Freegold Announces Debt Settlement

/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, Dec. 22, 2017 /CNW/ - Freegold Ventures Limited (TSX: FVL, Frankfurt: FR4N) ("Freegold) is pleased to announce it has concluded a debt settlement agreement to extinguish a long term debt that Company has been carrying on its balance sheet of $778,737.88 Cdn with the issuance of 3,893,689 Freegold shares at deemed price of $0.20 per share. This share issuance represents a very positive move for the Company as it removes a significant debt burden from its balance sheet.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The Company's securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

The TSX has not approved or disapproved of the information contained herein.

SOURCE Freegold Ventures Limited