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Gold/Mining/Energy : Int'l Freegold Mineral Development Inc./ITF/VSE
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To: CLK who wrote (178)10/1/1997 12:17:00 PM
From: Robert Douglas Hickey   of 298
 
The Colour of Fall is Gold.

During the past summer, Freegold drifted slowly downward, as the market saw and heard little from the company and perceived a lack of development.

$750,000 was spent on prospecting and geochemical exploration of areas of the Golden Summit Project that had little information available. The market expected a summer drill program from an Alaskan property, and thus the activity generated no interest. Freegold's strategy was to build the project's database and create a broad overview. The result was the generation of several new gold anomalies, bringing the total of undrilled targets to seven. One of the new targets is currently being trenched to provide greater understanding of a very intriguing surface expression.

Freegold is currently planning a 20,000 ft drilling program scheduled to begin in mid-October. Preliminary indications are that three targets will be drilled, areas of the project located in permafrost that can't be drilled in the summer.

Freegold's other main project, the Almaden Gold Project in Idaho, will be in stasis until next spring. Having completed the feasiblity study and received a 60% interest in the project, Freegold is now in a 60/40 joint venture with Ican Minerals. I anticipate that 1998 development will include initiating the permitting process and drill exploration to add new ounces to the reserves of the Alamaden.

This week, Freegold's price and volume has improved, and I think that a trend back into gold stocks over the next few weeks would be timed very well for the company. Stay tuned for press releases regarding the drill program and the trenching results over the next few weeks.

Robert Douglas Hickey
Manager, Investor Relations
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