News Release

October 29, 2007

Freegold Drilling Intersects 28.5 g/t Over 9 feet 
On Golden Summit Tolovana Vein

October 29, 2007 (Vancouver, BC) -- Freegold Ventures Limited (TSX: ITF, OTCBB: FGOVF, Frankfurt: FR4) is pleased to announce results from 54 holes drilled at the Company's Golden Summit project outside Fairbanks, Alaska. Located on the western end of the known gold mineralization in the Cleary Hill mine area, drilling has extended the strike length of the high-grade Tolovana Vein to over 825 feet. The Tolovana vein and its accompanying hanging and footwall gold mineralization remain open in all directions, with the vein striking towards the central part of the much wider Cleary Hill vein swarm on the eastern side of Bedrock Creek. Further RAB drilling will be undertaken in early January to extend the short drill fences in the Tolovana area further to the north and south to determine whether the Tolovana vein is also part of a larger swarm of veins and shear zones that have to date been hidden under the permafrost overburden.

The 54 holes in fences 15 to 18 are part of the 672-hole (40,093 foot) exploratory drill program that has been systematically testing the swarm of veins and shear zones along the known 5,000 foot strike of gold mineralization in the Cleary Hill mine area. Similar to previously released holes, these shallow, closed spaced holes are continuing to encounter high-grade structures near surface within much broader zones of lower grade, bulk tonnage mineralization. As seen in the accompanying map (available on the Company's website), fences 15 to 18 are testing the north-east striking Tolovana vein with vertical holes averaging 72 feet in depth, spaced roughly 20 feet apart, that are oriented in a north-north west direction. 

The Tolovana vein and its associated hanging and footwall mineralization was originally intersected in Fence 6, which returned intersections of 23.0 g/t (0.67 oz/ton), 17.8 g/t (0.52 oz/ton) and 18.1 g/t (0.53 oz/ton) all over 3-foot widths within wider zones of lower-grade mineralization (see June 11, 2007 release). Fences 7 and 8 traced the vein a further 350 feet to the east with intersections comparable to those seen in Fence 6 (see Oct. 4, 2007 release). Fences 15 (24 holes) 16 (9 holes) 17 (9 holes) and 18 (12 holes) traced the Tolovana vein another 525 feet to the east for a total confirmed strike length of 825 feet. Significant intervals from these fences include:

At the present time, it is believed that the Tolovana vein and the Wackwitz vein, which is hosted within the much wider swarm of veins and shear zones on the eastern side of Bedrock Creek, are the same vein. Both veins exhibit a distinctive mottled grey appearance not known to occur in any other veins within the swarm, and the strike projection of the Tolovana vein runs close to the Wackwitz portal, located only 1,100 feet east of the Tolovana vein intersected in fence 18. Cross sections of the Tolovana vein RAB drill holes exhibit mineralized structures in both the hanging and foot walls of the vein that are similar to those found in the Beistline area RAB drilling/bulk sampling on the far western end of the known mineralization, as well at that seen in RAB fences 1, 3, 4 and 5, suggesting that the Tolovana vein is simply part of a larger vein swarm. To test this concept, the Company will resume its RAB drilling program in the New Year and will initially drill holes north and south of the Tolovana vein, as well as drill longer fences of holes in between fence 18 and fence 5 to continue to extend the strike of the wider, Cleary Hill south vein swarm further to the west. 

About Freegold Ventures Limited

Freegold Ventures Limited is a North American exploration and development company with a new 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 is currently finalizing a 41,000-foot drilling program aimed at further expanding the size of the resource prior to undertaking new economic evaluations in 2007. Drilling at depth and to the north and south of the known mineralization is continuing to identify new extensions to the deposit. Freegold is also continuing to discover new high-grade veins and bulk tonnage shear zones in its 40,000-foot drill program at its Golden Summit project outside Fairbanks, Alaska. Gold production from the processing of bulk sampled material has commenced, and in addition to on-going bulk sampling of additional areas found to contain high grade surface mineralization, 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 competed, and on the Rob property in Alaska, where recent drilling has interested high-grade gold (29.0 g/t over 13 feet and 20.1 g/t over 13.5 feet) in Pogo-style, near surface quartz veins.

On behalf of the Board of Directors

"Steve Manz"

Steve Manz

President and C.E.O.