Freegold Ventures cuts gold in Alaska

Vancouver — Freegold Ventures (ITF-V) intersected a multi vein swarm in its first diamond drill hole collared this year on its Golden Summit project in the Fairbanks District, of Alaska.

Gold mineralization in hole CHD03-01 averaged 1.016 grams gold per ton over 408.5 ft, starting 41 ft. down-hole. This included;

• 16.5 ft. averaging 1.73 grams gold, starting 124 ft. down-hole.
• 5.0 ft. averaging 9.7 grams gold, starting 220.5 ft. down-hole.
• 112.5 ft. averaging 1.85 grams gold, starting 220.5 ft. down-hole.
• 107.7 ft., averaging 2.39 grams gold starting 317.8 ft down-hole.
• 26.0 ft., averaging 4.36 grams gold starting 317.8 ft down-hole.

Hole CHD03-1 was drilled as part of a three hole program to confirm a previous drill hole CHD00-1, which cut 64 ft. grading 4.9 grams gold per ton. Results from the remaining two holes are still pending.

The Golden Summit project lies 20 miles north of Fairbanks and 5 miles south of the State’s largest gold producer, the Fort Knox mine owned by Kinross Gold (K-T). Access to the property is via the paved Steese highway. State and privately maintained gravel roads provide easy access to any area of the property on a year-round basis.

Freegold is currently completing a $3 million private placement at $0.45, with an 18 month, $0.55, warrant.