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Gold/Mining/Energy : Int'l Freegold Mineral Development Inc./ITF/VSE -- Ignore unavailable to you. Want to Upgrade?

To: Just G who wrote (279)	7/14/2000 9:33:35 AM
From: Buckey	Read Replies (2) \| Respond to of 298

From: Intl. Freegold Mineral Development Inc. (ITF) augoldgroup.com mailto:info@augoldgroup.com --------------------------------------------------------------------------- Re: News Release - Thursday, July 13, 2000 International Freegold Acquires Second Alaskan Platinum - Palladium Property - Union Bay Project =========================================================================== International Freegold Mineral Development Inc. (Freegold), announces that is has acquired an additional Platinum Group Metal (PGM) project in Alaska. Over the past few months Avalon Development Freegold's prime geological consultants have been conducting a comprehensive analysis of PGM projects in Alaska and recommended the acquisition of the Union Bay prospect which consists of 105 unpatented Federal lode mining claims covering 2,100 acres in south eastern Alaska. The Union Bay prospect is located near tidewater on the Cleveland Peninsula of mainland Southeast Alaska approximately 35 miles northwest of Ketchikan. The Union Bay prospect is composed of a zoned ultramafic - mafic complex which ranges from dunite in the core on the southeastern side of the complex through wehrlite and magnetite-bearing olivine clinopyroxenite to hornblendite and gabbro on the margins. Previous mapping suggests the Union Bay complex is a pipe and lopolith complex. Highly anomalous platinum (Pt) and palladium (Pd) values have been detected from sampling conducted by the U.S. Geological Survey and the U.S. Bureau of Mines in the 1970's through 1995. Samples collected by these agencies contained values up to 1,600 ppb Pt and 400 ppb Pd along with anomalous Chromium (Cr), Nickel (Ni) and Copper (Cu). Heavy mineral concentrates from streams draining the complex returned values up to 19.7 ppm Pt and 4.9 ppm Au. PGE minerals identified include PtFe (Platinum Iron) alloy, osmium, osmiridium and hollingworthite (RhAsS). Reconnaissance exploration is expected to begin in mid-July. A base camp will be established on the property to facilitate exploration. Work will focus on geological mapping, reconnaissance rock sampling, heavy mineral concentrate sampling and reconnaissance soil sampling. A Phase I summer exploration program is underway on the previously acquired Tonsina PGM prospect in southcentral Alaska (see news release dated April 26, 2000). Freegold staked 5,600 acres and acquired an additional 36 square miles through an option agreement with Ahtna Minerals Inc., a subsidiary of one of Alaska's 13 regional Native corporations. Field work will concentrate on defining the extent of PGM mineralization in the vicinity of previous sampling by various workers which returned significant Pt and Pd values including 8.9 gpt Pt + 11.9 gpt Pd, 4.5 gpt Pt + 4.6 gpt Pd and 2.4 gpt Pt + 2.1 gpt Pd. Freegold also wishes to announce that Michael Philpot resigned as a director of Freegold effective June 6th, 2000. The Management and Directors of Freegold would like to thank Mr. Philpot for his contributions to the Company over the past few years. Freegold is a diversified precious metal company focusing on acquiring and developing platinum, palladium, rhodium and gold projects in North America. Freegold has recently acquired eight PGM properties in the Sudbury Mining District in Ontario (May 15th, 2000 news release) and has working capital and securities of $1,200,000 and no debt. Freegold is listed both on The Toronto Stock Exchange and The Canadian Venture Exchange, and has received 20F clearance in the United States. On behalf of the Board of Directors Harry Barr, Chairman & CEO Investor Relations: 1-800-667-1870