DrDouglas
11 years ago
I sent a message to the President of FGOVF and received the following very prompt reply:
Dear Dr Doug,
The sudden rise is directly attributable to the significant resource announced at Golden Summit. Below please text of release
Kind regards,
Kristina
-----------------------------------------------------------------
Freegold Announces 43-101 Resource Estimate for Golden Summit Project, Alaska
Ocotober 31,2012 (Vancouver, B.C.) - Freegold Ventures Limited (TSX: FVL)("Freegold") is pleased to report the results of a NI 43-101 compliant Mineral Resource estimate recently completed on the Golden Summit Project located near Fairbanks, Alaska. The resource estimate was completed by Giroux Consultants Ltd. of Vancouver, BC, Canada. The indicated and inferred resource using a 0.3 and 0.35 gram/tonne (g/t) cut-off is:
DOLPHIN ZONE INDICATED RESOURCE
Au Cut-off
(g/t) Tonnes
Au
(g/t) Contained
kgs Au ozs Au
0.30 73,580,000 0.67 49,000 1,576,000
0.35 62,620,000 0.73 45,460 1,462,000
DOLPHIN ZONE INFERRED RESOURCE
Au Cut-off
(g/t) Tonnes Grade
Au
(g/t) Contained
kgs Au ozs Au
0.30 223,300,000 0.62 138,000 4,437,000
0.35 191,920,000 0.67 127,630 4,103,000
The mineralized Dolphin Solid has increased in volume by 254 % over the one used in the 2011 Estimate (Adams, Giroux, 2012). It has been deepened and extended to the north east to include the Cleary Hill area. This update of the 43-101 resource reported in January 2012 (Adams and Giroux, 2012) was based on an additional 74 drill holes completed in 2012 and an extension of the mineralized zone to the north and east. As a result the number of holes within the mineralized solid increased from the 77 (11,802m) used in the 2011 estimate, to 177 (35,829m) for this update.
The resource was calculated using a block model with blocks measuring 10 by 10 by 5 metres in size that were populated using a combination of ordinary kriging and indicator kriging; blocks within the Dolphin mineralized solid were summed to arrive at the total tonnage and average grade. In the following table, a 0.30 g/t and 0.35 g/t are highlighted as possible open pit cut offs. No economic parameters were utilized in determining the cut offs.
DOLPHIN ZONE INDICATED RESOURCE
Au Cut-off
(g/t) Tonnes> Cut-off
(tonnes) Grade > Cut-off
Au
(g/t) Contained
kgs Au ozs Au
0.20 101,530,000 0.55 55,940 1,799,000
0.25 86,660,000 0.61 52,600 1,691,000
0.30 73,580,000 0.67 49,000 1,576,000
0.35 62,620,000 0.73 45,460 1,462,000
0.40 53,410,000 0.79 42,030 1,351,000
0.50 39,360,000 0.91 35,740 1,149,000
0.60 29,180,000 1.03 30,170 970,000
0.70 22,040,000 1.16 25,570 822,000
0.80 16,720,000 1.29 21,590 694,000
0.90 12,760,000 1.43 18,220 586,000
1.00 9,960,000 1.56 15,580 501,000
1.10 7,910,000 1.70 13,430 432,000
1.20 6,270,000 1.84 11,550 371,000
1.30 5,000,000 1.99 9,960 320,000
DOLPHIN ZONE INFERRED RESOURCE
Au Cut-off
(g/t) Tonnes> Cut-off
(tonnes) Grade > Cut-off
Au
(g/t) Contained
kgs Au ozs Au
0.20 281,710,000 0.54 152,690 4,909,000
0.25 253,830,000 0.58 146,210 4,701,000
0.30 223,300,000 0.62 138,000 4,437,000
0.35 191,920,000 0.67 127,630 4,103,000
0.40 162,310,000 0.72 116,700 3,752,000
0.50 113,800,000 0.83 94,910 3,051,000
0.60 80,250,000 0.96 76,640 2,464,000
0.70 56,540,000 1.08 61,290 1,970,000
0.80 38,580,000 1.24 47,880 1,539,000
0.90 25,770,000 1.44 37,030 1,191,000
1.00 18,620,000 1.63 30,290 974,000
1.10 14,430,000 1.80 25,900 833,000
1.20 11,580,000 1.95 22,630 727,000
1.30 9,400,000 2.12 19,920 640,000
The Qualified Person for this release is G.H. Giroux, M.A.Sc., P.Eng., who has reviewed and approved the contents of this press release. The mineral resource estimate has been prepared in compliance with the standards of NI43-101. Mr. Giroux acted as the Qualified Person, as defined in NI43-101 and is independent of the Company. The NI43-101 report will be finalized and filed on SEDAR within 45 days of the date of this news release.
