Freegold Intersects 1.57 g/t Au over 136.7 metres at Golden Summit Project, Alaska

Thursday, Jun 21, 2012

VANCOUVER, June 20, 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.

1,755 metres have been drilled in the Dolphin Zone since drilling resumed in May. This year's program for Golden Summit is anticipated to total 20,000 metres of which approximately 11,000 metres have been drilled since January.

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 2012 drilling results continue to demonstrate the expansion potential of the Dolphin Deposit.Hole GSDL1213 intersected granitic host rock throughout the hole.The higher grade mineralization was associated with pervasively sericite-altered intrusive that was cut by later sheeted and stockwork quartz veins Significant intervals in this hole include 542.8 meters (collar to termination depth) grading 0.81 g/t Au including 136.7 meters grading 1.57 g/t Au starting at 14.5 meters depth. Additional deep holes are planned in order to expand the Dolphin resource to
depth.

The Qualified Person who has reviewed the technical disclosure contained in this release is Curtis J. Freeman, M.Sc., PGeo who is the primary geological consultant for the project.

Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags. Core samples were picked up on-site by Acme Analytical and transported to their facility in Fairbanks, Alaska. A sample quality control/quality assurance program was implemented.

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.

SOURCE Freegold Ventures Limited