Freegold Adds Strategic Land Holding to Golden Summit Project
VANCOUVER, Jan. 28 /CNW/ - Freegold Ventures Limited (TSX: ITF, OTCBB:
FGOVF, Frankfurt: FR4) is pleased to announce that it has completed the
purchase of a strategic parcel of land adjoining its Golden Summit property
outside Fairbanks, Alaska. The acquisition of this land, comprising
301.5 acres of private ground plus three additional State claims, is key to
any long term development at Golden Summit.
Given the hilly topography of much of the Golden Summit property, this
flat-lying tract of land was previously selected as the ideal spot in which to
locate our existing bulk sample processing plant. The lease that had been in
place to cover the portion of these private lands where the plant and tailings
facilities are located has been terminated, and production royalties that had
been associated with the previous lease agreement have been waived as part of
the larger land acquisition.
These 312 acres are directly adjacent to the Steese Highway and power
lines, and represents the only practical access to the gold mineralization
currently identified in the Cleary Hill and Tolovana areas. In addition to the
broad extent of flat lying ground, this parcel is ideally situated with
respect to its abundance of processing water (being at the confluence of a
number of streams) and on-site gravel. The large stockpiles of sand and gravel
on the property will be a valuable asset in any future project expansions, and
the Company will continue to investigate the sale of these gravels for local
use as has been undertaken in the past.
Proposed Reform of the 1872 Mining Law
Many shareholders have been questioning what impact recently proposed
legislation changes to the 1872 Mining Law may have on the Company. In
November of last year, the U.S. House of Representatives passed the Hardrock
Mining and Reclamation Act of 2007, which would update mining laws that have
been in place since 1872 and add new royalties on minerals on Federal public
lands. The U.S. Senate has also begun to hold its own hearings on the proposed
legislative changes. While we believe that some form of new royalty structure
will likely be implemented, we are pleased to report that the majority of our
current land holdings will not be affected by any such legislative changes.
At our Almaden project in Idaho, approximately 90% of the gold resources
previously reported on the property are situated on private ground that is
currently held under long term lease. The remaining 10% of the currently
identified resources are located on BLM administered Federal ground that would
be subject to any mining law amendments. Our Rob and Vinasale projects,
consist of State of Alaska and Doyon Native Corporation lands, and are also
not subject to any new Federal royalties. At Golden Summit, our property
position is comprised of both patented and Federal claims. Of the 5,000 foot
long zone of mineralization currently identified in the Cleary Hill and
Tolovana areas, approximately 50% of this zone is located on private ground
held under long term lease, while the remaining 50% is located on BLM
administered Federal ground. Almost all of the gold targets and historical
underground gold mines in an area 2 miles to the east that will be the focus
of our next regional step-out exploration drilling later in the year are also
located on private ground.
The Qualified Person for this release is Michael P. Gross, M.S., P. Geo.,
VP Exploration, Freegold Ventures Limited.
About Freegold Ventures Limited
Freegold Ventures Limited is a North American exploration and development
company with a new management team experienced in mine development and
production that is actively exploring advanced-stage gold projects in Idaho
and Alaska. Freegold holds a 100% lease interest in the Almaden gold project
in Idaho. This large tonnage epithermal gold deposit was the subject of a
feasibility study in 1997 calling for the development of a 95,000 oz/year open
pit, heap leach mine. Freegold has finalized a 54,700-foot drilling program
aimed at further expanding the size of the resource and is in the process of
generating a new 43-101 resource prior to undertaking new economic evaluations
in 2008. Drilling at depth and to the north and south of the known
mineralization is continuing to identify new extensions to the deposit.
Freegold has also discovered many new high-grade veins and bulk tonnage shear
zones in its 40,100-foot drill program at its Golden Summit project outside
Fairbanks, Alaska. Gold production from the processing of bulk sampled
material has commenced, and in addition to on-going bulk sampling of
additional areas found to contain high grade surface mineralization, the
Company continues to define additional areas of larger, lower grade
mineralization through on-going drilling and stripping. Exploration has also
commenced on the Vinasale property in Alaska, where geophysical and surface
sampling programs have recently been completed, and on the Rob property in
Alaska, where recent drilling has intersected high-grade gold (29.0 g/t over
13 feet and 20.1 g/t over 13.5 feet) in Pogo-style, near surface quartz veins.
On behalf of the Board of Directors
"Steve Manz"
Steve Manz
President and C.E.O.
The TSX 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.
For further information: Kristina Walcott - VP Corporate Development,
(604) 662-7307, jkw@freegoldventures.com
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