GNH Golden Hope Mines Limited

Uragold Bay Resources Inc. ("Uragold") (TSX VENTURE:UBR), is pleased to announce
that it has signed a Letter of Intent ("LOI") with Golden Hope Mines ("GNH")
(TSX VENTURE:GNH) granting Uragold the sole and exclusive option to earn a 50%
(fifty percent) undivided interest in the Bellechasse-Timmins ("B-T") Gold
Deposit. Uragold can earn its interest by advancing the B-T Gold Deposit project
up to a small-scale (2,000 MT/day) surface mine. GNH's B-T property is located
in the Beauce region of southeastern Quebec, 50 km north east of Uragold's
Beauce Placer Gold project.


In August 2012, GNH published an uncapped resource estimate of an indicated
resource of 313,900 ounces gold (2.9 million tonnes grading 3.36 g/t Au) and an
inferred resource of 102,000 ounces gold (2.17 million tonnes grading 1.46 g/t
Au) using a cut-off grade of 0.60 g/t. 


Furthermore, GNH's many bulk-sampling campaigns revealed extensive areas of
surface mineralization averaging approximately 3 g/t Au. Notable were sampled
areas averaging up to 10 g/t Au (Trench 09A).


Uragold strongly believes that, similar to its Beauce Placer project, it is
possible to develop a small-scale (2,000 MT/day) surface gold mining operation
on the B-T property. Developing in parallel the B-T property and the Beauce
Placer property will benefit both companies by providing greater geological and
operational synergies such as cost savings. 


The B-T property and the Beauce Placer property have many points in commons, key
among them is the fact that the deposits are located in the Magog Group
geological formation and they are both "nuggety" type deposits. 


Under the terms of the LOI, Uragold will be responsible for obtaining all
required permits, approvals, and documentation associated with going into
production, in return for a 30% interest in the property. Uragold will then have
120 days to obtain project financing, which, if successful, will earn it a
further 20% interest, giving Uragold a 50% interest in the B-T deposit. The
companies will then form a Joint Venture (JV) for the operation of the mine,
with Uragold serving as operator. GNH will have a carried interest into
production, and will receive a 50% Net Proceeds Royalty ("NPR") on the gold
produced. (A feasibility study has not been completed and there is no certainty
the proposed operation will be economically viable.) 


The salient points of the LOI are:

Uragold can earn up to a 30% undivided interest in the B-T Deposit by
performing, completing and delivering the following work and documentation
within 18 months of the signing:




--  $100,000 paid to GNH within 6 months of the date of the signing of the
    LOI in three equal tranches. The first tranche of $33,000 was paid upon
    the signing of the LOI; 
--  A review of the previously published NI 43-101 Resource Estimate for
    gold at Bellechasse-Timmins in Southeastern Quebec by a qualified
    person(s) or firm of qualified persons as defined by NI 43-101 Standards
    for Disclosure for Mineral Project; 
--  Uragold will mandate a Qualified Mining Engineering Firm for a
    Preliminary Economic Assessment ("PEA") with respect to the production
    of the gold deposit including CAPEX, OPEX, IRR, NPV, Mining Plan,
    Geotechnical Assessment of pit, overburden stockpiles and tailings,
    etc.; 
--  An Environmental Audit in accordance with Directive 19, Article 22 of
    the "Loi sure la qualite de l'environnement" by an independent qualified
    consultant, which shall include a study of the property and the
    environmental impact of mining activities; 
--  A Certificate of Authorization ("CA") from the municipality of Saint
    Magloire. 
--  A Certificate of Authorization ("CA") from the "Ministere de
    l'environnement" for the permitting of a small scale gold production of
    2,000 metric tons of material per day. 
--  A Land Survey by a qualified Surveyor ("Arpenteurs Geometres"), which
    will be filed for approval with the "Bureau de l'Arpenteur General du
    Quebec." 
--  A Mining Lease from the "Ministere de Resources Naturelles et de la
    Faune du Quebec ("MRNF")" for the operation of a gold mine; and, 
--  A Reclamation and Restoration Plan approved by MRNF 



Uragold shall bear all the costs associated with the work listed above.

Uragold may also earn an additional 20% undivided interest (for a total of 50%)
if it provides all of the required financing to fund the start of production of
the B-T Gold Deposit as set out in and according to the Preliminary Economic
Assessment Plan not later than 120 days after the successful completion and
issuance of the initial 30% interest. 


This transaction will be binding upon:



1.  The approval of the Board of Directors of both GNH and UBR; (Obtained) 
2.  The reception of the first tranche of $33,000; (Done) 
3.  All required regulatory approvals. (Pending) 
4.  The signing of a definitive agreement within 45 days. (Pending) 



Patrick Levasseur Uragold President and COO remarks: "We are extremely pleased
that our offer was chosen by GNH and that we will become a partner in the
development of the Bellechasse-Timmins gold deposit. We look forward to working
with GNH who has done a fantastic job and are pioneers in the exploration and
the discovery gold in the Beauce region of Quebec." 


Frank Candido, CEO and President of GNH, remarked, "We are very pleased with
this Letter of Intent entered into by two companies with an equally vested
interest in gold exploration in Southeastern Quebec. GNH has been entertaining
potential offers to move towards production since the publication of its first
resource estimate in mid 2012. We believe that the nature of the gold deposit,
the location of the property, the support from the municipality of
Saint-Magloire, Quebec and the local infrastructure all make for an excellent
opportunity to bring profitable gold production back to Southeastern Quebec. Our
excellent relationship with the UBR Management has always been cordial and we
have always looked to work together to advance our common interests. This Letter
of Intent and Joint Venture Agreement is simply an extension of that
co-operation." 


Mr. Vivian Stuart-Williams, SACNASPS, working under Special Authorization #290
of the Quebec Order of Geologist, is a Qualified Person as defined by National
Instrument 43-101 that supervised the preparation of the information in this
news release.


Other Corporate development: 

The Company announces that Mr. Vivian Stuart-Williams is resigning from the
Board of Directors effective February 24, 2014. By resigning and immediately
relinquishing his options and all financial interest in the Company, Mr.
Stuart-Williams will now only be acting as an independent Qualified Person for
the Corporation, as defined by NI 43-101 Standards for Disclosure for Mineral
Project. While we will miss Mr. Stuart-Williams insight and advice on the Board,
we are excited to have Mr. Stuart-Williams becoming an independent consultant
for the Corporation. 


Uragold would like to remind investors that it will be an exhibitor at the 2014
PDAC (Prospectors & Developers Association of Canada) convention and trade show
held in Toronto, Ontario from March 2 to 5. Uragold welcomes everyone to come
and meet the management.


About Uragold Bay Resources Inc. 

Uragold Bay Resources is a junior exploration company trading on the TSX Venture
under the symbol UBR. Uragold holds gold properties in Southern Quebec's
Appalachian belt. Uragold's business model is focused on the development of
small-scale gold exploration projects into mines in order to generate free cash
flow to internally finance growth and blues sky exploration. 


Uragold aims to become one of the rare cash flow generating mining S.M.E.'s in
the next 12 - 18 months by developing Quebec's first placer mine in 50 years,
the Beauce Placer Project and by developing, in partnership with Golden Hope
Mines, the Bellechasse-Timmins Gold Deposit.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. 


Shares outstanding: 54,039,743 

FOR FURTHER INFORMATION PLEASE CONTACT: 
Uragold Bay Resources Inc.
Bernard J. Tourillon
Chairman and CEO
(514) 846-3271


Uragold Bay Resources Inc.
Patrick Levasseur
President and COO
(514) 846-3271
www.uragold.com

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