Freegold Ventures Lt : Freegold Intersects 1.8 g/t Gold over 30.6 metres- Golden Summit Project, Alaska

January 18th, 2012 (Vancouver, BC) -- Freegold Ventures Limited (TSX: FVL, Frankfurt: FR4N) ("Freegold") is pleased to report the results of from its ongoing drill program on the Golden Summit Project located near Fairbanks, Alaska. Drilling has recommenced on the project with two rigs. One rig will be focused on the Cleary Hill/Dolphin area with the other dedicated to exploring the bulk tonnage potential of the Christina area which lies 3.3 km to the east.

Initial drilling in the Phase 2 program was aimed at evaluating the bulk tonnage potential at the Cleary Hill area with a goal of tying the Cleary Hill Zone into the existing Dolphin Resource in the next resource update.

The Phase two program commenced in September focusing on the Cleary Hill area which is located approximately 600 meters northeast of the Dolphin Deposit on which a resource estimate was completed in December 2011. The current resource at Dolphin 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.

Additional drilling will also be carried out on the Dolphin Zone during the current program as there remains considerable expansion potential in the immediate area both along strike and to depth.

Significant new results from the Phase 2 drilling in the Cleary Hill Area are reported below.

Width refers to drill hole intercepts, true widths have not been determined.

Drilling to date has identified bulk tonnage style mineralization over a 700 metre strike length in the Cleary Hill area. The Dolphin resource covers a comparable area with similar grades. The planned program is designed to infill the 400 metre area between the Cleary Hilll and Dolphin areas resulting in a potential resource strike length of 2,000 metres.

The Qualified Person, as defined by NI 43-101, 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: [phone]
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