Uragold Closes a Non-Brokered Private Placement

MONTREAL, QUEBEC--(Marketwire - Dec. 20, 2011) - Uragold Bay Resources Inc. (TSX VENTURE:UBR), Uragold is pleased to announce that it has closed a non-brokered private placement for a total placement of $126,000.00. This will result in a total sale of 2,520,000 units (Units) at a subscription price of $0.05. Each Unit being comprised of 1 common share and 1 common share purchase warrant (the Warrants") of the Company. Each Warrant will entitle the holder thereof to purchase one common share of the capital stock of the Company at an exercise price of $ 0.10 during a period of 24 months from the date of closing of the placement. Each share issued pursuant to the placement will have a mandatory four (4) month holding period from the date of closing of the placement.

The private placement is subject to regulatory approval.

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.