Uragold Bay Resources Inc.

Uragold Bay Resources Inc.

September 22, 2009 14:34 ET

Uragold Bay to Issue Share-for-Debt Settlements and Announces Officer Changes

MONTREAL, QUEBEC--(Marketwire - Sept. 22, 2009) - Uragold Bay Resources Inc. (TSX VENTURE:UBR), is pleased to announce that its board of directors has approved the issuance of 7,720,000 common shares at the deemed price $0.02 per share, to settle outstanding debt of $154,400 due for rendered services by 9 different creditors that are either consultants or service providers to the Corporation. This settlement is subject to the approval of the TSX-Venture Exchange.

In other Corporate development, UBR is also pleased to announce the following changes, effective immediately: Mr. Patrick Levasseur will now assume the positions of President and Chief Operating Officer (COO), while Mr. Bernard Tourillon will now assume the positions of Chairman of the Board and Chief Executive Officer (CEO).

Bernard Tourillon, UBR Chairman and CEO comments: "the share-for-debt settlement agreements are additional positive steps taken by the Corporation since this will enable the Corporation to eliminate all of its past outstanding liabilities, while freeing up the Corporation's liquidity to be used for the development of the Corporation's uranium and gold properties." Furthermore, "the management changes reflect the growing implication of Mr. Levasseur in the implementation of the Corporation's new development strategy."

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 88,374,367 shares outstanding. The Company holds 100% of the 314 km2 Uskawanis Uranium property located just south of the Opinaca reservoir and 100% of the Blue Lake Base Metal and Gold property situated close to Radisson in the James Bay region. In addition, the Corporation has received conditional approval, subject to the reception of a 43-101 report presently scheduled to be received by the middle of October 2009, for the acquisition of several promising gold projects in the eastern region 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
    Uragold Bay Resources Inc.
    Patrick Levasseur
    President and COO
    Toll-free 1-888-666-3431