Uragold Closes Non-Brokered Private Placement

MONTREAL, QUEBEC--(Marketwire - Nov. 30, 2011) - Uragold Bay Resources Inc. (TSX VENTURE:UBR), is pleased to announce that it has closed a non-brokered private placement for a total placement of $ 250,000. This will result in a total sale of 5000 units ('Unit'), at a subscription price of $ 50 per Unit. Each Unit being comprised of 1000 shares to be issued as a "flow-through shares", and 500 non-flow-through common share purchase warrants (the "Warrants") of the Company. Of the subscription price of Cdn $50 per Unit, the Company hereby allocates $ 49 to the price of the Unit Shares comprised in each Unit and $1 to the price of the Warrants comprised in each Unit. Each Warrant will entitle the holder thereof to purchase one common share of the capital stock of the Company that is not a "flow-through share" ("Common Share") 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.

In connection with this placement, which was subscribed for in total by Matrix Quebec 2011 II Flow-Through LP, the Corporation will pay a cash finder's fees of $ 20,000 to Meadowbank Asset Management Inc.

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.