Drilling at Golden Summit is expected to recommence in early January with two rigs. One rig will be focused in the Dolphin/Cleary Area as it remains open to expansion in several directions.
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
Contact:
Kristina Walcott-President and CEO
Telephone: 1.604.662.7307
jkw@freegoldventures.com
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NYBob
16 years ago
Freegold Closes Second $2 Million Tranche of Financing -
Monday August 25, 9:29 am ET
VANCOUVER, Aug. 25 /CNW/ -
Freegold Ventures Limited -
(TSX: ITF, OTCBB: FGOVF, Frankfurt: FR4) is pleased to announce that it has closed its second tranche of US $2 million in financing. This financing has been provided by Tiomin Resources Inc. and has been conducted on the same terms as the first tranche of $2 million (see release dated July 30, 2008) which closed on July 31, 2008, bringing the total proceeds under this financing to $4 million. Tiomin Resources Inc. is a mining company traded on the TSX with three main assets: $23.7 million of cash, a 49% interest in the Pukaqaqa copper and gold project in Peru and currently 100% interest in the Kwale titanium project in Kenya. Further information on Tiomin and its participation in Freegold's financing can be found at www.tiomin.com.
http://biz.yahoo.com/cnw/080825/freegold_financing.html?.v=1
The Qualified Person with respect to scientific and technical information contained herein is Michael P. Gross, M.S., P. Geo., VP Exploration, Freegold Ventures Limited, who has reviewed and approved the contents of this release.
About Freegold Ventures Limited
Freegold Ventures Limited is a North American exploration and development company with a management team experienced in mine development and production that has a proven track-record in transitioning exploration companies into gold producers. The Company is currently 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 which has successfully identified numerous extensions to the gold mineralization, along with newly identified open-ended areas of molybdenum mineralization. The Company is in the process of generating a new 43-101 resource which will be followed with the commencement of new economic evaluations. Freegold's 40,100-foot drill program in 2007 continued to discover new high-grade veins and bulk tonnage shear zones on its 93% controlled Golden Summit project outside Fairbanks, Alaska. Historically over 6.75 million ounces have been recovered from streams that drain the Golden Summit project area and an additional 500,000 ounces of lode gold were recovered from past producing mines on the Golden Summit project which is situated less than 5 miles to the north of the +7 million ounce Fort Knox Mine. Further evaluation and expansion of the mineralization is currently being undertaken with a combination of closely spaced shallow drilling, deeper, systematic core drilling and on-going bulk sampling program using an on-site gravity-based concentration plant. Drilling in 2008 is also being conducted on the company's 100% controlled Rob property, where the Company has intersected high-grade gold in near surface quartz veins similar in appearance and grade to those being mined at the nearby 5.6 million ounce Pogo. Work programs are also planned on the Vinasale property, where the Company has entered into an exploration agreement with option to lease which contains the previously identified Vinasale gold deposit.
On behalf of the Board of Directors
"Steve Manz"
Steve Manz, President and C.E.O.
