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TO$750,000 First Phase Exploration Program Completed
International Freegold Mineral Development Inc is pleased to report that the first phase of the 1997
Golden Summit exploration program has been completed. This $750,000 program was comprised of
geological mapping and prospecting, particularly in areas of numerous old gold showings,
reconnaissance scale soil auger grid sampling over substantial areas of the property, and the
completion of four diamond drill holes designed to test the depth extension of the high grade Cleary
Hill Mine gold shear system. Data from these programs is now being assembled and interpreted with
the objective of recommending the 1997 phase two program slated to begin in October.
The mapping and sampling program, which included the examination of more than 70 known gold
occurences, has delineated new gold exploration targets in the Kokomo, Chatham, and Walnut
Creek basins. More than 1400 soil auger samples were collected during the program, most in the
northern and eastern areas of the property where no previous sampling had been done. Significant
gold anomalies with sample values as high as 1000 ppb (0.03 opt) have been delineated in the
Northern Extension, Coffee Dome, and Creeks areas. Preliminary analysis of the geochemical
results indicate previously unknown northeast and northwest trending structures which extend for
6000 ft or more. Additional soil grids remain to be completed in the Kokomo, Cleary Hill, and
Chathan zones.
Core drilling at the Cleary Hill Mine has confirmed high grade (over 0.5 oz/ton gold) values previously
noted from reverse circulation holes drilled in 1996 beneath the Banker's Stope and Rhodes Hall
blocks. The 1997 program also indicated that the rock sequence in the footwall of the high grade
shear hosts substantial low grade (0.02 - 0.04 oz/ton gold) mineralization over considerable widths
which may have bulk tonnage mining potential. Significant Intercepts 1997 Cleary Hill Core Drilling
Hole # From To Thickness (ft) Grade (opt. Au)
CH97-1 60 61 1 0.292
CH97-1 161 177 16 0.022
CH97-3 213 216 3 0.985
CH97-3 278 440 162 0.024
including 317 330 13 0.082
and 347 352 5 0.107
and 355 387 22 0.032
and 425 437 12 0.035
CH97-4 446 546 100 0.039
including 446 477 31 0.028
and 477 481 4 1.480
and 482 546 64 0.029
Cleary Hill's potential is now being evaluated, and a soil grid is planned to cover the projected
outcrop of this mineralization in order to gauges its' strike length and width.
In May of 1997, Barrick Gold Corporation and Freegold entered into a staged $10 million equity
investment agreement, with funds to be directed to Golden Summit exploration and development.
Representatives from Freegold and Barrick are currently reviewing the results of the recent phase
one program with the objectives of completing the remaining soil auger grids and prioritizing reverse
circulation drilling targets for the 20,000 ft drill program planned for later this year. This second phase
program is budgeted at $750,000.
For further information: Call Investor Relations at 1-800-667-1870 or visit us at www.augoldgroup.com
On behalf of the Board of Directors,
Harry Barr, President
E-mail: goldgroup@info-mine.com
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