Unigold Inc.
TSX VENTURE : UGD

Unigold Inc.

May 16, 2008 11:50 ET

Unigold Inc. Exploration Update Juan del Bosque Project, Dominican Republic

TORONTO, ONTARIO--(Marketwire - May 16, 2008) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Unigold Inc. ("Unigold" or the "Company") (TSX VENTURE:UGD) is pleased to provide an exploration update on the Juan del Bosque project located on its 226 km2, 100% owned Neita Property in western Dominican Republic.

Since the last update (September 26, 2007 news release) 1,616 metres of trenches and a 13 hole, 1,650 metre drilling campaign has been completed. Near surface gold mineralization was intercepted in 9 of 13 drill holes over a strike length of 650 metres.

Drilling highlights include:

30 metres of 1.0 g/t gold, including 8 metres of 1.7 g/t gold in hole JB07

63 metres of 0.3 g/t gold, including 30 metres of 0.5 g/t gold in hole JB10

41 metres of 0.5 g/t gold, including 13 metres of 1.0 g/t gold in hole JB05

25 metres of 0.4 g/t gold in hole JB02

Mineralization at Juan del Bosque is structurally controlled with gold occuring in sub-vertical en-echelon faults and breccias in barite and clay-altered dacite. The main alteration assemblages, in decreasing order of importance with respect to gold mineralization are silicification, illite-quartz, illite-kaolinite, illite-montmorillonite, montmorillonite-chlorite.

Unigold Inc. is very encouraged by these early results and believes that the large alteration footprint (greater than 5 km2) surrounding the Juan del Bosque project is part of an important epithermal gold system. Several samples taken from Guano hill in highly silicified barite breccia contained high temperature and high acidity alteration minerals such as dickite, alunite and nacrite. Such conditions are generally associated with a high sulfidation epithermal system like Pueblo Viejo. Work is continuing on the project with a ground magnetic survey and detailed mapping currently underway.

Trenching highlights:

Trench JB-07-01 is showing barite stockwork zone underlying a baritic silicified brick-red zone (jasperoid) grading more then 6 g/t of gold over 5 metres. Trench JB-07-02 is showing a very-hard brick-red highly siliceous rock capping a barite veinlets stockwork zone grading above 1 g/t of gold for 23 metres. This discovery of a new gold zone is located on the eastern flank of the Montazo-Guano large alteration zone, nine kilometres northeast of the Los Candelones high-sulfidation epithermal gold deposit.



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TRENCH LENGTH GRADE

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TR-JB-07-01 19m 1.76 g/t
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including 5m 6.19 g/t
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TR-JB-07-02 23m 1.01 g/t
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TR-JB-07-03A 9m 0.49 g/t
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TR-JB-07-04A 8m 1.02 g/t
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TR-JB-07-04B 7m 0.50 g/t
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TR-JB-07-07 31m 0.31 g/t
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TR-JB-07-07 5m 1.24 g/t
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TR-JB-07-08 7m 0.50 g/t
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TR-JB-07-08 6m 0.50 g/t
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TR-JB-07-10 61m 0.50 g/t
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including 36m 0.71 g/t
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including 10m 1.08 g/t
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including 4m 1.96 g/t
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This zone has been traced over a 900 metre strike length. Grab samples taken over half a kilometre in length from outcropping barite-bearing advanced argillic altered rocks graded locally above 10 grams on several samples and even above 22 grams per tonne gold (see results from September 26, 2007 press release ). New grabs have been taken recently outside the known area in order to extend the zone (see results below). Samples came from jasperoid unit widely exposed in this outcropping area. Furthermore, several angular barite-bearing silicified and argillized blocks have been discovered up to 300 metres east from the outcropping zone northeast termination, thus extending the gold-zone possible strike length. A broad gold in soil anomaly overlaps the whole Juan del Bosque zone. Soil samples grading up to 0.6 g/t gold have been encountered.



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Sample number Gold g/t
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116867 0.89
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116868 0.77
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116873 0.75
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116875 4.64
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63853 3.68
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63855 3.03
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63856 0.54
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63858 3.88
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63859 0.65
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63869 2.29
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Discovery of the Juan del Bosque zone by Unigold geologists results from follow-up of an exploration model published for the Pueblo-Viejo deposit (Sillitoe et al., 2007, Economic Geology, vol. 101, pp. 1427-1435).

The Juan del Bosque zone occurs at the base of a shallow-water sedimentary sequence which conformably overlies a dacitic tuff sequence. Alteration grades from slightly propylitic to advance argillic in the dacitic tuffs. Gold mineralization occurs on the fringe of a low-magnetic pyrite-bearing advanced argillic zone which is bordered by propylitized magnetite-bearing dacitic tuffs exhibiting positive aeromagnetic features. The overlying sedimentary sequence includes limestones, and non-calcareous sandstone and siltstone. A thin, black, thinly-laminated cherty carbonaceous mudstone has also been observed in this sedimentary pile. Silicified bedded green limestones have been observed resting directly on the southern Juan del Bosque gold-barite showings.

Assays were done at the ACME laboratory in Santiago, Chile by fire assay procedure and gravimetric finish. True width is estimated to be two-thirds of reported width.

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 very similar geological setting to the world class Pueblo Viejo gold project located 150 kilometre to the south-east. 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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