TMX group

Toronto Stock Exchange: ITF
OTC BB: FGOVF

VANCOUVER, Jan. 31 /CNW/ - Freegold Ventures Limited ("Freegold") is
pleased to report results of an independent, NI 43-101 compliant mineral
resource estimate at the Almaden Gold Project, located 12 miles east of
Weiser, Idaho. The Almaden property is 2,980 acres in size, and is favorably
located, with paved road access to within one mile of the property, and high
voltage power lines within 6 miles. Freegold acquired its initial interest in
the project in 1995, and earned a 60% interest by conducting supplemental
large diameter core drilling, bulk surface sampling, metallurgical, and    
geo-technical programs, and by funding the completion of a feasibility study
in 1997. Freegold subsequently purchased the remaining 40% interest in the
project in 2001 and now controls 100% of the project, subject to the
underlying lease and royalty agreements.
Almaden is a hot springs epithermal gold deposit. The known gold
mineralization on the property occurs in flat lying, tabular, disseminated
deposits beneath a thin impermeable opalite cap rock. There are currently two
known zones of mineralization on the property: the Main Zone, and a smaller
North Zone. The Main Zone is approximately 3,600 feet in length, with widths
ranging from 460 to 1,700 feet, and mineralization extending from surface to a
maximum depth of 490 feet. Mineralization in the North Zone is approximately
1,400 feet in length, with widths ranging from 600 to 800 feet and
mineralization extending from surface to a maximum depth of 170 feet.
The mineral resource estimate is based on a database containing 24,033
fire assays from 134,770 feet of drilling in 677 holes (651 reverse
circulation holes and 26 core holes), and was calculated using a gold cut-off
grade of 0.01 oz/ton. No capping of assays was required due to the regular
distribution of grades.

Resource Estimate

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            -------------------------------------------------------------
                  Main Zone          North Zone              Total
            -------------------------------------------------------------
                         Grade               Grade                Grade
                Tons    (oz/t)      Tons    (oz/t)      Tons     (oz/t)
-------------------------------------------------------------------------
Indicated    22,526,000   0.021   2,252,000   0.019   24,778,000   0.021
-------------------------------------------------------------------------
Inferred     16,337,000   0.018   3,652,000   0.018   19,989,000   0.018
-------------------------------------------------------------------------

Contained Ounces

            -------------------------------------------------------------
                  Main Zone          North Zone              Total
-------------------------------------------------------------------------
Indicated        473,046 oz          42,788 oz             515,834 oz
-------------------------------------------------------------------------
Inferred         294,066 oz          65,736 oz             359,802 oz
-------------------------------------------------------------------------

Resource Upgrade Plans

The central sections of the Main and North Zones have been drilled on
close spacing. Within the entire Main Zone, 45% of the interpolated blocks
have a composite within 50 feet of the block centre and 88% of the
interpolated blocks have a composite within 100 feet of the block centre. In
the North Zone, the respective figures are 39% within 50 feet and 87% within
100 feet of the block centre. Gold assays within these two zones exhibit good
continuity with homogeneous grades.
The inability to categorize any of these resources into the Measured
category at present is due to the wide spacing of geological cross sections
that were available to control grade interpolation. As part of its ongoing
review of the Almaden project, Freegold will be supplementing its current wide-
spaced modelling of geological controls through the use of detailed drill log
information, and, if required, supplemental drilling.

Resource Estimate Details

The block model grade interpolation utilized geo-statistical analysis and
inverse distance estimation techniques. J. D. Graham, P. Eng., an independent
engineer with expertise in mineral resource modelling and estimation and a
Qualified Person as defined by National Instrument 43-101, is responsible for
the resource estimate, and has reviewed and approved this news release. This
estimate has an effective date of January 30, 2006 and will be filed in a
Technical Report that will be posted on SEDAR within 45 days. Freegold is
unaware of any environmental, permitting, legal, title, taxation,        
socio-political, marketing or other factors that could have an adverse
material impact on the mineral resource.

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"
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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