Freegold Ventures Ltd.

Published : April 10th, 2007

Assessing New Grew Creek Models Following Uranium Discovery

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Freegold Ventures Limited
News Release

April 10, 2007

Freegold Assessing New Grew Creek Models Following Uranium Discovery

  • Re-assaying of 2006 Grew Creek drill core interval returns 1.52 m grading 0.1% U308.  

  • Areas of anomalous rare earth elements in glacial till plus elevated arsenic, antimony, cobalt, tungsten, copper, lead, zinc, molybdenum and iron in drill core from Rat Creek and Tarn targets point to the need for new geological models (including Intrusion Related and Iron-Oxide Copper Gold deposit types). 

April 10, 2007 (Vancouver, BC) -- Freegold Ventures Limited (the "Company") announces that it is developing new geological models for the deposition of gold mineralization in the Rat Creek and Tarn zones at the Grew Creek property following the identification of uranium in drill core from the 2006 program, and a re-assessment of multi-element assay results in light of new deposit types currently being explored for in the Yukon. Freegold is earning up to a 100% interest in the Grew Creek project, a 277-claim property located within the Tintina Trench, and situated between the towns of Faro and Ross River in the Yukon. 

Exploration to date has been principally focused on the Main Zone, a 250 x 50 m wide area delineated by 159 drill holes.  Freegold's exploration programs successfully confirmed grades and thicknesses of gold mineralization in the Main zone in 12 core holes following the project acquisition in 2004.  Significant intercepts from this drilling included 10.9 m (true width) grading 6.8 g/t, including 1.5 m (true width) @ 17.8 g/t in hole GC-04-225, and 4.4 m (true width) grading 22.1 g/t in hole GC-04-227.  In 2005 and 2006 exploration was focused outside the pyroclastic rocks of the Main Zone, and 13 holes were drilled in the Rat Creek and Tarn Zones, located 1.0 and 1.5 km further to the east.  While gold values from these Rat Creek and Tarn holes were previously reported in 2006, the recent identification of uranium in drill core has lead the Company to reassess the project's potential.  A single interval of core from hole GC-06-248 (from 112.78 to 114.3 m) in the Tarn zone was re-assayed and returned a grade of 0.1% U308 over a 1.52 metre interval. Although the significance of this uranium mineralization and its relationship to new depositional models is uncertain, previous glacial till concentrate samples from the eastern portion of the Tarn area identified large areas of anomalous rare earth elements, including thorium (up to 58 ppm), lanthanum (up to 270 ppm) and uranium (up to 270 ppm).  

Mineralization in the Rat Creek zone is associated with brecciation zones hosted within a quartz feldspar porphyry.  Anomalous gold, along with elevated base metals/other indicator elements occur over a 400 X 100 m north trending area.  Drill hole GC-05-242 intersected two mineralized breccia zones of 7.6 m grading 0.20 g/t and 8.5 m grading 0.28 g/t gold, while hole GRCK-90 intersected anomalous gold values over a 7.5 m interval that included 1.5 m grading 3.02 g/t gold.

Mineralization in the Tarn zone consists of quartz and fluorite veining in a quartz feldspar porphyry.  Anomalous gold assays in this zone have been identified within a 300 X 100 m north trending zone with elevated levels of elements that include arsenic, antimony, cobalt, tungsten, copper, lead, zinc, molybdenum, iron and uranium.  Gold values from vein and breccia zones assayed from 0.1 to a maximum of 1.85 g/t.  Drill hole GC-06-248, which returned the uranium assay, also yielded gold values up to 0.19 g/t in the upper section of the drill core.   Drilling to date at both zones has been relatively shallow and results indicate that the mineralization encountered to date may have been confined to the upper levels of a hydrothermal system.

Freegold is finalizing a new geological compilation on the project, which includes a new re-interpretation of prior mag, VLF-EM and IP geophysical surveys in order to gain a better understanding of structural controls. In order for the Company's development-oriented management team to focus its efforts on the advanced stage Almaden, Golden Summit and Vinasale projects, Freegold will be examining joint venture alternatives as a possible means of further advancing the Grew Creek project.  Assaying for Freegold's Grew Creek 2004-2006 drill programs were carried out by ALS Chemex. 

The Qualified Person for this release is Robert Stroshein, P.Eng. Consulting Geologist- Freegold Ventures Limited.

Warrant Exercise

Freegold also announces that all 2,767,714 warrants to purchase common shares at a price of $0.45 which expired on April 3, 2007 have been exercised, providing the company with an additional $1,245,471 in funding.  

