March 13, 2008

March 13, 2008 (Vancouver, BC) -- Freegold Ventures Limited (TSX: ITF, OTCBB: FGOVF, Frankfurt: FR4) is pleased to report additional assays from the Company's Phase 2 step-out drill program on its Almaden project in south western Idaho. Completed late last year, the Phase 2 program was designed to test for additional zones of gold and molybdenum mineralization along strike from the Main and North Zones. These latest holes confirm that gold mineralization assaying above the previously used resource cut-off grade of 0.01 oz/ton (0.34 g/t) continues to be intersected at the extreme southern end of the Main Zone to depths of approximately 400 feet, and in two new step-out areas located 1,200 and 3,000 feet to the northwest of the North Zone. Molybdenum mineralization is also present in these various step-outs, with one hole testing for deeper mineralization under the North Zone intersecting the highest grade molybdenum intercepts to date on the property (55 feet grading 0.22% Mo, including 5 feet grading 1.39% Mo).

Two additional step-out holes (699 and 704) were drilled at the southern end of the Main Zone. These holes were step-outs further to the south of holes 718 and 720 that were reported on January 30, 2008 which interesected gold mineralization in the hanging wall of the main feeder structure and which returned gold grades of 145 feet grading 0.024 oz/ton (0.83 g/t), 225 feet grading 0.032 oz/ton (1.09 g/t) and 355 feet grading 0.021 oz/ton (0.70 g/t). The step-out holes were both located on the extreme southern end of Nutmeg Mountain, with hole 699 drilled with an azimuth of 80 degrees and a dip of -80 degrees, and hole 704 drilled with an azimuth of 170 degrees and a dip of -70 degrees. Although these holes did not encounter the higher grades typically encountered in proximity to the main feeder zone, they did intersect thick intervals of lower grade mineralization that assay above the resource cut-off and that would expect to be picked up in future pit designs. Significant intercepts from these southern step-out holes include:

As was the case with holes 718-720, holes 699 and 704 also encountered molybdenum mineralization. Significant molybdenum assays from these two holes included 25 feet grading 0.036% Mo in hole 699 (from 100 to 125 feet) and 60 feet grading 0.019% Mo in hole 704 (from 70 to 130 feet). Both the gold and molybdenum mineralization remain open to the south.

Additional drilling was also completed in the area surrounding the Stinking Water basin, located approximately 1,700 feet west of the North Zone. Widely scattered holes in this area have previously intersected near surface mineralization with excellent resource potential. Core hole SW-44, reported on December 18, 2007, encountered a 167 foot interval within the basin starting 30 feet below surface grading 0.026 oz/ton (0.88 g/t), including a 75 foot section grading 0.039 oz/ton (1.34 g/t). Mineralization in this hole remains open at depth with the last interval grading 0.025 oz/ton (0.88 g/t). Six additional RC holes (739 to 744) were drilled into a bench that overlooks the basin and that is situated 1,200 feet west of the North Zone. In general, the thickness and grade of the gold mineralization increased as the holes progressively moved closer to the basin and hole SW-44. Significant intercepts from these six holes include:

Hole 743 (azimuth 270 and dip -50 degrees) ended in gold mineralization at 180 feet, with the final assay interval grading 0.023 oz/ton (0.77 g/t). As was seen in SW-44, which intersected near surface molybdenum mineralization grading 0.014% Mo over 119 feet (including 0.028% Mo over 50 feet), holes 740 (vertical) and 741 (azimuth 270 and dip -50), which were closer to the molybdenum rich North Zone, encountered similar intervals of 105 feet grading 0.011% Mo (from 65 to 170 feet) and 90 feet of 0.014% Mo (from 10 to 90 feet) respectively. No gold mineralization from this area has ever been included in prior resource evaluations due to the wide spaced drilling in the area.

Two additional step-out areas were tested as part of the Phase 2 drilling: one 500 feet north of the Main zone, and the other 1,400 to 3,400 feet northwest of the North Zone. The three holes (693 (azimuth 50 and dip -75 degrees), 695 (azimuth 240 and dip -70 degrees) and 697 (azimuth 230 and dip -80 degrees)) drilled north of the Main Zone were situated at the base of the hill whose top currently serves as the north western limit of the Main Zone. While these holes intersected numerous feeder structures, gold mineralization was limited to small intervals bounding these structures, with the highest grade assay of 0.072 oz/ton (2.45 g/t) being intersected adjacent to the main feeder zone in hole 693. 

In the area to the northwest of the Main Zone, six RC holes (732 to 737) were drilled on hole spacings of up to 1,000 feet. Although gold mineralization was intersected right at surface, this mineralization was found to be relatively shallow in the areas tested. Significant intervals in this area include 5 feet grading 0.01 oz/ton (0.35 g/t) in hole 732 (vertical), 15 feet grading 0.023 oz/ton (0.79 g/t) in hole 733 (azimuth 45 and dip -80 degrees), 10 feet grading 0.014 oz/ton (0.50 g/t) in hole 734 (vertical) and 60 feet grading 0.009 oz/ton (0.31 g/t) in hole 737 (vertical). Only hole 737, approximately 1,400 feet from the North Zone, encountered significant molybdenum grading 0.01% Mo over 150 feet (from 10 to 160 feet). 

The final hole in Phase 2 tested underneath the North Zone where molybdenum has been consistently intersected in shallow drilling. To test the possible depth extent of this mineralization, hole 747 was located at the base of the hill that encompasses the North Zone, and was drilled to the east at an angle of -60 degrees. This hole intersected the highest grade molybdenum mineralization to date. Significant assays from this intersection include: 

This mineralization was encountered at a depth of approximately 800 feet vertically below the surface of the flat-topped North Zone hill, and represents new molybdenum mineralization 600 feet below the 200 foot depth tested in the earlier North Zone drilling. The implications of this discovery as it relates to the main feeder structure and Mo mineralization further south in the Main Zone are currently being investigated. 

True widths reported in this release are variable, as the orientation of the various mineralized structures encountered throughout the drilling is variable. RC samples reported in this release 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 Michael P. Gross, M.S., P. Geo., VP Exploration, Freegold Ventures Limited 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 is actively 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 recently finalized a 54,700-foot drilling program aimed at further expanding the size of the resource and is in the process of generating a new 43-101 resource prior to undertaking new economic evaluations in 2008. Drilling at depth and to the north and south of the known mineralization is continuing to identify new extensions to the deposit, and newly identified open ended areas of molybdenum mineralization continue to be encountered along with the gold in the northern portions of the deposit. 

Freegold's 40,100-foot drill program has resulted in the discovery of new high-grade veins and bulk tonnage shear zones on its Golden Summit project outside Fairbanks, Alaska. Over 7 million ounces of gold has historically been recovered from Golden Summit which is situated less than 5 miles to the north of the +7 million ounce Fort Knox Mine. In order to further evaluate the mineralized zones delineated to date, on-site seasonal bulk sample processing using a gravity-based concentration plant has commenced. Exploration is ongoing as the Company continues to define additional areas of larger, lower grade mineralization through on-going drilling and stripping.

Exploration has also commenced on the Vinasale property in Alaska, where geophysical and surface sampling programs have recently been completed on this 140,000 acre property which contains the Vinasale gold deposit., and on the Rob property in Alaska, where recent drilling has intersected high-grade gold (29.0 g/t over 13 feet and 20.1 g/t over 13.5 feet) in near surface quartz veins similar in appearance and grade to those being mined at the nearby 5.6 million ounce Pogo mine.

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.