Freegold Updates Drilling at Golden Summit, Alaska

VANCOUVER, July 26, 2011 /CNW/ - Freegold Ventures Limited (TSX: FVL, Frankfurt: FR4N)("Freegold" or the "Company") is pleased to provide assays from an additional 6 holes drilled in the 2011 program as well as the results from the previously unassayed core from the 2004 program on its Golden Summit Property, Alaska.

A total 27 holes were completed as part of the Phase 1 drill program at Golden Summit for a total of 6,166 metres. Drilling in the 2011 program was designed to both upgrade the resource category as well as expand the known resource.  The Dolphin Zone 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 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 11-33 through 11-38 were drilled in a north south fence east of the current resource in an effort to expand the resource to the east. These represent holes 7 - 12 of the 2011 drill program. (see map for hole locations). Drilling confirmed the presence of above cut off grade mineralization. Assays for holes 11-35, 37 and 38 are still pending. Holes 11-33, 11-34, and 11-36 are reported below. Hole GSDC11-33 stepped out both east and south.

 As part of the Phase 1 drill program Freegold also assayed previously unassayed portions of drill core from the 2004 core drilling program. Of the seven holes drilled in the area in 2004, six of the holes were missing assays. These newly assayed intervals have expanded the previously known mineralized intervals.  Assays have now been received for TLD-04-01, 04-03, TLD 04-04 and TLD 04-06. Assays from the unassayed sections in holes TLD -04-05 and TLD 04-02 will be reported as they are received.

Holes GSDC 11-39, 40, and 42 were all drilled an area where there had been no previous drilling. These represent holes 8, 9 and 16 from the 2011 drill program. Hole 1139 was drilled 130 metres to the north east of Hole TLD-04 -01 which was not assayed in its entirety in 2004. Hole 11-40 was drilled 70 metres east of Hole TLD-04-01 and was drilled to a depth of 57 metres. Hole 11-42 was drilled 80 metres north east of TLD 04-01 and to a depth of 196.6 metres. More significant intercepts are reported below.

Step-out drilling also was conducted along the southwestern margin of the Dolphin resource area where encouraging results had been generated in previous drilling. Hole TLD04-06 was drilled 150 metres south of the presently calculated NI 43-101 Dolphin deposit resource and returned 28.9 metres grading 0.33 g/t. Previous reverse circulation drilling in this area in 1996 interested 24.8 metres of 0.98 g/t  in hole 96-26, and 0.44 g/t over 32 metres in holes TLR96-25. Hole TLR 9626 also contained 38 metres grading 1 g/t, including a 3 metre interval of high grade mineralization that returned 50.7 g/t.  An additional 11 holes were drilled in this area in the 2011 program. Assays are pending.

Phase two drilling is expected to commence in early August to test other areas on the property which have not been systematically explored. High priority drilling areas include  the Goose Creek area where historical drilling intersected 4.0 g/t gold over 48 metres, and 29 g/t silver over 56 metres in 1997. These intercepts are historical in nature however were drilled under Freegold's supervision. Property wide ground geophysical  surveys are now 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, an independent geological consultant.

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 5,000 metre drill program is currently in progress.

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