DISCLAIMER - This press release contains "forward-looking information" within the meaning of Canadian securities laws including, without limitation, statements and information regarding the Company's exploration operations and financing needs. Such forward-looking information reflects the current expectations or beliefs of the Company. Forward-looking information is subject to a number of risks, assumptions and uncertainties that may cause the actual results of the Company 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 and the possibility that the loan facilities will not be completed or completed on terms not currently contemplated by the Company. 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 believes 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. Forward-looking statements and information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements or information. 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 has made assumptions regarding, among other things, the ability to conduct exploration activities in a timely manner and in accordance with the Company's drilling program, 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 undertakes no obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. CUSIP: 45953B107
For further information
Mark Feeney - Investor Relations, (604) 786-2587, mfeeney@freegoldventures.com
Source: Freegold Ventures Limited
http://biz.yahoo.com/cnw/080825/freegold_financing.html?.v=1
God Bless
silver100
16 years ago
Press Release Source: Freegold Ventures Limited
Freegold Reports Positive Results from Initial Bulk Sampling at Golden Summit
Tuesday June 17, 8:54 am ET
VANCOUVER, June 17 /PRNewswire-FirstCall/ - Freegold Ventures Limited (TSX: ITF, OTCBB: FGOVF, Frankfurt: FR4) is pleased to provide an update on its bulk sampling activities at the Golden Summit project located outside Fairbanks, Alaska, and to report the first gold grades from the sampled material. The first samples tested during the initial processing in late September and October of 2007 had a weighted average grade of 2.7 g/tonne (0.08 oz/ton), with individual stockpiles from a variety of areas tested ranging from 0.6 g/tonne (0.02 oz/ton) to 7.0 g/tonne (0.21 oz/ton). A total of 23,500 tons of material are currently stockpiled and are awaiting testing and processing over the next four months, along with a further estimated 45,000 tons that will be collected and processed from the Beistline, Fence 1 and Tolovana areas.
ADVERTISEMENT
As indicated in the June 13, 2008 release which provided an overview on the Company's bulk sample processing and gravity-based gold recovery activities, the primary purposes of the bulk-sampling program at Golden Summit are to determine the continuity and average grades of gold mineralization found within numerous gold-bearing shear zones over a +5,000 foot strike length discovered and delineated through sampling and mapping numerous trenches and drilling over 1,000 shallow RAB holes over the past two years.
Bulk sample extraction commenced in the fall of 2006, when approximately 10,000 tons of material was collected from nine different locations - four of which were related to the historically mined Cleary Hill vein and its newly discovered eastern extension (the Beistline structure) while the other five were 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 South Vein Swarm). Descriptions of these initial samples can be found in the November 30, 2006 news release, with sample locations shown in the March 29, 2007 release. This initial bulk-sampling and associated overburden stripping confirmed that the gold mineralization found in veins, shears and stockworks extends over a much broader area than previously recognized, with gold bleeding into the hanging and footwalls of the narrower high grade quartz veins that were selectively mined underground in the past.
