TMX group

Toronto Stock Exchange: ITF
OTC BB: FGOVF
Website: www.freegoldventures.com

VANCOUVER, June 13 /CNW/ - Freegold Ventures Limited announces a non-
brokered private placement of up to 3,529,412 common shares at a price of
$0.17 per common share for gross proceeds of up to $600,000. A finder's fee of
up to 7% may be paid in cash or shares. The foregoing is subject to regulatory
approval.
A recently completed 43-101 report on the Almaden Gold project, has
highlighted this project's potential to host a higher grade resource at depth,
accordingly the use of the proceeds from the placement will be used to test
this theory. The exploration program will include 3 D modelling, ground
geophysics, and initial diamond drilling.
Mineralization at Almaden is controlled by northwest, north northeast and
east west structures and is associated with pervasive silica flooding, veining
and breccia, argillic alteration and carbonate alteration. The early silica
cap is host to most of the mercury mineralization but little of the gold
mineralization. With the discovery of the Midas gold deposit in 1994, it
became apparent that old mercury and/or mercury - gold occurrences in the
Northern Nevada Rift has significant but virtually unexplored potential for
high grade gold - silver mineralization below the exposed mercury rich hot
springs. Since then, deposits such as Mule Canyon, Buckhorn and Hollister,
originally thought to be Carlin-type derivatives were recognized as hot
springs gold - silver - mercury occurrences representing the upper extremes of
a typical hot springs hydrothermal system. Accordingly Freegold's drilling
will test the deep extents of this system as a compelling case can be made
that high level silica encapsulated gold-silver mineralization at Almaden may
be the upper part of a deep-seated hot springs system with potential for
bonanza grade quartz vein-hosted gold-silver mineralization similar to that
being mined at the Ken Snyder (Midas) mine.
Comparison of the Northern Nevada Rift with the volcanic rift of
southwestern Idaho where the Almaden deposit is located suggests the two share
numerous similarities, including the mid-Miocene age of the host rocks, the
strong north-northwest controls on mineralization, the associated mercury and
anomalous As and Sb, the depleted base metal contents, the hot springs
alteration and the strata-controlled nature of alteration and mineralization
in basinal sediments.
The Qualified Person for the Almaden Gold Project is Curt Freeman, M.Sc,.
consulting geologist for Freegold Ventures Limited and President of Avalon
Development Corp.

About Freegold Ventures Limited

Freegold Ventures is a gold exploration company with properties located
in Idaho, Alaska and the Yukon. In Alaska, Freegold holds the Golden Summit
Project, an advanced stage exploration gold project northeast of Fairbanks,
Alaska. Golden Summit lies 5 miles north of the current producing Fort Knox
Mine, Alaska's largest gold producer. Freegold's Rob Project is located in the
highly prospective Tintina Gold Belt. The Tintina gold belt has emerged as one
of North America's most important gold districts and hosts a number of gold
deposits throughout the Yukon and Central Alaska, most notably the Fort Knox,
Pogo and Brewery Creek deposits. In addition to its Alaskan gold projects
Freegold holds the Union Bay PGE project, a joint venture with Pacific North
West Capital Corp, and Lonmin PLC, the world's third largest producer of
platinum group metals. Lonmin has committed over 3.9 million dollars to the
project to date. The 2005 budget is US$1.1 million and a 10,000 foot diamond
drill program is currently underway. The Grew Creek Project in the Yukon
Territory, is slated for a third round of drilling in the summer and final
plans for this program are in progress.

On behalf of the Board of Directors

"signed"
Harry Barr, Chairman

DISCLAIMER

This news release contains certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations are
disclosed in the Company's documents filed from time to time with the Toronto
Stock Exchange, British Columbia Securities Commission and the United States
Securities & Exchange Commission.

 The Toronto Stock Exchange has neither approved nor disapproved the
           contents of this news release. CUSIP: 45953B107