UBR

Uragold Bay Resources Inc (TSX VENTURE:UBR) is pleased to announce that
shareholders, at the Special Annual Meeting of Shareholders held on June 19,
2012 have approved the proposed consolidation of its common shares. The
consolidation was approved by 81% of the 58,001,921 million shares voted. 


The Board of Directors of the Corporation, at its discretion, has the mandate to
amend the Articles of the Corporation so that the issued and outstanding common
shares of the Corporation be consolidated on the basis of one (1)
post-Consolidation Common Share for every four (4) pre-Consolidation Common
Shares (the "Consolidation Ratio") no later than nine (9) months from the date
of the shareholders' approval.


The Consolidation would currently reduce the Corporation's 168,990,532 issued
and outstanding Common Shares to approximately 42,247,633 Common Shares. The
number and exercise or conversion price of outstanding stock options and
warrants will be proportionately adjusted based upon the Consolidation Ratio. 


Contemporaneously with the consolidation, the company has arranged a
non-brokered private placement for a total placement of up to $250,000.00.
Investors and Directors of the Corporation have already committed $125,000 for
this placement. This will result in sale of up to 3,125,000 units (Units) at a
post consolidation subscription price of $0.08. Each Unit being comprised of 1
common share and 1/2 common share purchase warrant (the Warrants") of the
Company. Each Warrant will entitle the holder thereof to purchase one common
share of the capital stock of the Company at an exercise price of $ 0.10 during
a period of 24 months from the date of closing of the placement. Each share
issued pursuant to the placement will have a mandatory four (4) month holding
period from the date of closing of the placement. The placement is subject to
standard regulatory approvals. 


Proceeds of the placement will be used to finalize the Beauce Placer bulk
sampling permits and more importantly to pay a judgment obtained against the
Corporation of an amount of $75,320 (Judgment, Fees tax and Interest included),
from this amount the Corporation is allowed to claims its expert fees (this
amount is still under contention), in the matter of the Minexco claims versus
Uragold Bay. Had the Corporation not defended itself and won many points in
contention, the total cost (Judgment, tax, fees and interest) that could have
been incurred by the Corporation would have exceeded $600,000.


Other subject from the AGM:

Shareholders have also voted in favor of the election of the directors nominated
in the corporation's circular. However, due to personal matters, Mr Richard
Mimeau, has informed the chairman, the he cannot hold the charge as a director
of the Corporation. Therefore the shareholders elected the remaining five
nominees as directors of the Corporation.


About Uragold Bay Resources Inc.

Uragold Bay Resources is a junior exploration company trading on the TSX Venture
Exchange under the symbol UBR. Uragold holds gold properties in Southern
Quebec's Appalachian belt and also holds the Asbury Graphite Mine property in
the Laurentians of Quebec. The properties benefit from extensive historical
exploration work and from well-established infrastructure thereby helping to
reduce exploration risks. Uragold's business model focuses on developing, a
series of potential small scale low-cost mining operations for their potential
in generating cash flow while simultaneously exploring core properties that hold
the potential for the discovery of blue sky gold deposits like the MacDonald
project.


Shares outstanding: 168,990,532

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