Following the permitting, construction and installation of the Company's impact crusher and gravity-based processing plant (located approximately 2 miles from the Cleary Hill Mine), the first of the bulk sample stockpiles were crushed and sampled during a limited processing run in late September and October of last year before the winter shut-down. All of the vein and shear material extracted during bulk sampling was stockpiled separately according to sample location. Individual stockpiles were batched through the crushing circuit using a horizontal impact crusher in closed circuit with a vibrating 1/4" screen deck, and then weighed using the belt scale on the conveyor feeding the gravity processing plant. This material fed into the plant was then sampled every 15 minutes. The tonnages and average head grades of the individual sample piles crushed and analyzed in 2007 are as follows:
-------------------------------------------------------------------------
Sampled Material Tons Sampled Gold Grade (g/tonne) Gold Grade (oz/ton)
-------------------------------------------------------------------------
D-8 409 5.7 0.17
-------------------------------------------------------------------------
Cleary Vein Cut
#5 122 2.6 0.08
-------------------------------------------------------------------------
Cleary HW 1064 0.6 0.02
-------------------------------------------------------------------------
Cleary Road Cut 693 2.1 0.06
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Red Shaft 94 2.3 0.07
-------------------------------------------------------------------------
Fence 1 Colorado 176 1.6 0.05
-------------------------------------------------------------------------
Wackwitz Area 1 96 5.2 0.15
-------------------------------------------------------------------------
Wackwitz Area 2 288 7.0 0.21
-------------------------------------------------------------------------
Wackwitz Area 4 137 3.4 0.10
-------------------------------------------------------------------------
While the grades of these surface samples are positive in relation to the 0.61g/tonne grade of the reserves currently reported as remaining within the neighboring Fort Knox gold mine, it is important to note that the samples collected in 2006 were selective in nature. These samples were also collected prior to the drilling of the 1,000 shallow RAB holes over the past year and a half which has added significantly to the Company's understanding of the multiple 100 to 300 foot wide packages of veins and shear zones which strike through the Cleary Hill and Tolovana areas. With the re-commencement of processing for the 2008 season, four small piles remain to be sampled and processed over the coming weeks, along with 6,100 tons from the Beistline area, which represents the first larger-scale sampling that was undertaken on the project.
The 2006 Beistline bulk samples, which will be among the first material processed in 2008, were collected from an excavation 300 feet long by 30 feet deep and 30 feet wide. Approximately 2,850 tons of mineralized material was collected from the vein system. Another 3,250 tons of mineralized material was collected from the "bleed" material that splays into the hanging wall of the vein. Channel sampling was conducted at the surface prior to excavation, with vertical channel samples taken from the pit walls after excavation. Surface samples of the 4" to 18" wide vein material averaged 39.5 g/tonne (1.15 oz/ton) along the 185 foot strike length tested, while samples 5 to 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). Vertical channel samples ranging from 2 to 5 feet in length were taken every 10 to 20 feet along the walls of the initial pit and ranged from a low of 0.24 g/tonne (0.007 oz/ton) over 2 feet, to highs of 65.3 g/tonne (1.9 oz/ton) and 616.7 g/tonne (18.0 oz/ton) over 3-foot intervals.
The bulk sampling that was conducted in 2007 focused on two areas in order to provide much larger samples that are more representative of the bulk tonnage mineralization found in the Cleary Hill area. The sampling in the Beistline area extended the previously tested area through a new cut approximately 550 feet long (oriented east-west) and 90 to 140 feet wide over an average depth of 10 feet. Following completion of this cut, the bulk sampling moved to the area where Fence 1 of the RAB drilling was conducted. Sampling here was conducted over a 750 foot long (oriented north-south) by 50 foot wide area. As the ground in this area slopes from south to north, 5 separate excavations were conducted in a step-like fashion, with the depth of each cut ranging from 1 to 2 feet on the north sides to 15 feet on south sides. Where the Cleary Hill vein was encountered, additional sampling was done on a 100 foot long by 130 foot wide area to a 10 foot depth to further test the bleed mineralization in this area.
As both the Cleary Hill and the Beistline areas were drilled with close spaced RAB holes prior to their excavation, the results of these samples will permit the first reconciliation of bulk sample grades with those predicted by the drilling. The orientation of the two excavations also tested the continuity of the gold mineralization along the strike of one of the shear zones in one instance (Beistline) and perpendicular to the strike, and running through multiple shear zones in the other (Fence 1).
