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May 1st, 2012
(Vancouver, BC) -- 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 was been primarily focused in the
Dolphin and Cleary Hill Area. 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.
Width refers
to drill hole intercepts, true widths
can not be determined due to uncertain
geometry of mineralization. All assays
reported are uncut.
Hole
GSDL1205 was collared 60 metres
northwest of GSDL1203. GSDL 1203
averaged 0.49 g/t over the whole hole
(350.9 metres) with the bottom 30.2
metres averaging 1.15 g/t.
Hole
GSDC1206 was a vertical hole and is the
northern most deep hole drilled in the
Dolphin Deposit to date. Located 250
metres north east of Hole GSDC11-32
which averaged 0.68 g/t over its entire
452 metre depth, Hole GDSC 1206 was
drilled to a depth of 502 metres and
intersected 297.6 metres (from 199.9
metres to 497.5 metres) grading 0.79
g/t. Results from GSDC 1206 continue to
confirm the Dolphin Deposit has
considerable potential for expansion at
depth.
3,777 metres have been drilled in the
Dolphin Zone since January of which
assays for 1,977 metres have now been
reported.
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 ALS-Chemex Labs 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.
Kristina
Walcott-President and CEO
Telephone:
1.604.662.7307
jkw@freegoldventures.com
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
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