Unigold Inc.
TSX VENTURE : UGD

Unigold Inc.

January 31, 2008 10:23 ET

Unigold Inc. Announces Discovery of New Gold Zone; Los Candelones Suroeste

TORONTO, ONTARIO--(Marketwire - Jan. 31, 2008) -

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Unigold Inc. ("Unigold" or the "Company") (TSX VENTURE:UGD) is pleased to announce the discovery of a new gold zone (Candelones Suroeste) on the southwestern flank of the Los Candelones high-sulfidation epithermal gold deposit. This new zone has been traced in an east-west direction over a 1800 metre strike length by gold in soil anomalies. The peak gold in soil anomaly is 2.9 grams per ton Au, coincident with Candelones Suroeste.

Grab samples taken from outcrops and boulders over several hundred square metres surrounding the 2.9g/t gold anomaly graded up to 4.5 grams per tonne (g/t) gold from barite-bearing, argilic-altered rocks (see results below).



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Sample number Gold g/t
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116824 4.48
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116825 0.58
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116828 1.21
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65616 0.72
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65621 1.01
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Two perpendicular trenches totalling 261m were dug over the showing area to test the gold grades and better understand the geology of the new gold zone. Gold is associated with argilic-altered and silicified dacite with barite veinlets. The trenches indicate that anomalous gold values (greater than 100ppb Au) are present over a 100m x 100m area. Values are indicated below.



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Trench ID Length (m) Grade
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TR-CDS-07-01 33m 0.64 g/t
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Including 4m 3.1 g/t
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TR-CDS-07-03 79m 0.4 g/t
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Including 4m 0.86 g/t
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and 1m 2.1 g/t
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Candelones Suroeste is interpreted as an east-west trending gold zone parallel to the know trend of mineralization on the main Candelones deposit located 1km to the northeast. Host rock and style of mineralization on the new discovery are analogous to those on Los Candelones. Furthermore both areas are coincident with low magnetic signatures. Work is progressing to ascertain whether Candelones Suroeste represents the faulted western portion of the main deposit or parallel zone related to the same mineralization event.

Assays were done at the ACME laboratory in Santiago, Chile by fire assay procedure and gravimetric finish and the reported lengths are believed to represents true width section.

The foregoing scientific and technical information has been prepared or reviewed by Daniel Danis, M.Sc., the Vice-President and Chief Operating Officer of Unigold and Stephen Poitras, Project Geologist. Mr. Danis is a "qualified person" as defined by National Instrument 43-101.

About Unigold Inc.

Unigold Inc. is exploring to find and develop gold deposits on its 100-per-cent-owned 226 km2 Neita property located in the Dominican Republic. Having the largest land package in the Dominican Republic, the goal is to target bulk tonnage, open pitable, oxide gold deposits within a similar setting to the world class Pueblo Viejo gold project which occurs within a broad northwest trending Cretaceous age volcanic greenstone belt that transects the Dominican Republic. The economics of any discovery will be significantly improved by the fact that Unigold Inc. benefits from an 18-year holiday on all corporate taxes, sales taxes and import duties in the Dominican Republic.

Certain statements contained in this document, including statements regarding events and financial trends that may affect our future operating results, financial position and cash flows, may constitute forward-looking statements within the meaning of the federal securities laws. These statements are based on our assumptions and estimates and are subject to risk and uncertainties. You can identify these forward-looking statements by the use of words like "strategy", "expects", "plans", "believes", "will", "estimates", "intends", "projects", "goals", "targets", and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. We wish to caution you that such statements contained are just predictions or opinions and that actual events or results may differ materially. The forward-looking statements contained in this document are made as of the date hereof and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ materially from those projected in the forward-looking statements. Where applicable, we claim the protection of the safe harbour for forward-looking statements provided by the (United States) Private Securities Litigation Reform Act of 1995.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

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