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Drilling Underway at Golden Summit, Alaska


VANCOUVER, March 17 /CNW/ - Freegold Ventures Limited (TSX: FVL
Frankfurt: FR4N)("Freegold") is pleased to announce that it has closed a non-brokered private
placement of 4,583,331 ("Units"), priced @ $0.48 per Unit. Each unit
will consist of one common share (a "Share") and one common share
purchase warrant (a 'Warrant"). Each Warrant will entitle the holder
to acquire an additional Share at a price of $0.59 for a period of one
year from the date of closing and at a price of $0.65 between one year
and two years from closing. Insiders subscribed for 403,750 units. A
finder's fee of 6% will be paid on a portion of the placement. The
foregoing is subject to regulatory approval. The securities issued will
be subject to resale restrictions until July 17, 2011.


Further to its January 28th, 2011 news release Freegold is also pleased to announce that it
commenced drilling on its Golden Summit Project, Alaska. A 5,000 metre
program commenced in late February and is aimed at additional resource
delineation on the project. A total of 20 holes are planned in this
current program. Drilling during this Phase 1 program will focus on
the Dolphin Zone which is located in the western portion of the
property package. During the summer of 2010 Freegold undertook a small
ground geophysical (induced polarization) survey mainly in the Dolphin
area. The results of the geophysical program as well as historical
drill results were used to define the drill targets for this program. A
NI 43-101 resource calculation is currently underway for the Dolphin
zone




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.


This press release contains forward-looking information. This
forward-looking information includes, or may be based upon, estimates,
forecasts, and statements as to management's expectations with respect
to, among other things, the delineation of additional resources at the
Golden Summit Project.. Forward-looking information is based on the
opinions and estimates of management at the date the information is
given, and is subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ materially
from those projected in the forward-looking information. These factors
include the inherent risks involved in the exploration and development
of mineral properties and other factors. Readers are cautioned to not
place undue reliance on forward-looking information because it is
possible that predictions, forecasts, projections and other forms of
forward-looking information will not be achieved by the Company. The
forward-looking information contained herein is given as of the date
hereof and the Company assumes no responsibility to update or revise
such information to reflect new events or circumstances, except as
required by law.




For further information:

Kristina Walcott-President and CEO Telephone: 1.604.662.7307 [email protected]