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 (Almaden) and Alaska (Golden Summit, Vinasale).  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 updating the project economics in 2007.  Freegold has also discovered new high-grade veins and bulk tonnage shears in surface trenching at its Golden Summit project outside Fairbanks.  A 10,000-ton bulk sample collected in the fall of 2006 will be processed in the spring of 2007, and a 25,000-foot drill program to further delineate gold mineralization within the current 1,000-foot wide by 3,500-foot long vein swarm commenced in December.  In addition Freegold has recently optioned the Vinasale Gold Deposit in Alaska, from Doyon, Limited.  Geophysical, mapping and sampling programs, along with metallurgical test-work will be carried out on the property in 2007.

On behalf of the Board of Directors

"Steve Manz"

Steve Manz

President and C.E.O.

For further information: Investor Relations: 1.800.667.1870 

2303 West 41st Avenue, Vancouver, BC

The Toronto Stock Exchange 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.  This email should not be construed as an offer to buy or sell securities of Freegold Ventures Limited.

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Freegold Ventures is a gold producing company based in Canada.

Freegold Ventures holds various exploration projects in Canada.

Its main asset in production is GOLDEN SUMMIT (NEWSBOY) in USA, its main asset in development is ALMADEN in USA and its main exploration properties are GOLDEN SUMMIT in USA and VINASALE, PGM A, DUKE COPPER and ROB - FREEGOLD in Canada.

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Financings of
6/29/2007Closes Private Placement with Rob McEwen and Sprott Asset Ma...
Nominations of
11/5/2007Appoints Manz and Knight as Directors, Medd as Chairman
Project news of
9/16/2008(Rob - Freegold)Continues to Extend High-Grade Mineralization at Rob with 4....
4/28/2008(Golden Summit)In-Fill Drilling Confirming Continuity of Gold Zones in West...
4/23/2008(Golden Summit)Intersects New High Grade Structures (2 m of 54 g/t Gold) an...
3/13/2008(Almaden)Step-Out Drilling Continues to Intersect New Gold/Moly Occur...
3/4/2008(Golden Summit) Commences Systematic Deeper Core Drilling at Golden Summit
2/27/2008(Golden Summit) Commences 40,000 foot Phase 2 Expansion Drill Program at G...
1/30/2008(Almaden)Extends Southern Almaden Gold/Moly Mineralization
11/21/2007(Golden Summit) Golden Summit Drilling Widens Gold Zone to the West
10/29/2007(Tolovana) Drilling Intersects 28.5 g/t Over 9 feet On Golden Summit T...
10/11/2007(Rob - Freegold) Drilling Hits High-Grade Gold at Rob -- 29 g/t Over 4 m
10/4/2007Drilling Intersects 25 g/t Over 9 feet in Further Golden Sum...
9/27/2007(Almaden)Drilling Continues Almaden Expansions -- Phase 2 Drilling Un...
8/30/2007(Rob - Freegold)Completes Initial Drill Program on High-Grade Rob Property T...
7/31/2007(Golden Summit)Drilling Hits 50.2 g/t, 34.8 g/t, and 21.9 g/t Au in Signifi...
6/11/2007Intersects More Gold Bearing Structures in 2,300 Foot Step-o...
6/5/2007(Golden Summit)Drilling (Fence 5) Continues to Extend Gold Mineralization a...
5/31/2007(Almaden)Drilling Continues to Intersect Deeper, Higher-Grade Gold Mi...
5/24/2007(Golden Summit)Drilling Continues to Intersect High Grade Veins at Golden S...
4/26/2007(Golden Summit)Drilling Intersects New Golden Summit Vein -- 23.4 g/t Au ov...
4/10/2007(Grew Creek)Assessing New Grew Creek Models Following Uranium Discovery
Corporate news of
2/23/2009Receives Additional Bridge Loan Extensions
1/14/2009Financing Update
7/25/2008Golden Summit Bulk Sampling article -
10/18/2007BTV-Business Television features Freegold Ventures
9/13/2007Completes Commissioning of Golden Summit Processing Plant
9/6/2007Commences Vinasale Exploration Programs
7/18/2007Completes Construction of 1,200 Ton/Day Portable Gravity Pro...
7/16/2007Receives Final Permits for Commencement of Gold Processing O...
7/11/2007Hits 34.0 g/t and 22.7 g/t at Surface in Golden Summit Fence...
7/9/2007Reports Additional Almaden Holes -- Significant Moly Grades ...
6/18/2007Rob McEwen and Sprott Asset Management to Invest $6.21 milli...
3/29/2007Drilling Delineates Surface Bulk Tonnage Gold Mineralization...
3/6/2007advances Almaden, Looks to Convert Ounces and Skeptics - art...
3/2/2007Options Vinasale Gold Deposit, Alaska
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