UBR

Uragold (the "Company""UBR") (TSX VENTURE:UBR), is pleased to announce that it
has entered into a non-binding Term Sheet ("Term Sheet") with Bolero Resources
Corp. (TSX VENTURE:BRU) to negotiate a Definitive Agreement (the "Agreement")
for the purchase of the Asbury mining claims, currently held by Uragold.


Under the terms of the agreement, Bolero is required to make an initial
contribution of $30,000 CDN to UBR and a second cash payment of $70,000 CDN
within thirty days of the signed term sheet. Upon closing of the transaction
Bolero will make a further payment of $200,000 CDN and pay a yearly royalty of
.75% on the net production cost for a period of 10 years after the start of
production.


Bolero and UBR will enter into a definitive written Agreement for the
acquisition of the Asbury mining claims assets held by UBR. As consideration for
the transfer and sale of the Claims and related assets, Bolero at the closing
will issue an amount of Bolero shares equal to 5,000,000 common shares.


Patrick Levasseur, president and COO of Uragold stated. "Combining UBR's Asbury
Graphite property with Bolero's world class Graphite properties, technical team
and management, represent an outstanding opportunity. Bolero is doing all the
right steps to become a major graphite player. This transaction generates
significant value to Uragold's shareholders while allowing us to focus our on
developing our gold projects." 


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. 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: 42,247,633

Uragold Bay Resources Inc. (TSXV:UBR)
Historical Stock Chart
From Jun 2024 to Jul 2024

Uragold Bay Resources Inc. (TSXV:UBR)
Historical Stock Chart
From Jul 2023 to Jul 2024