Uragold Bay Resources Inc.
TSX VENTURE : UBR

Uragold Bay Resources Inc.

March 24, 2010 10:29 ET

Uragold Acquires 100% Interest in the Inverness Gold Property Near Thedford Mines Substantially Increasing its Property Holdings in Southern Quebec's Appalachian Belt

MONTREAL, QUEBEC---(Marketwire - March 24, 2010) - Uragold Bay Resources Inc. (Uragold) (TSX VENTURE:UBR), is pleased to announce it has acquired by map staking 100% interest in the 41 claims Inverness Gold property. The property is located 17 km north west of Thetford Mines, in the Inverness county of Eastern Townships, Quebec, approximately 150 km east of Montreal. The claims encircle Amesco's (TSX VENTURE:AEL) Inverness Property.

The Southern Quebec Appalachian belt situated in the Eastern Townships is presently enjoying a major staking rush. Corporations having staked and worked significant land concessions in the areas over the last year include Golden Hopes Mines Ltd (TSX VENTURE:GNH), Bowmore Exploration/Osisko Mining Corp (TSX VENTURE:BOW)(TSX:OSK), Fancamp Exploration ltd (TSX VENTURE:FNC), Niogold Mining Corp (TSX VENTURE:NOX) and others. The area has a century-long mining history for chromites, asbestos and copper. The region was the site of Canada's first placer gold rush in the 1850s, decades before the Klondike, before being forgotten. Despite the many gold occurrences discovered in volcanic, intrusive and sedimentary rocks, no major bedrock sources were uncovered to account for the placer gold.

Inverness Gold Property

Significant gold-bearing fluvio-glacial deposits characterize the property. A survey carried out in 1985 by the Geological Survey of Canada indicates values up to 100 g/t Au in concentrated heavy minerals (PF 1332). In 1987, the Explorations Rambo Inc. mineral exploration company (internal technical report – August 1987) undertook a geochemical survey of the heavy minerals all along the Bullard river (which cuts through both the Amseco and Uragold's properties). This survey reveals the presence of gold in all the recent alluvia and in the glacial and fluvioglacial deposits. The presence of gold on the property is also confirmed by more recent work carried out by Mr. Jean Bernard in 2003, as part of a project financed by the Fonds d'exploration minière de l'Estrie-Chaudière-Appalaches. Three spiral tests established the presence of native gold in the surface sediments.

Note: Mr. Vivian Stuart-Williams, (SACNASP), a Director of the Company and a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the information in this news release.

On other corporate subject:

Uragold Bay Resources is pleased to announce that its Board of Directors has approved the issuance of 1,750,000 common shares at the deemed price of $0.05 per share to settle an outstanding debt of $ 87,703.88 due for services rendered by a technical service provider to the Corporation.

This settlement is subject to the approval of the TSX Venture Exchange.

Bernard Tourillon, UBR Chairman and CEO comments: "The historical information available makes the Inverness Gold Property an other valuable prospective acquisition for UBR that warrants further exploration work. The Goal of the Company is still to delineate a significant resource that can be placed into production relatively quickly on its properties, but the staking rush in the area, that started after UBR began its staking activity last year, opens the option of either developing our properties alone or through strategic partnerships. In this regards the Corporation is presently elaborating it's 2010 exploration program and shareholders will be soon informed of our plan going forward to develop our existing group of concessions. "

About Uragold Bay Resources Inc.

Uragold Bay Resources Inc. is a Canadian based junior resource and exploration company trading under the symbol UBR on the TSX Venture Exchange. The Company has 105,894,367 shares outstanding. The Company holds 100% of the 314 km2 Uskawanis Uranium property located just south of the Opinaca reservoir, 100% of the Blue Lake Base Metal and Gold property situated close to Radisson in the James Bay region, 100% of the "Saint-François and Dudswell Tertiary Gold concessions", 100% of the "Moe River Placer Gold Project", 100% of the "Eaton North Placer Gold Project, 100% of the Calway River Gold project, 100% of the Rivière du Loup Gold and Platinum placer mine, 100% of the Samson River Gold Project and 50% with an option to get 100% of The Beauce Placer Gold Project". In addition the Corporation is also staking promising projects in the eastern regions of the Province of Quebec.

Neither 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. This press release contains certain "forward-looking statements," as identified in the Uragold Bay periodic fillings with Canadian Securities Regulators that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Contact Information

  • Uragold Bay Resources Inc.
    Bernard J. Tourillon
    Chairman and CEO
    514-846-3271
    or
    Uragold Bay Resources Inc.
    Patrick Levasseur
    President and COO
    Toll-free 1-888-666-3431
    www.uragold.com