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Gold/Mining/Energy : International Freegold *** Seriously Undervalued??? -- Ignore unavailable to you. Want to Upgrade?

To: Ed Pakstas who wrote (20)	6/3/1998 6:18:00 PM
From: Ed Pakstas	Read Replies (2) \| Respond to of 43

Work programs commence at Fairbanks, Alaska; TSE listing International Freegold Mineral Dev Inc ITF Shares issued 24,061,677 Jun 2 close $0.63 Wed 3 Jun 98 News Release Mr. Harry Barr reports Exploration programs have commenced on the Golden Summit project, 20 paved road miles northeast of Fairbanks, Alaska. Exploration of Golden Summit is financed by Barrick Gold, which has invested a total of $2.5-million in Freegold equity in 1998. Grids have been laid and soil auger sampling programs are under way on the approximately 25 per cent of the 22,000 acre Golden Summit property that has received no detailed geochemical exploration to date. The major component of the 1998 exploration consists of reverse circulation drilling of five currently defined target areas. A total of 12,500 feet of drilling is scheduled for phase 1, with an additional 17,000 feet of follow-up holes in phase 2. Drilling programs at Golden Summit will begin in early June. Drill sites include: Charles Prospect Three phase 1 holes are targeted on a true north style setting in and above the thrust contact between the Chatanika Terrane and the Fairbanks Schist. Gold geochemistry and airborne magnetic signatures are similar to the patterns at the La Teko/Newmont true north 1.3 million ounce deposit along strike to the west. Iowa Three phase 1 holes will be drilled in a Fort Knox style intrusive hosted target in lower plate rocks of the Fairbanks Schist. Limited exposures of altered intrusives sampled at Iowa have a gold bismuth signature similar to Fort Knox, and the prospect's magnetic pattern is suggestive of a possible large mineralized intrusive at depth. Cleary Hill A 1997 drill program designed to verify the continuity of previously mined high grade veins indicated the presence of a bulk tonnage deposit in the footwall of the high grade vein occurrences. The 1998 target area is a major structural intersection, which has produced some of the highest soil geochemical values on Golden Summit. The phase 1 drilling consists of six holes, with ample contingent finances available for follow-up work. Wolf Creek Three initial holes are planned to test for disseminated, intrusive related mineralization on this target, which was defined by multi-element geochemical results. The Wolf Creek intrusive is at a structural intersection of the northeast trending Dolphin/Cleary Hill anomaly and the northwest trending Goose Creek anomaly. Creeks Several large, strong multi-element soild geochemical anomalies are present at Creeks, which appear to be controlled by intersecting structures. The target setting is analogous to the 2.4 million ounce Ryan Lode deposit on Ester Dome. Four holes are planned for the phase 1 program at Creeks. The company is operator of the Golden Summit project. The drilling programs will be supervised by Avalon Development, which has worked closely with Freegold on Golden Summit since 1991, and Barrick will have a full time representative present. Current programs were outlined by a joint Freegold/Barrick technical committee. The budget of $1.336-million (U.S.) ($1.9-million (Canadian)) was financed entirely by equity investment from Barrick, which hold an 18.3 per cent equity interest in Freegold. As of May 19, 1998, shares of the company are now traded on the Toronto Stock Exchange. The trade symbol remains as ITF. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com