Freegold Ventures to Begin Diamond Drilling Program at Golden Summit Project

Freegold Ventures Limited (TSX: FVL Frankfurt: FR4N) has announced a non-brokered private placement of 2,083,333, priced @ $0.48 per Unit.

Each unit will consist of one common share (a "Share") and one common share purchase warrant (a 'Warrant").   Each Warrant will entitle the holder to acquire an additional Share at a price of $0.59 for a period of one year from the date of closing and at a price of $0.65 between one year and two years from closing. Insiders may subscribe for up to 1,459,000 units of the placement.  The closing of this financing will take place as soon as possible. The foregoing is subject to regulatory approval.

Freegold is also pleased to announcement the commencement of diamond drilling on its Golden Summit Project by mid February. A total of 5,000 metres (16,500 feet) is planned and is aimed at additional resource delineation on the project.  Resources calculations for both the Vinasale and Golden Summit Projects are currently underway.