A total of 23,250 tons of material is currently stockpiled for processing over the coming months. These are broken down as follows:
-------------------------------------------------------------------------
Sample Location Tons Sampled Sample Location Ton Sampled
-------------------------------------------------------------------------
2007 Coarse Tails 3,500 Currey Shear 200
-------------------------------------------------------------------------
Penrose Dump 150 Beistline Structure 2,850
-------------------------------------------------------------------------
Mixed clean-up 500 Beistline Bleed 3,250
-------------------------------------------------------------------------
Fence 1 100 2007 Beistline 5,500
-------------------------------------------------------------------------
Alaska vein 200 2007 Fence 1 7,000
-------------------------------------------------------------------------
In addition to the above stockpiles, an additional 45,000 tons is expected to be sampled in 2008, bringing the total estimated amount of material to be processed over the next four months to approximately 70,000 tons. This new 45,000 tons will be extracted from a second and third cut in the Beistline area, by extending and deepening the prior Fence 1 sampling, and from the Tolovana area, where a new bulk sampling area will be opened up to test extensive shearing and stockwork veining encountered in the 2007 RAB drilling in this area.
True widths of the veins reported in this release are variable, as the orientation of the various mineralized structures encountered throughout the drilling and bulk sampling is variable. Alaska Assay Laboratories in Fairbanks, Alaska is being used to analyze the gold via fire assay analysis plus multi element ICP-AES and ICP-MS analysis using 4 acid digestion. All gravity process plant samples, whether from the feed, of from various locations within the plant or the tailings, are assayed for gold via met screen assay with gravimetric finish.
The Qualified Person, Michael P. Gross, M.S., P. Geo., VP Exploration, Freegold Ventures Limited has reviewed and approved the contents of this release.
About Freegold Ventures Limited
Freegold Ventures Limited is a North American exploration and development company with a management team experienced in mine development and production, and that has a proven track-record in transitioning exploration companies into gold producers. The Company is currently 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 recently finalized a 54,700-foot drilling program which has successful identified numerous extensions to the gold mineralization, along with newly identified open-ended areas of molybdenum mineralization. The Company is in the process of generating a new 43-101 resource which will be followed with the commencement of new economic evaluations. Freegold's 40, 100-foot drill program in 2007 continued to discovery new high-grade veins and bulk tonnage shear zones on its 93% controlled Golden Summit project outside Fairbanks, Alaska. Over 7 million ounces of gold has historically been recovered from Golden Summit which is situated less than 5 miles to the north of the +7 million ounce Fort Knox Mine. Further evaluation and expansion of the mineralization is currently being undertaken with a combination of closely spaced shallow drilling, deeper, systematic core drilling and on-going bulk sampling program using an on-site gravity-based concentration plant. Drilling in 2008 will also be conducted on the company's 100% controlled Rob property, where the Company has intersected high-grade gold in near surface quartz veins similar in appearance and grade to those being mined at the nearby 5.6 million ounce Pogo, and on the Vinasale property, where the Company has entered into an exploration agreement with option to lease on a 140,000 acre property in Alaska which contains the previously identified Vinasale gold deposit.
On behalf of the Board of Directors
"Steve Manz"
Steve Manz, President and C.E.O.
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. The TSX has neither approved nor disapproved the contents of this news release. CUSIP: 45953B107
CONTACT: Mark Feeney - Investor Relations, (604) 786-2587, mfeeney@freegoldventures.com
--------------------------------------------------------------------------------
Source: Freegold Ventures Limited
NYBob
16 years ago
Freegold Recommences Processing of Bulk Samples with Enhanced Gravity Plant at Golden Summit
Friday June 13, 3:01 am ET
VANCOUVER, June 13 /CNW/ -
Freegold Ventures Limited -
(TSX: ITF, OTCBB: FGOVF, Frankfurt: FR4) is pleased to announce the resumption of its seasonal bulk sampling program at the Golden Summit project located outside Fairbanks, Alaska. Commencement of this first full processing season follows the recent purchase and installation of additional processing equipment to enhance the crushing and grinding capabilities of the Company's gravity-based gold recovery plant. The decision to expand the plant was made upon the completion of comprehensive metallurgical testing over the winter which showed that significantly higher gold recoveries can be expected with smaller-sized material processed through the plant. Recoveries ranging from 80 to 95% have been achieved on 17 bulk sample composite samples that have been reduced to a particle size in the laboratory that is reflective of the new crushing and grinding capabilities of the plant.
