TMX group

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Trenching program encounters two new veins at surface - gold grades of 
35.3 g/tonne over 5 feet (grab sample of 63.7 g/tonne) and 28.6 g/tonne 
over 5 feet (grab samples of 139.0, 22.1 and 12.0 g/tonne). Strike length 
of the Wackwitz vein extended to 730 feet. Further delineation of high 
grade and bulk sample targets to continue this spring.
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Toronto Stock Exchange: ITF
OTC BB: FGOVF

VANCOUVER, Jan. 16 /CNW/ - Freegold Ventures Limited ("Freegold") reports
that it has received final geochemical results from its recent 1,270-foot
trenching program at its Golden Summit property near Fairbanks, Alaska.
Six trenches were placed in a 1,000 foot wide area south of the Cleary
Hill Mine, the largest historical underground mine in the Fairbanks district
(281,000 ounces of gold produced at an average grade of 44 g/tonne). Two
district scale shear zones (Dolphin and Anna Mary) intersect in this area, and
many small-scale historical underground gold mines are hosted along their
lengths. Since 2000, Freegold has carried out a series of drilling and
trenching programs resulting in the identification of 17 mineralized veins,
quartz stockworks and silicified shear zones in the area. Four drill holes in
2000 and 2003, along with surface trenching in 2002, successfully encountered
lower-grade, bulk-tonnage style gold mineralization over significant widths
(eg. 984 feet grading 0.7 g/tonne in hole CHD00-1 and 408 feet grading 1.0
g/tonne in hole CHD03-1). In addition, a number of discrete higher-grade
quartz veins at surface were encountered in the 2002 trenching program.

2005 Trench Results

Trench WZ-05-01 tested the mineralization within the 550 foot area
between 2002 trenches CU02-4/5/6 and CU02-3, while the remaining five
trenches, WK-05-02 to WK-05-06, were placed to test the eastern strike extent
of the zone, and to further test the continuity of high grade veins
encountered in the 2002 trenching.
Two new 6 to 18 inch gold-bearing veins were encountered in trench      
WZ-05-01. The northernmost of the two veins graded 28.6 g/tonne over 5 feet,
with three grab samples from the vein grading 139.0, 22.1, and 12.0 g/tonne.
Significant trench and grab sample assays are listed in the accompanying table
below. A map of the trenches can be seen on the Freegold website. A second
vein was encountered 190 feet to the south, and graded 35.3 g/tonne over 5
feet with one grab sample grading 63.7 g/tonne. It is unclear at this time how
these veins relate to other high-grade veins encountered in the two 2002
trenches to the east and west. Numerous other smaller quartz veins (less than
2 inches) and sheeted quartz veinlets (less than 1 inch) were encountered
within the trenches and their continuity and over-all significance are unknown
at present.
One vein that has been correlated between the trenches is the Wackwitz
vein, which is identified by its unique, well-banded, white and grey quartz
texture, with native gold occurring as disseminated grains and as thin
filigree seams along the contacts between the white and grey quartz.
This vein was encountered in trench WZ-05-02. The Wackwitz was originally
encountered in trenches CU02-4/5/6 (5 feet grading 11.5 g/tonne with one grab
sample grading 31.6 g/tonne) and CU02-3 (with 3 grab samples of the 1.5 foot
wide vein returning 417.3, 92.6 and 80.0 g/tonne). The current trenching
extended the known strike length of the Wackwitz vein to 730 feet, where the
shear zone hosting the vein returned 10 feet grading 2.89 g/tonne. One-
millimetre flakes of native gold were observed in the vein at this location.
Two additional short small trenches, WZ-05-2B and WZ-05-2C, with a
combined length of 59 feet, were placed perpendicular to WZ-05-2 in order to
expose the Wackwitz vein along its strike. The average assay over this 59-foot
interval was 6.4 g/tonne, with four grab samples of the vein returning grades
ranging from 0.38 to 16.35 g/tonne. The vein is between 5 and 10 inches thick
in this area, strikes east-west, and dips 40-60 degrees south. It is unclear
at this time whether intercepts of veining at the southern end of trench     
WZ-05-03 (5 feet grading 2.88 g/tonne with a grab sample of vein grading 25.9
g/tonne) and in trench WZ-05-04 (10 feet grading 2.80 g/tonne) are the fault-
displaced extensions of the Wackwitz vein.

<<
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            Sample     From      To    Interval  Gold Grade   Gold Grade
Trench No.  Type      (foot)   (foot)    (feet)   (g/tonne)    (oz/ton)
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WZ-05-01    Trench      15       60        45       0.87        0.025
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including   Trench      15       30        15       1.29        0.038
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WZ-05-01    Trench     130      135         5      35.30        1.030
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WZ-05-01    Grab       131                         63.70        1.858
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WZ-05-01    Trench     175      185        10       1.74        0.051
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WZ-05-01    Trench     320      325         5      28.60        0.834
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WZ-05-01    Grab       325                         12.00        0.350
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WZ-05-01    Grab       325                        139.00        4.054
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WZ-05-01    Trench     325      330         5       2.10        0.061
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WZ-05-01    Grab       326                         22.10        0.654
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WZ-05-02    Trench      30       50        20       2.03        0.059
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WZ-05-02    Trench      95      105        10       2.89        0.084
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WZ-05-02    Trench     345      350         5       1.46        0.043
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WZ-05-02    Grab       349                          9.83        0.287
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WZ-05-02B   Trench       0     52.5      52.5       7.16        0.187
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WZ-05-02B   Grab         0                          1.17        0.034
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WZ-05-02B   Grab      39.4                         16.35        0.477
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WZ-05-02B   Grab      49.2                          8.19        0.239
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WZ-05-02C   Trench       0      6.6       6.6       5.78        0.169
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WZ-05-03    Trench       0        5         5       2.88        0.084
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WZ-05-03    Grab         6                          5.60        0.163
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WZ-05-03    Grab         6                          3.14        0.092
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WZ-05-03    Grab         8                          1.27        0.037
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WZ-05-03    Grab         8                         25.90        0.755
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WZ-05-03    Grab        64                          5.09        0.148
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WZ-05-03    Trench      70       80        10       2.50        0.073
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WZ-05-04    Trench       0       10        10       1.03        0.030
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WZ-05-04    Trench      15       25        10       2.80        0.064
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WZ-05-06    Trench      50       80        30       1.00        0.029
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A total of 248 rock chip samples were collected using a 1.5-meter sample
interval taken along the centre of each trench floor. Sampling along strike of
the Wackwitz generated 9 chip samples using 2.0 meter spacing. An additional
31 grab samples were also taken from selected veins. All samples were
submitted to ALS Chemex Labs in North Vancouver, BC, for gold via fire assay
plus multi element ICP--MS analysis using 4 acid digestion. Samples returning
values in excess of 1 g/tonne were re-assayed using metallic screen techniques
to help quantify any nugget effect due to coarse gold.
Statistical analysis and multi-element graphical analysis will be
completed over the next few weeks to determine if individual veins can be
identified using their multi-element signatures. Freegold intends to further
investigate the continuity and strike extension of the vein swarm in this area
through additional trenching and shallow drilling programs this spring.
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
that is actively exploring and evaluating 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
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

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