Freegold Receives Shareholder Approval for Warrant Issuance in connection
with its $2.99 million financing

VANCOUVER, Nov. 3 /CNW/ - Freegold Ventures Limited (TSX: FVL Frankfurt: FR4N)("Freegold") is pleased to announce it has received shareholder approval for the issuance of the 8,875,758 warrants in connection with its recent non-brokered $2.99 million financing.   The Company wishes to thank its Shareholders for their support. 

With the completion of this financing the Company is planning active exploration on its portfolio of Alaskan based projects. Near term plans include the preparation of a 43-101 compliant resource on its Vinasale project.  In addition the Company plans to undertake drilling on its Golden Summit project during Q1 of 2011.

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.

For further information:

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