Freegold Ventures Ltd. has released results from holes in fence 6 north drilled as part of the phase 2 40,000-foot systematic RAB drilling program at the Golden Summit project outside Fairbanks, Alaska. The closely spaced holes in fence 6 north cover a north-south area of approximately 850 feet in width, and are a 2,300-foot step-out to the west of fence 5, which was the limit of the previously identified package of multiple, parallel-vein swarms and shear zones tested in the Cleary Hill area last fall.

The identification of gold mineralization in fence 6 north similar to that traced from fence to fence in last year's drilling on the eastern half of this area represents a significant expansion of this bulk-tonnage mineralization. Included within the broad zones of lower-grade gold mineralization are multiple higher-grade structures (that is, three-foot intervals of 12.3, 21.8, 14.4, 24.2 grams per tonne and a six-foot interval of 60.3 grams per tonne) that have also been shown to be traceable from fence to fence in the drilling on the eastern portion of this area. Fence 6 north drilling has now extended this broad area of gold mineralization in the Cleary Hill area to over 5,000 feet in length, and mineralization continues to remain open along strike in both directions and at depth.

Fence 6 north consisted of a single row of 46 vertical holes (holes 731 to 776) that were drilled to an average depth of 75 feet. The average spacing between holes was 20 feet, with spacing reduced to 10 feet in areas of intense alteration (which has been shown to correlate well to higher-grade gold mineralization in previous drilling) and extended to 40 feet in areas exhibiting less alteration. This program of shallow RAB drilling is designed to test the extent of the 100-to-300-foot-wide east-west-trending parallel zones of gold mineralization that have been identified in previous drill fences and in bulk sampling. Step-out drilling in the eastern Tolovana area was conducted last year, and fences 6 to 8 and 15 to 17 were able to trace an individual shear zone to the east, trending directly toward the central part of the 1,200-foot-wide area of gold mineralization last delineated in fence 5.

Fence 6 north has now confirmed additional shear zones to the north of the vein swarm tested in fence 6, while current drilling is testing for additional shear zones to the south of fence 6. Fences 17 north and 20, in filling within the 2,300-foot gap between fence 6 north and fence 5 have recently been completed and assays are pending. Deeper core drilling is also in progress, with 23 deeper, grid-based holes having been drilled in the fence 1 and Beistline areas. Given the extension of mineralization in this eastern Tolovana area, and given the intersection of previously unidentified high-grade veins in the drilling, Freegold has also drilled three deeper core holes into the fence 6 north area. A map showing the locations of all of the drill fences in the Cleary Hill area at Golden Summit can be found on Freegold's website.

The average of all 1,154 three-foot assay intervals over the 850-foot width of holes in fence 6 north is 0.52 gram per tonne, which compares favourably with the current reported reserve grade of the nearby Fort Knox mine of 0.53 gram tonne.

Steve Manz, president and chief executive officer of the company, stated: "Through our combination of trenching, shallow and deep drilling, and bulk sampling, we are starting to develop an excellent understanding of the gold mineralization in this broad area, and are very encouraged at the successful results and the continuity that our step-out work continues to demonstrate. Bulk sampling and processing on the property, which was suspended in October for the winter season, will recommence later this quarter. This program is providing us with valuable information as to how the grades of this gold mineralization continue to hold together in larger volumes, and a complete update on our ongoing sampling program will be provided shortly."

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 ensure 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 multielement ICP-AES and ICP-MS analysis using four-acid digestion.