gold prices.
    Freegold commenced its mapping and reconnaissance work on the property in
May in the Grey Lead, Grizzly and Michigan prospect areas, and confirmed the
presence of multiple quartz veins in each of these target areas. Mapping west
of the Grey Lead vein found multiple occurrences of quartz rubble outcroppings
suggesting the presence of multiple veins in the Grey Lead hanging wall.
During this reconnaissance work, grab sampling at the Hilltop prospect
(600 feet southeast of the Grey Lead saddle and on another similar northeast
oriented structure) returned 18.7 g/tonne, with elevated levels of bismuth and
tellurium similar to those seen in the eight drill holes that intersected the
Grey Lead vein in the 2007 drill program.
    IP/resistivity surveys started on the property in late July. Initial
surveys were conducted in the Grey Lead and Hilltop areas where a number of
anomalous zones were located. IP/resistivity is presently in progress at the
Michigan prospect where previous prospecting and sampling identified a large
stock-work vein system over an approximate 3,500 foot by 2,500 foot area which
has returned surface grab samples as high as 699, 175 and 121 g/tonne gold.
The final area to be surveyed will be the Wolverine prospect, where previous
Freegold soil sampling returned the highest gold in soil anomalies on the
    Freegold's first core hole of the 2008 season, hole 18, was located
100 feet to the south of holes 7 and 8 drilled last year from one pad located
150 feet to the south of the second pad which contained holes 12 to 17. Hole
18 was drilled at an angle of -45 degrees towards the approximately -60 degree
dipping vein, and intersected approximately 8 feet of sulphide bearing quartz
vein in a sericite altered granodiorite. Multiple mineral grains of what is
believed to be fine-grained visible gold were seen within the interval.
    Hole 19 was collared from the same pad and drilled at an angle of
-75 degrees. This hole encountered two thin sulfide bearing quartz veins
(+1 foot) before intercepting two thicker quartz veins (8 and 23 feet) that
appear identical to those encountered in the 2007 drilling. One additional
2.4 foot wide suphide bearing vein was encountered further down the hole at a
depth of 133 feet.
    The third hole 20, was also collared from the same drill pad and is a
vertical hole. This hole is still being drilled and has intercepted three
quartz veins of approximately 1, 8 and 6 feet thickness beginning at hole
depths of 34.2, 48.6 and 77.8 feet respectively, with quartz stockwork veining
encountered in the footwall of each quartz vein. These stacked quartz veins
were encountered at shallower depths than expected from the previous two
holes, suggesting that the veins are flattening to the west, or that faulting
has upthrown the rocks to the west of where the veins were intersected in hole
19. Assays from these three holes are pending.
    Following the completion of hole 20, the drill will be moved 100 feet to
the north of the 2007 pad which drilled holes 12 to 17, to test the northern
extension of the vein system. Should these holes continue to intersect the
veins, then the known strike of the Grey Lead vein system will be extended to
nearly 900 feet (350 feet traced through drilling, with an additional 530 feet
of inferred strike length from the location of holes 18 to 20 to the Grey Lead
portal to the south, which provided access to previous small scale underground
development on vein.)
    The Qualified Person with respect to scientific and technical information
contained herein is Michael P. Gross, M.S., P. Geo., VP Exploration, Freegold
Ventures Limited, who has reviewed and approved the contents of this release.

    About Freegold Ventures Limited

    Freegold Ventures Limited is a North American exploration and development
company with a management team experienced in mine development and production
that has a proven track-record in transitioning exploration companies into
gold producers. 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 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 has finalized a 54,700-foot
drilling program which has successful identified numerous extensions to the
gold mineralization, along with newly identified open-ended areas of
molybdenum mineralization. The Company is in the process of generating a new
43-101 resource which will be followed with the commencement of new economic
evaluations. Freegold's 40,100-foot drill program in 2007 continued to
discovery new high-grade veins and bulk tonnage shear zones on its 93%
controlled Golden Summit project outside Fairbanks, Alaska. Historically over
6.75 million ounces have been recovered from streams that drain the Golden
Summit project area and an additional 500,000 ounces of lode gold were
recovered from past producing mines on the Golden Summit project which is
situated less than 5 miles to the north of the +7 million ounce Fort Knox
Mine. Further evaluation and expansion of the mineralization is currently
being undertaken with a combination of closely spaced shallow drilling,
deeper, systematic core drilling and on-going bulk sampling program using an
on-site gravity-based concentration plant. Drilling in 2008 will also be
conducted on the company's 100% controlled Rob property, where the Company has
intersected high-grade gold in near surface quartz veins similar in appearance
and grade to those being mined at the nearby 5.6 million ounce Pogo, and on
the Vinasale property, where the Company has entered into an exploration
agreement with option to lease which contains the previously identified
Vinasale gold deposit.

    On behalf of the Board of Directors

    "Steve Manz"
    Steve Manz, President and C.E.O.

    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 loan
facilities 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 form 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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