June 5, 2007

Freegold Drilling (Fence 5) Continues to Extend Gold Mineralization at Golden Summit

June 5, 2007 (Vancouver, BC) -- Freegold Ventures Limited (the "Company") is pleased to provide Fence 5 assay results from the Phase 2, 20,000-foot drill program currently underway at the Company's Golden Summit project outside Fairbanks, Alaska. A total of 71 vertical holes were drilled in a line oriented in a generally north-south direction in Fence 5 which is located approximately 385 feet further to the west of Fence 4 (reported on May 24, 2007). Fence 5 covers an area approximately 1,725 feet wide within the 5,000- foot long strike length of known mineralization in the Cleary Hill Mine Area. Drilling continues to intersect and extend the strike length of both low-grade, large-tonnage gold mineralization, along with high-grade vein intercepts that are exhibiting excellent correlation between the drill fences. 

As with the previous fences, holes in Fence 5 employed shallow, close-spaced drilling to better define the large number of mineralized structures in the system. The holes, spaced 25 feet apart, were drilled to an average depth of approximately 50 feet. Because of difficult drilling conditions encountered in the mid-part of Fence 4, a gap of 450 feet was left within Fence 5 that will be completed later in the program. At the southern end of Fence 5, 27 holes covering 650 feet of surface width were drilled (starting from south to north with holes 230 to 233, then continuing with holes 254 to 234 and ending with holes 255 and 256). In the northern portion, 44 holes covering 1,075 feet of surface width were drilled (starting with hole 256 in the south and ending with hole 300 in the north). Subsequent drilling within the Fence 5 gap is expected to yield positive results, as assays from structures in the mid-part of Fence 4 that strike in the direction of this gap include a 175 foot zone of holes averaging 0.86 g/t (0.025 opt), including new veins assaying 36.7 g/t (1.07 oz/ton) and 4.4 g/t (0.13 oz/ton) over 3 feet. 

Significant higher-grade intervals from Fence 5 (reported from north to south) include:

This shallow drilling program continues to intersect broader zones with lower grade mineralization in between many of the shear zones and veins. Holes within the Cleary Hill Zone (holes 273 to 284 in the northern part of Fence 5) average 1.08 g/t (0.03 oz/ton) over a 275-foot width. Included within this zone is a higher-grade section of 1.56 g/tonne (0.05 oz/ton) over a 175-foot width. The Currey Shear Zone (holes 234 to 245 in the southern portion of Fence 5) displays similar characteristics, and has an average grade of 0.68 g/t (0.02 oz/ton) over a 300-foot width, which includes a higher-grade 75-foot section averaging 1.27 g/t (0.04 oz/ton). Both of these zones were encountered in Fences 1, 3 and 4, and are as wide as, or wider than the zones encountered in the previous fences. Both zones continue to carry additional lower-grade mineralization in their hanging walls. A new structure located 175 feet south of the Currey Shear Zone in Fence 4 (4.06 g/t (0.12 oz/ton) over 12 feet) was picked up again in a similar location in Fence 5 (4.03 g/t (0.12 oz/ton) over 12 feet). This new zone is likely an eastern extension of the Wyoming Vein, another of the many veins mined underground in the area surrounding the Cleary Hill Mine. All of these wider, bulk tonnage zones compare favourably to the 2006 average mill feed grade of 0.83 g/t for the Fort Knox gold mine (the largest gold mine in Alaska, located less than 5 miles to the south of Golden Summit) and the mine's remaining proven and probable reserve grade of 0.53 g/t. 

The Company recently completed the drilling of Fence 6 to test the Tolovana vein system a further 2,000 feet to the west of Fence 5. This vein system, exposed in a 15- foot high face excavated by previous mining, returned a 31 g/t (0.90 oz/ton) grab sample from the face. This area is believed to be the westward projection of some of the numerous structures in the Cleary Hill south vein swarm, with the character and appearance of the mineralization strongly suggesting a correlation with the Wackwitz vein that has been traced throughout the previous drilling. Final assays from this fence are pending.

Drilling is currently in progress in the Beistline shaft area, where last year's trenching and bulk sampling programs returned the highest-grade gold assays to date. During the bulk sampling of approximately 6,000 tons of material from this area in October 2006, high-grade mineralization was seen to extend up to 100 feet into the hanging wall of the main structure. The principal vein in this area averaged 4 to 18 inches in width and averaged 39.5 g/t (1.15 oz/ton) over a sampled length of 185 feet. Following the excavation of this vein, 3-foot long vertical channel samples taken from the south wall of the 30-foot wide pit returned 1.6 g/t (0.05 oz/ton), 616.7 g/t (18.0 oz/ton), 4.6 g/t (0.14 oz/ton), and 65.3 g/t (1.90 oz/ton) in consecutive samples located 10 feet apart. Five-foot long chip channel samples located 10 feet or more into the hanging wall and perpendicular to the strike of the Beistline structure found mineralization grading 25.3 g/t (0.74 oz/ton), 34.3 g/t (1.00 oz/ton), and 31.1 g/t (0.91 oz/ton), while a channel sample located 80 feet south of the structure and 50 feet from the walls of the pit returned 22.3 g/t (0.65 oz/ton) over a 15 foot length perpendicular to the strike of the structures. 

Drilling is being conducted with an Ingersol-Rand conventional percussion drill. Cuttings are returned up the drill hole with the use of an OEM vacuum drill cuttings collector, and are dropped from a cyclone directly into a sample bag. Samples are collected every three feet, with the drill bit being pulled off the bottom and the hole cleaned at the completion of each sample interval. 

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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