Freegold Ventures Ltd.

Published : September 16th, 2008

Continues to Extend High-Grade Mineralization at Rob with 4.5 m of 18 g/t Gold in Step-Out Holes

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Keywords :   Canada | Fort Knox | Freegold | Gold | Idaho | Knox | Lead | Molybdenum |


Freegold Continues to Extend High-Grade Mineralization at Rob 
with 4.5 m of 18 g/t Gold in Step-Out Holes

September 16, 2008 (Vancouver, BC) -- Freegold Ventures Limited (TSX: ITF, OTCBB: FGOVF, Frankfurt: FR4) is pleased to announce that it is continuing to intersect high-grade gold mineralization at its 100% controlled Rob property. Holes 19 and 20 were collared from the same pad as Hole 18 which recently intersected 2.4 m grading 62 g/t gold. These holes encountered the main Grey Lead vein along with numerous other veins within the hanging wall that may either represent stacked veins, or possible eastern dipping off-shoots of the main westerly dipping vein.

Hole 19 was drilled to the east at angle of -75 degrees and was designed to intercept the vein 15 to 25 m down dip from the intercept in hole 18 that was drilled at a -45 degree angle. The veins in hole 19 contained banded to disseminated arsenopyrite and pyrite which varied from mottled grey vitreous quartz to pure sugary white quartz. These veins look identical to the vein material which contained high-grade gold mineralization from the 2007 drilling, which intersected the main Grey Lead vein from pads located a further 100 and 250 feet to the north. Quartz stockwork, which has not yet been seen in any of the previous holes, was also found in the footwall below the vein. Select intervals from two of the veins were submitted on a rush assay basis. The thicker Grey Lead vein included an interval of 4.5 m grading 18 g/t, while a smaller vein approximately 9 m above the Grey Lead vein included a 0.4 m section grading 86.4 g/t. Higher grade intersections from this material included:

From (foot)

To (foot)

Interval (feet)

Gold Grade (g/tonne)

Gold Grade (oz/ton)

57.9

59.2

1.3

86.4

2.52

87.8

88.8

1.0

10.3

0.30

88.8

91.8

3.0

26.0

0.76

91.8

95.2

3.4

53.7

1.57


Hole 20 was drilled vertically, and was designed to intercept the vein a further 15 to 25 m down from the vein intersected in hole 19. The veins and stock work mineralization in this hole appear similar to those seen in hole 19. Selected intervals submitted for rush assay (which does not include other quartz veins and stockwork in this hole that have not been rushed) include the following:

From (foot)  To (foot) Interval (feet) Gold Grade (g/tonne) Gold Grade (oz/ton)

48.6 

51.8 

3.2

4.7

0.14

51.8

56.7

4.9

1.9

0.05

79.1

81.7

2.6

18.8

0.55

81.7

82.7

1.0 

1.3

0.04


Drilling at Rob has now been completed. A total of 12 holes were drilled from 6 different pad locations. These holes were designed to further test the strike and depth extension of the high-grade, near surface gold mineralization intersected in last year's program. In addition to further tracing the Grey Lead vein along surface, prospecting and sampling in the Grey Lead area has also identified two parallel gold-bearing veins to the east, suggesting that the Grey Lead vein may be one of a series of veins, comparable to the multiple vein system which is currently being mined at the nearby Pogo Mine. 

Assay results cited herein were based on drill core collected by Avalon Development Corporation, consultants to Freegold, under the supervision of Curt Freeman, MS., PGeo, Qualified Person as defined by NI 43-101. All samples are shipped to ALS Chemex at its Fairbanks Preparation Laboratory for pulping. Pulps are shipped to ALS Chemex Laboratories in Reno, NV for gold analysis using fire assay with an AA finish. Multi-element analysis using ICP-AES with aqua regia digestion are done by ALS Chemex in Vancouver, B.C.

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 successfully 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 discover 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 is also being 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 Mine. Work programs are also planned 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.

For further information: 
Kristina Walcott, VP Business Development
604.662-7307 jkw@freegoldventures.com 

Mark Feeney - Investor Relations
1.604.786.2587  mfeeney@freegoldventures.com

Suite 507 - 1540 West 2nd Avenue, Vancouver, BC, Canada V6J 1H2

www.freegoldventures.com

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.  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 - Minesite.com
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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