With composite head grades ranging from 1.9 g/t (0.055 oz/ton) to 44.6 g/t (1.3 oz/ton), the high gravity recoveries seen across all sample grades reconfirms the coarse nature of the gold seen in the previous test work and in the initial gravity concentration work.
The primary purposes of the bulk-sampling program at Golden Summit are to determine the continuity of gold mineralization found within numerous gold-bearing shear zones that were discovered and delineated through trenching and shallow RAB drilling over the past two years, and to generate cash flow from the on-site gravity concentration of the gold found in this material. Following the receipt of permits in May 2007, Freegold commenced construction of a portable gravity-based gold concentration plant capable of processing up to 1,200 tons of mineralized material per day. The plant was transported to Alaska last summer and following assembly, became operational in September 2007. Following approximately 4 weeks of increasing through-put up to its design capacity, the processing operations were halted in October with the on-set of freezing temperatures.
As the Company was unable to source a secondary crushing plant last year, the primary crushing circuit was modified to operate in a closed loop to try and achieve the required minimum crush size. Unfortunately, this configuration did not consistently generate the required feed size which in turn negatively impacted the gold recovery and processing rates. Gold recovered in concentrates during the initial processing period were utilized for subsequent test work to optimize re-grind and final concentration methods. Although initial recovery was below expectations given the insufficient crushing capability, the majority of the gold remains contained within the coarse tailings that were separated and stockpiled adjacent to the plant, and which will be the first material to be processed this season with the newly modified plant. Further details on the bulk sampling program, including an overview of the location, volume and grades of materials sampled to date, and an overview on the sampling locations and volumes estimated for 2008 will be provided in the Company's next release.
2008 Metallurgical Testing
During the winter season, Freegold conducted an expanded and systematic program to supplement the preliminary gravity recovery test-work undertaken by McClelland Laboratories and the Knelson Research and Technology Centre in 2007. Freegold's program involved testing composite samples from each of the different mineralized rock types collected in prior bulk sampling to determine how gravity-based gold recoveries vary by particle feed size. Composites ranging from 20 to 50 kilograms were generated from both bulk sample stockpiles as well as from bulk sample working faces in the various bulk sample test areas. The samples were crushed to minus 1/4", and then split for head analyses sieve analyses and metallurgical testing. A total of 17 composite samples were generated, with head grades ranging from 0.055 oz/ton (1.9 g/t) to 1.3 oz/ton (44.6 g/t) and averaging 0.27 oz/ton (9.1 g/t). The crushed material was subsequently ground to various size fractions using a laboratory scale ball mill, and the ground products were then run through a 4 inch Knelson concentrator. The calculated head grades and gold recoveries from these samples were determined in order to plot the gold recovery versus particle size for each of the samples. This test work has re-confirmed the coarse particle size of the gold being sampled at Golden Summit, with recoveries ranging from 80 to 95 percent using relatively coarse grinding (65 to 80 mesh). Additional cleaner gravity concentration tests were also completed, indicating that a number of the rock types will be capable of producing a direct smelt concentrate by sending the rougher concentrates through the regrind circuit and the 12-inch Knelson concentrator.
Equipment Purchases and Plant Modifications
Given the higher recoveries indicated by the smaller sized feed material, Freegold has purchased and installed additional crushing and grinding equipment over the past few months. Freegold's first purchase was a used 500 ton/day mill from a site located 15 miles from the Golden Summit project. Several pieces of equipment from this mill, including 4' X 4' and 4' X 8' ball mills, a 2' X 3' regrind mill, plus miscellaneous hydrocyclones, slurry pumps, motors, conveyors and tanks, have already been dismantled and moved from the plant site and reinstalled into Freegold's current gravity circuit. In addition, the purchase included a complete flotation plant (including conventional rougher, scavenger and cleaner flotation cells, a 15' thickener, a disk filter, several agitation tanks, and a complete motor control center). Although this additional equipment is not needed for the Golden Summit circuit, Freegold will continue to store these valuable assets.
