TMX group

Almaden gold project review in progress - work includes NI 43-101 
resource study, and assessment of prior feasibility study and underlying 
testwork. Drilling continues at Grew Creek.

Toronto Stock Exchange: ITF
OTC BB: FGOVF

VANCOUVER, Dec. 15 /CNW/ - Freegold Ventures Limited ("Freegold") is
pleased to provide the following update on its projects in Idaho, Alaska and
the Yukon Territory.

Almaden Gold Project, Idaho

Almaden is a 100% controlled (subject to underlying lease and royalty
agreements) hot springs epithermal gold deposit located 12 miles east of
Weiser, Idaho. The known gold mineralization is well defined by 677 holes, and
occurs as a flat lying, tabular, disseminated deposit beneath a thin
impermeable opalite cap rock. The deposit was the subject of a positive 1997
Feasibility Study (basis $364 gold) conducted by Watts, Griffis and McQuat.
Given the sustained rise in the price of gold, Freegold has commenced efforts
at re-evaluating the project. Work on a new independent NI 43-101 compliant
Mineral Resource has been underway since mid-October, and the Company expects
to complete the final data verification and modeling procedures over the next
month.
Freegold has also engaged Hatch Ltd. of Vancouver to conduct a review of
its 1997 Feasibility Study on the recommended open pit, heap leach operation
and the supporting design and test-work. This work is expected to be completed
in January, and Freegold anticipates announcing results of both its 43-101
Mineral Resource and the results of the preliminary Hatch review by the end of
January. Should the Mineral Resource and the preliminary Hatch review generate
positive results, the next step in the project review process would be the
undertaking of a new Scoping Study to further refine the costs and operating
parameters of the project.
In addition to evaluating Almaden for its lower grade, surface
mineralization, Freegold is also continuing to investigate the deposit's
potential to host bonanza gold grades at depth. The recommended exploration
model is that of the multi-million ounce Midas (Ken Snyder mine) gold deposit
in the Northern Nevada rift. Almaden has never been explored for these deeper
gold targets, and Freegold is continuing to hold joint venture discussions
along with undertaking its own drill program evaluations to test for higher-
grade feeder zones.

Golden Summit Gold Project, Alaska

As was described in Freegold's press release of November 1, 2005, a 1,270
foot trenching program was undertaken in late October. Six trenches were
located approximately 400 to 1,400 feet south of the Cleary Hill Mine to
further test a swarm of mineralized veins, quartz stockworks and silicified
shear zones as a potential bulk tonnage target, and to extend the strike
length of the high-grade Wackwitz vein (an 18 inch quartz vein with grab
samples of 2.9, 3.2 and 12.5 oz/ton) encountered at surface in the 2002
trenching program. The program successfully extended the strike length of the
Wackwitz vein a further 230 feet to the east, giving the vein a currently
identified total strike distance of 780 feet. Thirty feet of trenching was
conducted along the strike of the Wackwitz vein in this program, and small
flakes of native gold were observed along the vein, which varied from 6 inches
to 2 feet in width.
Preliminary assay results have now been received from this program.
Freegold has recently requested that ALS Chemex perform supplemental metallic
screen analysis on 60 of the channel samples and 21 of the grab samples as a
means of determining the nugget effect from the preliminary assays. Final
assays from the trenching program will be reported in January.

Grew Creek Gold Project, Yukon Territory

In a press release dated November 3, 2005, Freegold announced that it had
identified, through geophysical exploration programs conducted in September
and October, two new drill targets at its Grew Creek property. These two
previously untested geophysical targets, on the Rat Creek and Tarn prospects,
located 1.0 km and 1.5 km respectively from the Main Zone, exhibit geophysical
signatures similar to those seen at the Main Zone. Drilling of these two
targets was delayed for the initial two weeks of November due to mechanical
problems with the drill rig, and the lack of replacement equipment available
in the region. Drilling is actively underway on both of these targets and will
be continuing over the coming weeks.
The Qualified Person for this release is Curt Freeman, P. Geo., M.Sc.,
Geologist.

About Freegold Ventures Limited

Freegold Ventures Limited is a North American gold exploration company
which is actively exploring and developing advanced stage projects in Idaho
(Almaden), the Yukon Territory (Grew Creek) and Alaska (Golden Summit). In
addition to its existing projects, the company is active in the identification
of additional acquisition opportunities. Freegold Ventures is listed on The
Toronto Stock Exchange (ITF) and on the United States OTCBB under the symbol:
FGOVF

On behalf of the Board of Directors

"Steve Manz"

Steve Manz
President and C.E.O.

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

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