Upper Canada Gold Corporation

Upper Canada Gold Corporation

September 29, 2011 15:14 ET

Upper Canada Gold Announces Termination of Acquisition of Pine Tree-Josephine Property in Mariposa, California

TORONTO, ONTARIO--(Marketwire - Sept. 29, 2011) -


Upper Canada Gold Corporation ("Upper Canada" or "the Company") (TSX VENTURE:UCC), announces that effective immediately, it has terminated its previously announced (see press releases dated June 6 and 27, 2011) purchase and sale agreement with John 3:16, LLC pursuant to which Upper Canada was to purchase a fee simple interest (subject to a 3% net smelter royalty) in approximately 3,350 acres (part of the Rancho Las Mariposa Land Grant) located 15 miles north of Mariposa, California and known as the Pine Tree-Josephine Property.

In connection with its acquisition of the property Upper Canada posted US$425,000 into an escrow account and upon the satisfaction of certain conditions, Upper Canada shall be entitled to be refunded approximately US$230,000 subject to certain adjustments and the payment of certain fees to the escrow agent.

Cautionary Note Regarding Forward Looking Statements:

Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization, resources and expansion of resources, recoveries, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with mine permitting, metallurgy, development, construction and mining operations, the uncertainty of the determination of mineable ounces of gold and copper in pounds or other minerals in pounds, or the future profitability of the Company's projects.

Neither the 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.

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