Shareholders approve proposed consolidation geophysics and drilling under way on Alaskan projects

VANCOUVER, July 16 /PRNewswire-FirstCall/ - Freegold Ventures Limited (ITF: TSX) wishes to announce that its shareholders have overwhelmingly approved a proposed share consolidation following its annual general meeting held on July 15th, 2010 with 98.57% of the voted shares in favour of the consolidation. The proposed share consolidation will be on the basis of one (1) common share for each six (6) pre-consolidation common shares. The implementation of the consolidation is subject to regulatory approval.

Drilling has also commenced on Freegold's Vinasale Project, which is located in the McGrath Mining District in central Alaska. The project hosts a historic gold resource of 925,000 ounces of gold (14.5 million tones grading 1.95 grams/tonne) (Derry, Michener, Booth and Wahl 1994). (Note that the resource figures are historical in nature and are provided for information purposes only: they are NOT NI43-101 compliant and as such should not be relied upon). The first of the holes is located in the Central Zone and is aimed at expanding the strike of the known mineralization. Subsequent holes will follow up on the results of a ground geophysical program that was completed by Freegold in 2008, which indicated the mineralization may extend to the north and may have the potential to expand the current known resource.

In addition a small ground geophysical program is currently underway at the Golden Summit Project in Alaska. Golden Summit is host to a number of gold occurrences that are similar in age and style to several nearby multi-million ounce intrusion related gold deposits including Fort Knox, True North and Ryan Lode. There are more that 80 gold occurrences that have been identified on the project. The current geophysical program is focused on extending the near surface intrusion hosted gold mineralization intersected in historic drill holes at the Tolovana-Dolphin deposit in an effort to delineate an intrusive hosted bulk mineable resource.

Curtis J. Freeman, M.Sc. Geological Consultant to Freegold Ventures Limited is a Qualified Person as defined by National Instrument 43-101 has reviewed the technical disclosure contained in this News Release.

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.

    FREEGOLD VENTURES LIMITED.

    "Kristina Walcott"
    President and CEO

DISCLAIMER - This press release contains "forward-looking information" within the meaning of Canadian securities laws including, without limitation, statements and information regarding the intention of Freegold (the "Company") to complete exploration plans for the Company's properties. Such forward-looking information reflects the current expectations or beliefs of the Companies. Forward-looking information is subject to a number of risks, assumptions and uncertainties that may cause the actual results of the Companies to differ materially from those discussed herein, including the possibility that future exploration results will not be consistent with the Company's expectations, the uncertainties involved in interpreting exploration results, other inherent risks in the mineral exploration and development industry. Readers are cautioned not to place undue reliance on forward-looking information because it is possible that expectations, predictions, forecasts, projections and other form of forward-looking information will not be achieved by the Company. A change in any one of these factors could cause actual events or results to differ materially from those projected in the forward-looking information. Although the Company believe that the expectations reflected in such forward-looking statements and information are reasonable, the Company can give no assurance that such expectations will prove to be correct. The forward-looking statements and information are based on a number of assumptions which may prove to be incorrect. In addition to other assumptions identified herein, the Company have made assumptions regarding, among other things, their ability to conduct exploration activities in a timely manner and in accordance with the their drilling programs, the availability and costs of financing, the degree of risk that credit approvals may be delayed or withheld, and other risks and uncertainties described elsewhere in this document or in the Company's other filings with Canadian securities authorities. Such forward-looking information speaks only as of the date on which it is made and, unless required by applicable securities laws, the Company undertake no obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.

CONTACT: Freegold Ventures Limited: 507 - 1540 West 2nd Avenue, Vancouver, BC, V6J 1H2, Telephone: 604.662.7307, Facsimile: 604.662.3791

SOURCE Freegold Ventures Limited