Apr. 26, 2011 (Canada NewsWire Group) --
VANCOUVER, April 26 /CNW/ - Freegold Ventures Limited (TSX: FVL) (Frankfurt: FR4N) ("Freegold" or the "Company") is pleased to provide an update of its current exploration activities.
At Golden Summit 14 holes have now been completed totaling 2,300 metres of a planned 5,000 metre program. In early April the Company added a second rig in order to expedite the program. It is anticipated this phase of the drill program will be completed the end of May. Assays results are pending. Upon completion of the Phase 1 program the Company will undertake property wide ground geophysical and geochemical surveys in order to delineate additional targets for a planned fall drilling program. One of the areas to be evaluated is the Goose Creek area where historical drilling intercepted 4.0 g/t gold over 48 metres starting at 50.2 meters down hole, including 16.8 g/t gold over 6.08 meters and 11.6 g/t gold over 6.08 meters. This hole also intersected 29 g/t silver over 56 metres starting at 45.7 meters down hole. No drilling has been completed in this particular area since 1997. These intercepts are historical in nature however were drilled under Freegold's supervision.
On the Vinasale project preparations are currently underway for the ground geophysical survey which is expected to commence mid May which is aimed at targeting additional areas for resource expansion in preparation for the summer drilling program. Drilling is expected to commence in late June.
Freegold also announces that it has accepted the resignation of Mr. Bruce Ramsden from its Board of Directors. The Company wishes to thank Mr. Ramsden for his contributions over the past two years and wishes him all the best in his future endeavours.
The Qualified Person who has reviewed the technical disclosure contained in this release is David Adams, MSc., an independent geological consultant.
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.
Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
Kristina Walcott-President and CEO