FREEGOLD VENTURES - higher volumes in Germany -
Note.
Ex.
FREEGOLD VENTURES (FR4.F) -
finance.yahoo.com
Volume: 244,319
FREEGOLD VENTURES (FR4.MU) -
finance.yahoo.com
Volume: 163,798
FREEGOLD VENTURES (FR4.DE) -
finance.yahoo.com
Volume: 23,260
Gold demands higher in Germany -
they don't trust the fiatz -
Gold the only Real Money -
Well, some Gold investor in Canada knows -
Mr. McEwen is subscribing for 4.5 million units for proceeds
of C$ 5,175,000, and Sprott Asset Management, as portfolio
manager for various Sprott funds has subscribed for 900,000
units for proceeds of C$ 1,035,000.
Each unit is comprised of one common share of the Company
and one-half of one common share purchase warrant.
Each whole warrant entitles the holder to acquire one common
share for C$ 1.60 for a term of two years from the date
of closing.
In addition, the Company will be issuing an additional 100,000
units on a non-brokered basis bringing the total placement
to 5.5 million units with total proceeds of
C$ 6.325 million.
No finder's fee or commissions are being paid in connection
with any of these financings.
Upon completion of the placement, Mr. McEwen will own 8.2%
of the Company's issued shares.
Sprott Asset Management, currently the largest shareholder
of the Company, will be increasing its stake in the Company
after completion of the placement from 9.9% to 10.5%.
Rob McEwen is Chairman and CEO of US Gold
(AMEX & TSX: UXG) and Lexam Explorations (TSX: LEX) and
was the founder and former Chairman and CEO of Goldcorp,
which is the world's lowest cost million ounce gold producer.
He has been honored with such awards as the Northern Miner's
Man of the Year Award, the Prospectors and
Developers Association of Canada's Developer of the Year award,
the Ernst & Young's Ontario Entrepreneur of the Year Award
in the Energy Category and was most recently recognized
as Canada's most innovative C.E.O. by Canadian Business
Magazine.
Proceeds of this financing will be used to continue to fund
the on-going resource expansion drilling and economic
evaluations at the Almaden Project in Idaho, to fund
the ongoing shallow and subsequent deeper drilling programs
at the Golden Summit project in Alaska, to commence new
summer-fall exploration programs on the Vinasale and
Rob projects in Alaska, to fund the continued investigation
of acquisition opportunities, and for general working
capital purposes.
Freegold Ventures Limited is a North American exploration
company with a new management team experienced in mine
development and production that is actively exploring
advanced-stage gold projects in Idaho and Alaska.
Freegold holds a 100% lease interest in the Almaden gold
project in Idaho.
This large tonnage epithermal gold deposit was the subject
of a feasibility study in 1997 calling for the development
of a 95,000 oz/year open pit, heap leach mine.
Freegold is currently finalizing a 34,000-foot drilling
program aimed at further expanding the size of the
resource prior to undertaking new economic evaluations
in 2007.
Drilling at depth and to the north and south of the known
mineralization is continuing to identify new extensions
to the deposit.
Freegold is also discovering new high-grade veins and
bulk tonnage shear zones in its 25,000-foot drill program
at its Golden Summit project outside Fairbanks, Alaska.
A 10,000-ton bulk sample collected in the fall of 2006
was successful in uncovered numerous zones of high-grade
surface gold mineralization. Pending permit completion,
on-site processing of this bulk sample material plus
additional high-grade surface mineralization is expected
to commence in late summer 2007.
Freegold has also recently optioned the Vinasale Gold Deposit
in Alaska, from Doyon, Limited.
Geophysical, mapping and sampling programs will be carried
out on the property in 2007.
On behalf of the Board of Directors
Steve Manz
President and C.E.O.
CONTACT:
Kristina Walcott, VP Corporate Development,
(604) 685-1870,
1-800-667-1870,
jkw@freegoldventures.com
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