Freegold Intersects 1.03 g/t over 149 m at Golden Summit, Alaska

VANCOUVER, Aug. 2, 2011 /CNW/ --
VANCOUVER, Aug. 2, 2011 /CNW/ - Freegold Ventures Limited (TSX: FVL,
Frankfurt: FR4N) ('Freegold' or the 'Company') is pleased to provide assays from for hole GSDC
11-47 (21) drilled in the Dolphin deposit during the 2011 winter
program.

Drilling in the 2011 program was designed to both upgrade the resource
category as well as expand the known resource.  The Dolphin Zone
deposit is located at the western edge of the 8 km long property, and
covers a 400 metre by 400 metre area.

Using a 0.3 g/t cutoff, the current NI 43-101 compliant resource on the
Dolphin Zone deposit completed earlier this year is:

Total indicated resource is 7,790,000 mt @ 0.695 gpt for a total of
174,000 contained gold ounces. 


Total inferred resource is 27,010,000 mt @ 0.606 gpt for a total of
526,000 contained gold ounces.

Holes GSDC 11-47 was drilled to a depth of 516 metres (1693 feet) in an
effort to extend the current resource to depth. Hole GSDC 11-47 (21)
was drilled 120 metres to the south of Hole TLD 98-01 which intersected
161 metres from 11 metres to 172 metres which averaged 0.65 g/t Au as
well as 47 metres which averaged 1.7 g/t from 245m to 292 m. Hole TLD
98-01 was the deepest hole drilled on the property until the 2011 drill
program.  The first deep hole of the 2011 program was GSDC 11-06 (32)
which was mineralized throughout the entire hole ( 0.68 g/t over 462
metres). It remains open at depth. Higher grade intercepts included
0.81 g/t Au over 166.4 metres with the bottom 19.8 metres averaging
0.79 g/t and last 4.6 m averaging 1.3 g/t. For hole locations see
attached map http://www.freegoldventures.com/i/maps/080211FVL_map.pdf.

Mineralization in hole GSDC-11-47 is hosted in pervasively
sericite-altered granodiorite and consists of multiple zones exhibiting
polyphase quartz-sulfide sheeted veins and sulfide-only veinlets.
Pervasive silicification and albitization also were noted at several
locations in the hole.  Sulfides average approximately 1%, primarily as
disseminated pyrite and arsenopyrite with or without accompanying
arsenopyrite-jamesonite-pyrite veinlets. The intensity of silicate
alteration, sulfide veining and quartz veining increases to depth. This
hole represents the deepest drill hole at Dolphin and explores an area
not previously tested by deep drilling. Additional holes were drilled
in the area after completion of GSDC-11-47 and will be reported as
assay results become available.

 ____________________________________________
|Hole Number    |From |To   |Interval |Au g/t|
|               |(m)  |(m)  |(m)      |      |
|_______________|_____|_____|_________|______|
|GSDC-11-47 (21)|0    |516.2|516.2    |0.53  |
|_______________|_____|_____|_________|______|
|               |367  |516.2|149.2    |1.03  |
|_______________|_____|_____|_________|______|
|               |445.6|516.2|70.6     |1.42  |
|_______________|_____|_____|_________|______|
|               |460.9|504.1|43.3     |1.69  |
|_______________|_____|_____|_________|______|

Phase two drilling has commenced and is aimed at testing other areas on
the property that have not been systematically explored. Property wide
ground geophysical surveys are also underway in order to delineate
additional targets for the Phase 2 drilling program.

ALS Chemex was used to analyze core samples via fire assay analysis for
gold plus multi element ICP-AES and ICP-MS analysis using 4 acid
digestion. Quality control entailed insertion of blanks and standards
into the sample stream, at the rate of approximately one QA/QC sample
every tenth assay. On average all of the reported standard and blank
assay values were within an acceptable margin of error.

The Qualified Person who has reviewed the technical disclosure contained
in this release is Curt Freeman, MSc., PGeo.

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% 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 where a 4,000 metre drill program was recently
completed.

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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Kristina Walcott-President and CEO
Telephone: 1.604.662.7307
kristina.walcott@gmail.com