Uragold Bay Resources Inc.
TSX VENTURE : UBR

Uragold Bay Resources Inc.

November 24, 2011 14:34 ET

Uragold Aquires Up to 100% Interest for Two Claims on the Beauce Placer Gold Property

MONTREAL, QUEBEC--(Marketwire - Nov. 24, 2011) - Uragold Bay Resources Inc. (TSX VENTURE:UBR), Uragold is pleased to announce that it has acquired the remaining 50% interest for an undivided 100% interest in two claims of the Beauce Placer Property. Uragold shall pay the Vendor 2,000,000 common shares of UBR that will be subject to a four-month hold. This completes a transaction with a private vendor first announced January 19, 2010.

About the Beauce Placer Gold Property

The Beauce Placer property was the site of Canada's first gold rush in the 1850's, years before the Klondike gold rush. Two of Canada's largest gold nuggets, the Kilgour nugget at 52 ounces and the McDonald nugget at 45 ounces, came from the Gilbert River, which flows through the property.

In the early 1960's, the property was the site of a major placer gold mining operation. The Beauce Placer Mining Co. was the only commercial placer gold mining operation in eastern North America.

As reported previously, (Uragold press release July 5, 2011) Uragold's sonic drilling program has validated previous historical work that identified a placer gold bearing deposit in an orange-brown basal till. Also reported, (Uragold press release April 18, 2011) analysis of recovered gold grains suggests a proximity to a bedrock source of gold, within the limits of the UBR Property.

Other corporate matters

Uragold Bay Resources Inc. announces that its Board of Directors, by a resolution adopted on November 11, 2011, has authorized the extension until December 11, 2012 of the 5,500,000 share purchase warrants set to expire on December 11, 2011. These warrants have an exercise price of $0.10.

The extension is subject to the approval of regulatory authorities.

About Uragold Bay Resources Inc.

Uragold Bay Resources is a junior exploration company trading on the TSX Venture Exchange under the symbol UBR. Uragold is a top claims holder in Southern Quebec's Appalachian belt. The properties benefit from extensive historical exploration work and from well-established infrastructure thereby helping to reduce exploration risks. Uragold's business model focuses on developing, a series of potential small scale low-cost gold mining operations for their potential in generating cash flow while simultaneously exploring core properties that hold the potential for the discovery of blue sky gold deposits like the MacDonald project.

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.

Contact Information

  • Bernard J. Tourillon
    Chairman and CEO
    (514) 846-3271

    Patrick Levasseur
    President and COO
    (514) 846-3271
    www.uragold.com