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VANCOUVER, Jan. 28 /CNW/ - Freegold Ventures Limited (TSX: FVL
Frankfurt: FR4N) ("Freegold") is pleased to announce a non-brokered private placement of
2,083,333("Units"), 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.




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.


This press release contains forward-looking information. This
forward-looking information includes, or may be based upon, estimates,
forecasts, and statements as to management's expectations with respect
to, among other things, anticipated future financing. Forward-looking
information is based on the opinions and estimates of management at the
date the information is given, and is subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking information. These factors include uncertainties
relating to the availability and timing of such financing and other
factors. The forward-looking information contained herein is given as
of the date hereof and the Company assumes no responsibility to update
or revise such information to reflect new events or circumstances,
except as required by law.




For further information:

Kristina Walcott-President and CEO Telephone: 1.604.662.7307 jkw@freegoldventures.com