FREEGOLD ANNOUNCES SHARE CONSOLIDATION EFFECTIVE DATE AND NEW TRADING SYMBOL

VANCOUVER, Aug. 27 /CNW/ - Freegold Ventures Limited ("Freegold" or the "Company") (TSX: ITF) announces today that the Company's share consolidation (the "consolidation") is effective as of August 27th, 2010.

Shareholders decided at the meeting held on July 15th, 2010 to authorize the Board to give effect to the consolidation (reverse stock split) of common shares on a 6:1 basis.

The consolidation will be effective for trading purposes on the TSX Exchange on or about August 31st, 2010 and the common shares will trade under a new trading symbol: TSX-FVL.

Following the consolidation, the total issued and outstanding common shares of the Company will be approximately 16,858,884.

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 Western Standard and Freegold (the "Companies") to complete the Amalgamation and exploration plans for the Companies' 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 and the possibility that the Companies will not be able to negotiate a definitive agreement with respect to the Amalgamation, that they will not receive necessary regulatory and shareholder approvals and that other conditions to the completion of the amalgamation may not be satisfied. 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 Companies. 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 Companies believe that the expectations reflected in such forward-looking statements and information are reasonable, the Companies 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 Companies 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 Companies' 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 Companies undertake no obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.

For further information: Freegold Ventures Limited: 507 - 1540 West 2nd Avenue, Vancouver, BC, V6J 1H2, Telephone: [phone], Facsimile: 604.662.3791