Unigold Inc.
TSX VENTURE : UGD

Unigold Inc.

February 29, 2008 13:17 ET

Unigold Inc. Announces New Results From Drilling Los Candelones Gold Deposit

TORONTO, ONTARIO--(Marketwire - Feb. 29, 2008) -

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Unigold Inc. ("Unigold" or the "Company") (TSX VENTURE:UGD) is pleased to announce drilling results from its 100-per-cent-owned Los Candelones gold deposit in the Dominican Republic. Drill holes number DC-94 to DC-100 represent a good example of the continuation at depth and along strike of the greater than 1 g/t primary gold zone. The wide gold intercept in hole DC-100 indicates that the mineralized envelope widens and the grade increases at depth from an average of 100m at 0.5 g/t Au to 122m at 0.7 g/t Au at depth. Highlights include hole DC-97 with 3 metre above 5.5 g/t Au and hole DC-100 with 6m of 4.2 g/t Au.



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Drill Hole From To Length Grade
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DC-94 0m 55m 55m 0.51 g/t
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18m 39m 21m 1.00 g/t
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18m 33m 15m 1.20 g/t
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DC-96 68m 143m 75m 0.66 g/t
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93m 108m 15m 1.00 g/t
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128m 138m 10m 1.10 g/t
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DC-97 105m 170m 65m 0.91 g/t
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114m 134m 20m 1.72 g/t
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DC-98 125m 228m 103m 0.80 g/t
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135m 154m 19m 1.20 g/t
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135m 138m 3m 3.10 g/t
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169m 222m 53m 1.00 g/t
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204m 220m 16m 2.00 g/t
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213m 218m 5m 5.30 g/t
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DC-100 118m 240m 122m 0.70 g/t
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127m 189m 62m 1.10 g/t
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127m 145m 18m 2.30 g/t
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128m 134m 6m 4.20 g/t
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Assays were done at the ACME laboratory in Santiago, Chile by fire assay procedure and gravimetric finish and the reported length represents true width section.

Field study of the Los Candelones system, indicates a high sulphidation signature with vuggy quartz veins system associated with pyrite-enargite-barite high grade gold. The system evolves into a gold-bearing stockwork and disseminated zone followed upward by gold-barite veining, a barite breccia zone and is capped by a massive barite zone. An ongoing preliminary study of the alteration halo and associated mineralization using a portable shortwave infrared spectrometer shows two stages of alteration. The second one is associated with the mineralization and is characterized by significant silicification, dickite, kaolinite and alunite within or in close proximity to the orebody. This ongoing study will be used to vector in toward additional gold mineralization.

To date, the Los Candelones Gold Deposit has 103 diamond drill holes totalling approximately 13,200 metres. The new results have allowed Unigold to demonstrate the on strike and down dip continuation of the 25 to 30 metre thick gold core of epithermal mineralization which grades from 1.0 to 4.4 g/t gold and is enclosed within an up to 100 metre wide lower grade gold halo. The existing trenched and diamond drilled mineralized area is a small part of the 1,200 metre long by 600 metre wide gold in soil anomaly and coincident IP chargeability high which represents sulphide mineralization. The Los Candelones Gold Deposit is the most advanced of several very encouraging target areas within the 226 square kilometre Neita property.

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. Mr. Danis is a "qualified person" within the meaning of 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 pittable, 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 is benefiting 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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