April 5, 2010 (Vancouver, British Columbia), Freegold Ventures Limited (“Freegold”), (TSX: ITF) and Western Standard Metals Ltd. (“Western Standard”), (TSX-V: WSM) (the “Companies) wish to announce that further to a February 17, 2010 news release, the Companies are deferring the amalgamation of the companies and Management of both Companies will concentrate on building value for their shareholders by focusing on the exploration and development work programs on their respective and joint projects for the upcoming field season. Both Companies will continue amalgamation discussions in order to consolidate their projects.
Freegold is also pleased to announce that Alvin Jackson, Chairman and C.E.O. of Western Standard, has joined the Board of Directors of Freegold. The Board of Freegold welcomes Mr. Jackson to the Board and looks forward to his valuable input on the advancement of its projects.
Western Standard announces that Mr. Zahir Dhanani, a Vancouver based businessman and entrepreneur, has joined its Board of Directors. Mr. Dhanani has been involved in financing numerous mining companies and will bring a wealth of experience in helping Western Standard develop its corporate objectives.
About Freegold Ventures Limited
Freegold is a TSX listed company focused on the exploration of gold projects in Alaska. In addition to the Golden Summit Gold Project, the company holds a 100% in lease interest in the Rob Gold Project, near the Pogo Gold Mine in the Goodpaster Mining District of Alaska and has an exploration agreement with option to lease the Vinasale Gold project in central Alaska.
About Western Standard Metals Ltd.
Western Standard Metals Ltd. is a Canadian based company, listed on the TSX Venture Exchange, with a focus on acquisition, exploration and development of gold properties in North America. Western Standard holds a 100% interest in the Almaden Gold Project and the Crane Creek Gold Project in Idaho, United States. Western Standard has optioned from Freegold the right to acquire a 50% interest in each of the Golden Summit and the Vinasale gold projects in Alaska.
|FREEGOLD VENTURES LIMITED||WESTERN STANDARD METALS LTD|
Chief Executive Officer
507 – 1540 West 2nd Avenue
Vancouver, BC V6J 1H2
Tel : 604.662.7307 Fax : 604.662.3791
|“Alvin Jackson, P.Geo”|
Chairman and CEO
Box 10351, 888-700 West Georgia Street
Vancouver, , BC, V7Y 1G5
Tel: (604) 718-5454 Fax: (604) 646-2054
DISCLAIMER - This press release contains “forward-looking information” within the meaning of Canadian securities laws including, without limitation, statements and information regarding the Company’s exploration operations and financing needs. Such forward-looking information reflects the current expectations or beliefs of the Company. Forward-looking information is subject to a number of risks, assumptions and uncertainties that may cause the actual results of the Company to differ materially from those discussed herein, including the possibility that future exploration results will not be consistent with the Company’s expectations, the uncertainties involved in interpreting exploration results, other inherent risks in the mineral exploration and development industry and the possibility that the loan facilities will not be completed or completed on terms not currently contemplated by the Company. Readers are cautioned not to place undue reliance on forward-looking information because it is possible that expectations, predictions, forecasts, projections and other form of forward-looking information will not be achieved by the Company. A change in any one of these factors could cause actual events or results to differ materially from those projected in the forward-looking information. Although the Company believes that the expectations reflected in such forward-looking statements and information are reasonable, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements and information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements or information. The forward-looking statements and information are based on a number of assumptions which may prove to be incorrect. In addition to other assumptions identified herein, the Company has made assumptions regarding, among other things, the ability to conduct exploration activities in a timely manner and in accordance with the Company’s drilling program, the availability and costs of financing, the degree of risk that credit approvals may be delayed or withheld, and other risks and uncertainties described elsewhere in this document or in the Company’s other filings with Canadian securities authorities. Such forward-looking information speaks only as of the date on which it is made and, unless required by applicable securities laws, the Company undertakes no obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. CUSIP: 45953B107
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