TMX group

ITF: TSX, OCT BB: FGOVF, FRANKFURT: FR4
www.freegoldventures.com

VANCOUVER, Nov. 30 /CNW/ - Freegold Ventures Limited ("Freegold") is
pleased to announce that it has completed the excavation of its 10,000-ton
bulk sample at the Golden Summit Project, near Fairbanks, Alaska. The primary
purposes of the bulk-sampling program are to determine the continuity of gold
mineralization in numerous high-grade veins and shear zones discovered over
the past five months, and to generate cash flow from the on-site gravity
concentration of this material in the spring of 2007. Bulk samples were taken
from nine different locations - four of which are related to the historically
mined Cleary Hill vein and its newly discovered eastern extension, while the
other five are from a number of veins and shear zones located immediately to
the south, and sub-parallel to the east-west workings of the Cleary Hill mine.
The bulk-sampling and associated overburden stripping clearly show that
high-grade mineralization is not limited solely to the narrow quartz veins
that were selectively mined in the past, but that extensive bleeding of gold
mineralization, via smaller quartz vein splays, is present in both the hanging
and foot wall zones. Mineralized zones up to 100 feet wide have been uncovered
along the Cleary Hill Structure, which has now been traced over known strike
length of more than 3,500 feet. This structure remains open in both
directions.
The majority of the bulk sample was taken from the eastern extension of
the Cleary Hill vein in the vicinity of the historic Beistline shaft, where
channel sampling in June returned assays along a 185 foot strike length of the
4" to 18" wide vein averaged 39.5 g/tonne (1.15 oz/ton). Approximately 2,800
tons of mineralized material was collected from the Cleary Hill vein eastern
extension, while another 3,300 tons of mineralized material was collected from
the "bleed" material that splays into the hanging wall of the vein. Bulk
sampling was initially limited to the vein material exposed in June's
trenching but was subsequently widened after 5-foot long channel samples,
located 5-10 feet into the hanging wall returned assays of 25.3, 34.3, 31.1,
26.1 and 46.3 g/tonne (0.74 to 1.35 oz/ton). The excavated area is now
300 feet long, 30 feet deep and up to 30 feet wide. Mineralization in this
area extends at least 100 feet into the hanging wall, with one 15-foot long
channel sample, located 80 feet to the south of the pit wall and oriented
perpendicular to the strike of the Cleary Hill structure, averaging
22.3 g/tonne (0.65 oz/ton).
Construction of the haul road, and subsequent stripping and
cross-trenching also exposed the Cleary Hill structure approximately 1,200
feet west of the Beistline shaft area, directly above the old underground
workings. While historic mining on the Cleary Hill vein in the early 1900's
focused on selectively mining narrow, high grade quartz veins (with production
grades averaging 1.3 oz/ton), three sub-parallel structures were identified in
an area more than 100 feet wide. Mineralization and alteration along the main
structure is comparable to that seen in the Beistline shaft area. One channel
sample taken on the bulk-sampled structure assayed 31.0 g/tonne (0.90 oz/ton)
over 9 feet. Approximately 1,800 tons were taken from two locations, 300 feet
apart within this area.
Five other samples, totalling approximately 2,000 tons, were also
collected from areas in the south vein swarm. This swarm is comprised of a
series of east-northeast trending veins and shear zones in an area that
extends up to 1,000 feet south of the Cleary Hill mine. In addition to the
previously identified and sampled Wackwitz vein (trench sampled in June with
235 feet averaging 16.4 g/tonne over 5-foot widths) and the Currey Zone
(trench sampled in June with 220 feet averaging 2.2 g/tonne over 10-foot
widths), three new high-grade vein structures, located in the area between the
Wackwitz and the Cleary Hill veins, were identified during the construction of
the haul road and included in this bulk sampling program. Final assays of
samples from trenches dug both along and across the strike of known and newly
discovered veins in this area will be reported shortly, along with Freegold's
plans to conduct systematic drill testing in this prolific vein swarm area
this winter.
All of the bulk sample material has been hauled to a nearby lay-down area
approximately 2 miles from the Cleary Hill mine, and has been stockpiled
according to vein, structure and type of mineralization. Preliminary sampling
of the stockpiles is nearly completed, with 69 samples collected using a
2-inch diameter power auger, while another 93 samples have been collected
through hand pitting. Results from this sampling will be reported when
finalized, but they should be viewed as preliminary in nature.
Samples are being collected for pilot scale metallurgical testing this
winter to determine which gravity concentration method maximizes the recovery
of the free milling gold contained within the stockpiles. A portable crushing
plant will be brought to the site in the spring, and a more rigourous sampling
of the crushed minus 1/4 inch material will provide a representative analysis
of the average gold grades of the bulk samples collected from the individual
sample locations. Following crushing and sampling, the stockpiled material
will be processed through a gravity concentration system and the recovered
gold will be sold.
Freegold expects to make application this winter to the State and Federal
regulatory agencies for a small miners permit that will allow the Company to
continue its bulk sampling and small scale test-mining activities in the
Cleary Hill mine area in 2007.
The Qualified Person for this release is Michael P. Gross, M.S., P. Geo.,
VP Exploration, Freegold Ventures Limited.

Freegold Closes $500,000 Private Placement

Further to its news release of November 1, 2006, Freegold also announces
that it closed its non-brokered $500,000 private placement on November 10,
2006. No finder's fees or commissions were paid as part of the transaction.

About Freegold Ventures Limited

Freegold Ventures Limited is a North American exploration company that is
actively exploring advanced stage gold projects in Idaho (Almaden), Alaska
(Golden Summit) and the Yukon Territory (Grew Creek). Freegold has recently
enhanced its management team with a new President and VP Exploration that have
an excellent track record in generating shareholder value through the creation
and operation of numerous North American gold producers. In addition to
focusing on its Golden Summit project, Freegold is in the midst of a
34,000-foot drilling program aimed at expanding gold resources at its Almaden
project in Idaho before updating its 1997 feasibility study.

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.