In order to enhance its crushing capabilities, Freegold also purchased a 2007 Nordberg portable closed circuit cone crushing plant with an integral 6' X 20' triple deck screen and conveying system for incorporation into the crushing circuit as the secondary crusher. The crushed and screened product from the crushing circuit (primary impact crusher and secondary cone crusher) will be discharged to a radial stacker and subsequently be fed to the processing plant where it will pass through the primary 4' X 4' mill where it will be slurried and given a rough grind. The material passing 65 mesh (210 microns) will be sent to the Knelson concentrators with the oversize being sent to the secondary 4' x 8' mill for additional closed circuit grinding that is expected to reduce the material to a size of 80% passing 65 mesh. The ground feed will then be pumped through a series of rougher and scavenger Knelson concentrators for final gravity concentration.
Data from the ongoing test-work and the initial processing are being used to develop MetSim models for each mineralized rock type which will be used to determine optimal plant configurations. Because the ball mills and Knelson concentrators are skid mounted and modular, it is possible to change the plant arrangement in only a few hours to optimize plant configuration for various rock types. Freegold has also purchased and installed three portable diesel-fuelled generators that are capable of generating up to 1.4 MW to provide electrical power to the processing plant.
Loan Closing
Freegold is also pleased to report that it has successfully closed its US $1,791,000 convertible loan facility that was reported on May 20, 2008. This loan is collateralized against the bulk sampling process equipment and the privately held land adjacent to the Golden Summit property upon which the equipment sits, carries an interest rate of 4%, and is convertible at the option of the lenders into Freegold common shares at a conversion price of US $1.23/share.
The Qualified Person, Michael P. Gross, M.S., P. Geo., VP Exploration, Freegold Ventures Limited has reviewed and approved the contents of this release.
About Freegold Ventures Limited
Freegold Ventures Limited is a North American exploration and development company with a management team experienced in mine development and production, and that has a proven track-record in transitioning exploration companies into gold producers. The Company is currently 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 recently finalized a 54,700-foot drilling program which has successful identified numerous extensions to the gold mineralization, along with newly identified open-ended areas of molybdenum mineralization. The Company is in the process of generating a new 43-101 resource which will be followed with the commencement of new economic evaluations. Freegold's 40,100-foot drill program in 2007 continued to discovery new high-grade veins and bulk tonnage shear zones on its 93% controlled Golden Summit project outside Fairbanks, Alaska. Over 7 million ounces of gold has historically been recovered from Golden Summit which is situated less than 5 miles to the north of the +7 million ounce Fort Knox Mine. Further evaluation and expansion of the mineralization is currently being undertaken with a combination of closely spaced shallow drilling, deeper, systematic core drilling and on-going bulk sampling program using an on-site gravity-based concentration plant. Drilling in 2008 will also be conducted on the company's 100% controlled Rob property, where the Company has intersected high-grade gold in near surface quartz veins similar in appearance and grade to those being mined at the nearby 5.6 million ounce Pogo, and on the Vinasale property, where the Company has entered into an exploration agreement with option to lease on a 140,000 acre property in Alaska which contains the previously identified Vinasale gold deposit.
On behalf of the Board of Directors
"Steve Manz"
Steve Manz, President and C.E.O.
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. The TSX has neither approved nor disapproved the contents of this news release. CUSIP: 45953B107
For further information
Mark Feeney, Investor Relations, (604) 786-2587, mfeeney@freegoldventures.com
http://biz.yahoo.com/cnw/080613/freegold_goldensummit.html?.v=1
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