FREEGOLD VENTURES LIMITED First Diamond Drill Hole at Grew Creek Assays 6.79 gm/t GOLD Over 17.5 Metres - 2nd Drill to Commence by End of Week

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FREEGOLD VENTURES LIMITED announces initial results from diamond drill hole GC-04-225. Assay results for the first drill hole have been received from 34.75 to 129 metres.

FREEGOLD VENTURES LIMITED http://www.freegoldventures.com (TSX: ITF) announces initial results from diamond drill hole GC-04-225. Assay results for the first drill hole have been received from 34.75 to 129 metres.

The stockwork zone averages 2.25 gm/t gold over the 90.5 metre (297 ft) interval from 37.5 m to 128 metres. The assay results from the final 20 sample intervals of GC-04-225 along with 112 samples from GC-04-226 are pending.

A continuous quartz-adularia vein stockwork was intersected through the interval. The most intense stockwork interval of 17.5 m (57.42 ft) from 91.5 to 109 metres has an average grade of 6.79 gm/t gold. Within the interval strongly veined sections assayed 14.38 g/t gold over 2.0 metres (6.56 ft) and 17.77 g/t over 2.3 metres (7.55 ft). The reported intervals are not true width.

Distinctive pink adularia with a quartz vein between 90.7 metres -- 92.7 metres averaging 14.38 g/t gold correlates to a high grade zone intersected in previous drill holes. The current drill program is aimed at determining the most favourable orientation of veining. The core angles on the veins and relative location of the quartz-pink adularia intersections are consistent with the newly interpreted north trending steeply dipping high grade vein system.

A $500,000 program is currently in progress on the Grew Creek Project. The program is 100% funded by Freegold. Drilling is slated to continue through December 15th, with a second drill to commence by the end of this week.

The Grew Creek Project is located 35 km west of the town of Ross River and one kilometre from the Robert Campbell Highway and the Whitehorse power grid. Robert Stroshein, P.Eng is the Qualified Person, as defined by National Instrument 43-101. Assays were carried out by ALS Chemex.

About Freegold Ventures Limited

Freegold Ventures is a gold exploration company. Freegold holds the Golden Summit Project, an advanced stage exploration gold project northeast of Fairbanks, Alaska. To "SEE" the Freegold Ventures story go to: http://www.freegoldventures.com/s/Interviews.asp?ReportID=90012&_Type=Interviews&_Title=Business-Television-Features-Freegold-Ventures-Limited. To read a recent article in Prospecting and MINING JOURNAL go to:

http://www.freegoldventures.com/i/pdf/ICMJ_Freegold_oct2004.pdf. Golden Summit lies 5 miles north of the current producing Fort Knox Mine, Alaska's largest gold producer. Mid Tier gold producer Meridian Gold has recently entered into a JV on the Golden Summit Project. Freegold is the Project Operator.

Freegold also holds the Rob Project in the highly prospective Tintina Gold Belt in the Fairbanks Mining District. The Tintina gold belt has emerged as one of North America's most important gold districts and hosts a number of gold deposits throughout the Yukon and Central Alaska, most notably the Fort Knox, Pogo and Brewery Creek deposits. Freegold has recently entered into an option/joint venture on the Rainbow Hill Gold Project, Alaska. In addition to its Alaskan gold projects Freegold holds the Union Bay PGE project, a joint venture with Pacific North West Capital Corp, and Lonmin PLC, the world's third largest primary underground producer of platinum group metals. To read a recent article in Bull and Bear go to: http://www.thebullandbear.com/bb-reporter/bbfr-archive/Freegold.html

To learn more about the exploration and mining activities for Harry Barr publicly traded companies go to: http://www.goldplatinumgroup.com

On behalf of the Board of Directors

"Harry Barr"

Harry Barr, Chairman

For more information, contact:

Investor Relations

Toll Free 1.800.667.1870

Facsimile: 604.685.8045

2303 West 41st Avenue, Vancouver, BC,V6M 2A3

The Toronto Stock Exchange has neither approved nor disapproved the contents of this news release. CUSIP: 356455 10 5-Reg# 82-1225

Disclaimer

This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the Toronto Stock Exchange, British Columbia Securities Commission and the United States Securities & Exchange Commission.

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