Mar. 31, 2011 (Canada NewsWire Group) --

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www.freegoldventures.com

VANCOUVER, March 31 /CNW/ - Freegold Ventures Limited (TSX: FVL, Frankfurt: FR4N)("Freegold") is pleased to report the results of a NI43-101 compliant Mineral Resource estimate recently completed on the Vinasale Gold Project located in southwest Alaska on which Freegold entered into an Exploration Agreement with an Option to Lease the Vinasale Project from Doyon Limited, an Alaskan Native Regional Corporation, in 2007. The resource estimate was completed by Giroux Consultants Ltd. of Vancouver, BC. Canada. Inferred resources are 37.3 million tonnes averaging 1.11 g/t Au for 1,331,000 ounces of gold utilizing a cutoff value of 0.5 grams/tonne (g/t) as a possible open pit cutoff.

A total of 72 drill holes containing 8,711 gold assays have been completed on the project within three areas: the Central, Northeast and South Zones. The highest density of drilling has been completed in the Central Zone where 29 drill holes totaling 6,902 metres were used in estimating the resource for the Central Zone. Gold assays were capped at 22.0 -grams/tonne gold. Composites, 5 metres in length, were used to model the grade continuity using semivariograms. Blocks measuring 10 by 10 by 5 metres were populated using Ordinary Kriging.

To date, mineralization in the Central Zone extends over a strike length of 400 metres and remains open to the north, south and at depth. The 2011 exploration program will include a ground geophysical survey, which is scheduled to commence in mid May and will be followed by a drill program aimed at expanding the known resources.

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 Inferred mineral resource estimate has been prepared in compliance with the standards of NI 43-101.

Mr. Giroux acted as the Qualified Person, as defined in NI 43-101 and is independent of the Company. The NI 43-101 report will be finalized and filed on SEDAR within 45 days of the date of this news release.

ALS Chemex was used to analyze 836 core samples via fire assay analysis for gold plus multi element ICP-AES and ICP-MS analysis using 4 acid digestion for the 2010 Freegold drill program. Quality control entailed insertion of 27 blanks and 74 standards into the sample stream, at the rate of approximately one QA/QC sample every tenth assay, yielding approximately 12% of the total assays. On average all of the reported standard and blank assay values were within an acceptable margin of error.

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, anticipated future financing. 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 uncertainties relating to the availability and timing of such financing and other factors. 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.

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