Freegold Ventures Ltd.

Published : May 31st, 2007

Drilling Continues to Intersect Deeper, Higher-Grade Gold Mineralization at Almaden

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Keywords :   Diamond | Freegold | Gold | Idaho |

Freegold Ventures Limited
TSX: ITF    OTCBB: FGOVF   FRANKFURT: FR4   www.freegoldventures.com
News Release

May 30, 2007

Freegold Drilling Continues to Intersect Deeper, Higher-Grade Gold Mineralization at Almaden

  • Drilling within the Main Zone continues to encounter resource-grade gold mineralization 200 feet below the depth of prior drilling, and continues to extend the limits of the deposit to the south and northwest.

  • In-fill and depth extension drilling has intersected the thickest intervals of higher-grade mineralization to date-- e.g. 45 feet @ 0.09 oz/ton (3.02 g/t), 115 feet @ 0.05 oz/ton (1.73 g/t), and 105 feet @ 0.049 oz/ton (1.69 g/t).

  • Drilling in the northwest part of the Main Zone continues to expand a hydrothermal breccia associated with a newly discovered feeder structure -- resource grade mineralization has now been intersected to a depth of 690 feet in this area.

May 30, 2007 (Vancouver, BC) -- Freegold Ventures Limited (the "Company") is pleased to provide assay results from an additional 14 holes drilled as part of its 34,000-foot resource expansion drill program currently in-progress at the Company's 100% controlled Almaden gold project in southwestern Idaho. All 14 holes are located within the Main Zone, and were designed to expand the depth and lateral limits of gold mineralization prior to the commencement of a new resource calculation to be undertaken by Mine Development Associates of Reno, Nevada later this summer. 

Drilling continues to expand both the depth extensions within the central part of the deposit, and the resource grade mineralization in the southern and northwest portions of the Main Zone, as well as further define the limits of gold mineralization on the eastern and western boundaries. 

The following table presents the significant drill intercepts from the 10 new holes drilled within the central part of the Main Zone. The hole locations can be found on the map on our web site. Holes designated with a 'C' are core holes. The remaining holes are reverse circulation drill holes. Due to the flat lying nature of the host-rocks and the mineralization, all holes reported in this release were drilled vertically, except for holes C-57 and C-69 which were drilled at a 220 degree azimuth with dips of -55 and -70 degrees respectively and hole C-70 which was drilled to the east with a dip of --50 degrees.

Four additional holes were drilled to further test the limits of mineralization at the sides of the deposit within the Main Zone. Hole 694 successfully expanded the eastern edge of the deposit, intersecting 310 feet of 0.013 oz/ton (0.46 g/t) from 20 to 330 feet, including a 45-foot section grading 0.031 oz/ton (1.06 g/t) from 20 to 65 feet. Testing on the western edge of the deposit included:

  • Hole 657: 110 feet of 0.01 oz/ton (0.35 g/t) from 90 to 205 feet, including 10 feet of 0.035 oz/ton (1.21 g/t) from 195 to 205 feet; 

  • Hole 676: 40 feet of 0.009 oz/ton (0.31 g/t) from 120 to 160 feet; and

  • Hole 691: 120 feet of 0.008 oz/ton (0.28 g/t) from 115 to 235 feet. 


Infill and expansion drilling within the North Zone has recently been completed, and assays are pending. The final holes within this Phase 1 expansion drill program will be completed over the coming weeks, and are designed to further extend the limits of the known mineralization within the northwest corner of the Main Zone, and to follow these principal feeder structures further to the northwest with wider spaced step-out holes. 

Diamond drill core and RC samples are generally analysed on five-foot intervals. All samples are shipped to ALS Chemex at its Winnemucca, NV laboratory for preparation. Pulps are shipped to ALS Chemex Laboratories in Vancouver, B.C. for analysis. Gold values are determined using fire assay techniques with AA finish and multi element analysis using ICP-AES with aqua regia digestion.

The Qualified Person for this release is Michael P. Gross, M.S., P. Geo., VP Exploration, Freegold Ventures Limited.

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 Summer of 2007, and a 25,000-foot drill program to further delineate gold mineralization within the current 1,000-foot wide by 5,000-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 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

www.freegoldventures.com

The Toronto Stock Exchange has neither approved nor disapproved the contents of this news release. CUSIP: 45953B107

DISCLAIMER
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 - 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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