FREEGOLD ANNOUNCES THE WITHDRAWAL OF SOUTH32 FROM THE SHORTY CREEK OPTION AGREEMENT

VANCOUVER, BC, Aug. 11, 2022 /CNW/ - Freegold Ventures Limited (TSX: FVL) (OTCQX: FGOVF) (Freegold) announces that South32 Limited (South32) has provided notice of its intention and election not to further fund any further Tranche Payments as defined in, and in terms of, the Option Agreement, and accordingly the Option Agreement has been terminated. Shorty Creek lies approximately 125 road km northwest of Fairbanks, Alaska and 4 kms to the south of the abandoned mining town of Livengood and the all-weather paved Elliott Highway.

The work funded by South32 over the last three years, has provided additional understanding of the mineralization at Shorty Creek with most of the work focused outside of the Hill 1835 target area, where Freegold previously focused its attention. The Hill 1835 area covers a 1,000 metre by 1,500 metre target area with copper mineralization associated with the magnetic high. Additional work by Freegold is expected to focus on the geochemical anomalies, with coincident magnetic highs located throughout the project area as well as additional follow-up in the Hill 1835 Area.

The Qualified Person for this release is Alvin Jackson, PGeo – Vice President of Exploration and Development for Freegold.

About Freegold Ventures Limited
Freegold is a TSX-listed company focused on exploration in Alaska and holds through leases the Golden Summit Gold Project near Fairbanks where a significant drill program remains ongoing as well as the Shorty Creek Copper-Gold Project near Livengood.

Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs, potential mineralization and resources, exploration results, the completion of an updated NI 43-101 technical report, and any other future plans. 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. See Freegold's Annual Information Form for the year ended December 31st, 2021 filed under Freegold's profile at www.sedar.com for a detailed discussion of the risk factors associated with Freegold's operations.  On January 30, 2020, the World Health Organization declared the COVID-19 outbreak a global health emergency. Reactions to the spread of COVID-19 continue to lead to, among other things, significant restrictions on travel, business closures, quarantines, and a general reduction in economic activity. While there has been a reduction in these effects in recent months, the continuation and/or re-introduction of significant restrictions, business disruptions, and related financial impact, and the duration of any such disruptions, cannot be reasonably estimated at this time. The risks to Freegold of such public health crises also include risks to employee health and safety and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak. Such public health crises, as well as global geopolitical crises, can result in volatility and disruptions in the supply and demand for various products and services, global supply chains, and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect interest rates, credit ratings, credit risk, and inflation. As a result of the COVID-19 outbreak, Freegold has implemented a COVID management program and established a full-service Camp at Golden Summit in order to attempt to mitigate risks to its employees, contractors, and community. While the extent to which COVID-19 may impact Freegold is uncertain, it is possible that COVID-19 may have a material adverse effect on Freegold's business, results of operations, and financial condition.

SOURCE Freegold Ventures Limited

Kristina Walcott, President and CEO, Telephone: [phone], [email protected]