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Freegold Ventures Limited
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TSX: ITF OTCBB: FGOVF FRANKFURT: FR4 www.freegoldventures.com
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News Release
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November 21, 2007
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Freegold Golden Summit Drilling Widens Gold Zone to the West
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November 21, 2007 (Vancouver, BC) -- Freegold Ventures Limited (TSX: ITF,
OTCBB: FGOVF, Frankfurt: FR4) is pleased to announce results from drill
Fence 19 which is the final fence of RAB drill holes to be reported in
the 40,093 foot
Phase 1 Drill Program at the Company's Golden Summit project outside
Fairbanks, Alaska. Drilling has been systematically testing the known 5,000 foot strike
length of gold mineralization in the Cleary Hill Mine area.
Similarly to previously released holes, these 45 holes (holes 630 to 674)
are continuing to encounter numerous mineralized structures and shears in
the hanging wall of the Cleary Hill structural zone in shallow, close
spaced drilling. Located between 1,000 to 1,500 feet west of
Fence 5, Fence 19 follows an old road up the nose of the ridge on the
west side of Bedrock Creek. The holes were spaced 10 to 40 feet apart and
drilled to an average depth of 72 feet. While the holes in areas
exhibiting limited surface mineralization were drilled with wider
spacing, the drill holes were always spaced to ensure at least one
intercept on a 60 to 65 degree dipping vein. Holes 630 to 651, located
towards the bottom of the ridge, intersected structures and veins that
were too widely spaced to be considered part of a vein swarm. As the
drilling progressed up the ridge, it began to intersect the wider Cleary
Hill vein swarm traced
extensively on the eastern side of Bedrock Creek, with one 435 foot length of
holes (actual length 370
feet after removing a bend in the road) averaging
0.53 g/t (0.016 opt).
Significant assay intervals from the Fence 19 drilling includes:
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These results, in
conjunction with the other RAB drill fences in the Tolovana area also on
the western side of Bedrock Creek, confirm that mineralization in Fence
19, and the previously identified vein swarms south of the old Cleary
Hill mine workings, is a westward extension of the same structures and
mineralization that host the vein swarms seen in RAB drill fences 1, 3, 4
and 5 where drilling has shown the vein swarm to be up to 1,000 feet wide.
In order to further confirm that the mineralization found in Fence 19 and
previously reported from the Tolovana vein in Fences 6 to 8 and 15 to 18,
is hosted within an extension of the wider mineralization seen to the
east, Freegold is planning to resume RAB drilling in January 2008 on the
northern extensions of Fences 6 and 17 and in a new 1,800 foot long
fence drilled slightly west of Bedrock Creek. This proposed fence will
reduce the current RAB fence spacing to less than 750 feet between
fences.
In addition to ongoing RAB drilling to explore for width and strike
extensions of the mineralization in this area, compilation of the data
from RAB drilling completed to date, in conjunction with bulk sample
data, will be used to plan a deeper core drilling program to start later
in 2008 as the first phase of resource definition for the Golden Summit
Project.
Freegold also announces that the seasonal on-site processing of bulk
sampled material was suspended for the winter on October 28th. Final
results from the bulk samples crushed and processed during the initial
weeks of processing are still pending in order to complete an accounting
of gold grades for the bulk samples processed. That information is
expected to be available within a few weeks.
In addition, bulk sample extraction was also suspended on October 25th
for the winter season. Approximately 9,000 tons of new bulk sample
material has already been collected and stockpiled from the Beistline
area. Another 3,100 tons of bulk sample material has also recently been
stockpiled from five small pits opened up along a 1,000 foot width
that includes the 600
foot area tested in RAB Fence 1. This stockpiled
material will be processed when the plant resumes operations in the
spring.
Mapping and grade control sampling of the structures and veins in the
excavation in the Fence 1 area discovered additional steeply dipping
veins and mineralized structures that were missed by the 20 foot spaced drill
holes. This additional mineralization is expected to enhance the bulk
sample potential that was previously reported in the Fence 1 drilling
(reported March 29, 2007). While these samples were collected for grade
control purposes and were not of a systematic nature, numerous assays
were returned with grades exceeding 17 g/t (0.50 oz/ton) with several of
the higher grade samples of vein material identified between the drill
holes returning assayed grades of 20.2 g/t (0.6 oz/ton), 44.7 g/t (1.3
oz/ton), 366.9 g/t (10.7 oz/ton), and 427.3 g/t (12.5 oz/ton).
True widths of the veins reported in this release are variable, as the
orientation of the various mineralized structures encountered throughout
the drilling is variable. Drilling is currently 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.
Freegold maintains a geologist and sampler at the drill rig for all
drilling to take and log all samples to insure that quality assurance and
control procedures are in accordance with 43-101 requirements. One
duplicate assay is being conducted in every drill hole and either a blank
or a standard is inserted in the sample stream every 10 samples. Alaska
Assay Laboratories in Fairbanks, Alaska is being used to analyze the
drill cuttings for gold via fire assay analysis plus multi element
ICP-AES and ICP-MS analysis using 4 acid digestion.
The Qualified Person for this release is Michael P. Gross, M.S., P. Geo.,
VP Exploration, Freegold Ventures Limited.
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.
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On behalf
of the Board of Directors
"Steve
Manz"
Steve
Manz
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President
and C.E.O.
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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.
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