Union Gold Inc.
TSX VENTURE : UN

February 21, 2008 12:07 ET

Union Gold Inc.: Grant of Incentive Stock Options

TORONTO, ONTARIO--(Marketwire - Feb. 21, 2008) - Union Gold Inc. (TSX VENTURE:UN), CUSIP number 90669H 105, announces that pursuant to the Company's Rolling Stock Option Plan (approved by the Shareholders on June 8th, 2007) the following options have been granted to the President and Director, Jeffrey J. Becker 80,000, to Maureen L. Friesen, Director 30,000, Grant V. Ohman, Director, 30,000, William R. Troup, Consultant, 100,000, Sigrid I. Ades, Secretary-Treasurer, 100,000 for a total of 340,000 Common Shares at an exercise price of $0.30, expiry date February 19, 2013. The Fair Market Value at grant was $0.26 per share.

As reported previously there are the following options outstanding:

50,000 options, exercise price $0.30, expiry date July 7th, 2009, 62,500 options at $0.30, expiry date June 30, 2010 and 14,500 options at $0.40, expiry date June 4, 2011. A total of 472,200 shares have been reserved for the granting of stock options under the Stock Option Plan. At present the issued and outstanding number of shares is 4,722,000.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OF THIS RELEASE.

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