Freegold Ventures Ltd (FGOVF)

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Freegold Step-Out Drilling Continues to Intersect New Gold/Moly Occurrences at Surface and Depth

Thursday March 13, 7:00 am ET

VANCOUVER, March 13 /PRNewswire-FirstCall/ - Freegold Ventures Limited (TSX: ITF, OTCBB: FGOVF, Frankfurt: FR4) is pleased to report additional assays from the Company's Phase 2 step-out drill program on its Almaden project in south western Idaho. Completed late last year, the Phase 2 program was designed to test for additional zones of gold and molybdenum mineralization along strike from the Main and North Zones. These latest holes confirm that gold mineralization assaying above the previously used resource cut-off grade of 0.01 oz/ton (0.34 g/t) continues to be intersected at the extreme southern end of the Main Zone to depths of approximately 400 feet, and in two new step-out areas located 1,200 and 3,000 feet to the northwest of the North Zone. Molybdenum mineralization is also present in these various step-outs, with one hole testing for deeper mineralization under the North Zone intersecting the highest grade molybdenum intercepts to date on the property (55 feet grading 0.22% Mo, including 5 feet grading 1.39% Mo).

Two additional step-out holes (699 and 704) were drilled at the southern end of the Main Zone. These holes were step-outs further to the south of holes 718 and 720 that were reported on January 30, 2008 which interesected gold mineralization in the hanging wall of the main feeder structure and which returned gold grades of 145 feet grading 0.024 oz/ton (0.83 g/t), 225 feet grading 0.032 oz/ton (1.09 g/t) and 355 feet grading 0.021 oz/ton (0.70 g/t). The step-out holes were both located on the extreme southern end of Nutmeg Mountain, with hole 699 drilled with an azimuth of 80 degrees and a dip of -80 degrees, and hole 704 drilled with an azimuth of 170 degrees and a dip of -70 degrees. Although these holes did not encounter the higher grades typically encountered in proximity to the main feeder zone, they did intersect thick intervals of lower grade mineralization that assay above the resource cut-off and that would expect to be picked up in future pit designs. Significant intercepts from these southern step-out holes include:

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