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Freegold Intersects 96 metres grading 0.79 g/t Au at golden summit project, Alaska And reprices warrants

Wednesday, May 30, 2012

VANCOUVER, May 29, 2012 /CNW/ - Freegold Ventures Limited (TSX: FVL, Frankfurt: FR4N) ("Freegold") is pleased to report the results from its ongoing drill program on the Golden Summit Project located near Fairbanks, Alaska. Drilling at Golden Summit was conducted with two rigs from mid-January through mid-April and has been primarily focused in the Dolphin and Cleary Hill Areas.

3,777 metres were drilled in the Dolphin Zone since January, all holes from the Phase 1 program have now been reported.  Drilling at Dolphin now has recommenced and assays will be reported as they become available.  This year's program for Golden Summit is anticipated to total 20,000 metres of which approximately 10,000 metres have been drilled since January.

Drilling in Phase 2 will also include followup on the previously reported
intercept of 20.9 meters grading 34.69 g/t gold in hole GSDL12-10. Future drilling will focus on expanding mineralization immediately to the south and west of GSDL12-10.

An updated NI43-101 compliant resource was completed on the Dolphin Zone in December of 2011 and the current drilling is aimed at expanding the current Dolphin resource which, using a 0.35 g/t cutoff, is 14,840,000 tonnes @ 0.66 g/t Au  - representing 316,000 ounces in the indicated category and 50,460,000 tonnes @ 0.61 g/t Au  - representing 991,000 ounces in the inferred category.

The winter 2012 drilling results continue to demonstrate the expansion potential of the Dolphin Deposit.

About Freegold Ventures Limited

Freegold is a TSX listed company focused on the exploration of gold projects in Alaska. In addition to the Golden Summit Gold Project, the company holds a 100% in lease interest in the Rob Gold Project near the Pogo Gold Mine in the Goodpaster Mining District of Alaska and has an exploration agreement with option to lease the Vinasale Gold project in central Alaska.

Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs
on schedule and the success of exploration programs.

SOURCE Freegold Ventures Limited

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