November 13, 2012 09:45 ET
MONTREAL, QUEBEC--(Marketwire - Nov. 13, 2012) - Uragold Bay Resources Inc. ("Uragold") (TSX VENTURE:UBR), is pleased to announce that it has finally signed with the Vendor, the required Deed-Of-Sale to complete the purchase of 7 real-estate properties in the municipality of Saint-Simon-les-Mines located in the Beauce region of southern Quebec. The signing of the Deed of Sale completes a transaction first announced last year on September 8, 2011.
The terms of the agreement to purchase 178 acres of real estate have remained the same. Uragold was ready to close the transaction since January 2012, when the funds required to complete the transaction, were placed in escrow with a Notary. The closing of the transaction was delayed by a change of control of the Vendor.
The lots acquired cover significant sections of the historical Beauce placer gold channel. They were all once owned by the Beauce Placer Mining Company, a major placer gold mining company in the 1960s. From 1960 to 1962, the company mined 56,000 oz of gold from a small section on the eastern end of the Rang Chaussegros. Uragold holds minerals rights over all Rang Chaussegros lots. Furthermore, the acquisition also provides Uragold a controlling interest over significant western sections of the historical placer gold channel.
With this critical threshold now behind us, the Company's goal of starting a gold mining operation on the Rang Chaussegros of the Beauce Placer Gold property is one step closer to becoming reality. Uragold will soon provide an update on the permitting process.
About Uragold Bay Resources Inc.
Uragold Bay Resources is a junior exploration company trading on the TSX Venture under the symbol UBR. Uragold holds gold properties in Southern Quebec's Appalachian belt. Uragold's business model focuses on developing small scale low-cost mining operations for their cash flow generating potential while simultaneously exploring core properties that hold the potential for the discovery of blue sky gold deposits like the MacDonald project.
Shares outstanding: 44,184,327
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.
Patrick LevasseurPresident and COO(514) 846-3271www.uragold.com
See all RSS Newsfeeds