UBR

Editors Note: There is an image associated with this press release.

Uragold Bay Resources Inc. ("Uragold") (TSX VENTURE:UBR), is pleased to announce
preliminary results of geophysical surveys completed this last winter by INRS
(Institut National de la Recherche Scientifique).


The surveys completed included Geoelectrical Tomography and Induced Polarization
(IP) on 11 cross sections at 100 metre intervals over the historical placer gold
channel on the Rang Chaussegros claims of Uragold's Beauce Placer Gold property
located in the municipality of Saint-Simon-les-Mines in the Beauce region of
southern Quebec. 


The geoelectrical tomography and frequency domain electromagnetic surveys reveal
the variability of the quaternary overburden and detail the stratification of
the placer deposit. This data allows Uragold to identify areas of undisturbed
overburden over the historical placer channel not mined by the Beauce Place
Company's 1960s dredging operation. 


The Induced Polarization (IP) data reveals a strong conductive anomaly (+60
msec) of the bedrock below the auriferous basal till. This anomaly could
correspond to a mineralization of volcaniclastics dacitic rhyolitics encased in
an assemblage of vertical shale units of the Beauceville Formation.  


Note that, as previously reported, the sedimentological observations and
characteristics of the gold grains extracted from the basal till unit suggest a
close proximity to a bedrock source. 


Mr. Marc Richer-LaFleche, Ph.D (Geo), is a Qualified Person as defined by
National Instrument 43-101, supervised the preparation of the information in
this news release. 


Patrick Levasseur, president and COO of Uragold stated. 

"The result of the Tomography combined with our Sonic Drill data confirms that
large sections of the historical placer gold deposit was not mined in the 1960s,
and this is another positive step in the development of the Corporation Beauce
Placer project. 


Furthermore, we are very excited about the vertical drop of the IP anomaly from
the top of bedrock because it strengthens our model of a local hardrock source
of the auriferous till found on the property."


About the INRS 

INRS is a university dedicated to fundamental and applied research, graduate
studies and the training of researchers in its four research Centres in Quebec
City, Laval, Montreal and Varennes. Part of the Universite du Quebec network,
INRS University ranks first in Canada in terms of research intensity (funding
per faculty member). Located in Quebec City, the INRS Eau Terre Environnement
Research Centre is a world class research facility that brings together 40
professors, over 200 graduate and postgraduate students, and about 20
postdoctoral researchers. 


Non-Brokered Private Placement

Uragold announces its intention to complete a non-brokered private placement
("The Placement") of up to an aggregate of 5,850,000 units ("Unit") at $0.06 per
Unit for gross proceeds of up to $351,000. Each Unit being comprised of 1 common
share and 1 common share purchase warrant ("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.


It is possible that certain insiders of the Company will be participating for
greater than 25% of the Private Placement. The net proceeds from the Private
Placement will be used primarily for the Beauce Gold project, exploration
activities plus general working capital.


Debt Settlement

The Directors of the Company have agreed to settle a $5,000.00 debt for services
rendered by a supplier by issuing 100,000 units ("Unit") at $0.05 per Unit, each
Unit being comprised of 1 common share and 1 common share purchase warrant
("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 36 months from the date of the settlement. 


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 focuses on developing small scale
low-cost mining operations for their cash flow generating potential while
simultaneously exploring core properties that hold the potential for the
discovery of blue sky gold deposits like the MacDonald project. Uragold's Beauce
Placer Gold project is in its final permitting stage for a 20 years mining lease
placer gold mining operation. It will be Quebec's first placer mining operation
in 50 years.


Excerpt of an induced polarization (IP) data line, which clearly demonstrates
the presence of the strong chargeability anomaly below the auriferous basal till
(Quaternary deposits):
http://www.marketwire.com/library/20130523-Placer_Beauce_ENG_800.jpg


Shares outstanding: 48,089,743

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


Patrick Levasseur
President and COO
(514) 846-3271
www.uragold.com

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