Uragold Bay Resources Inc.
TSX VENTURE : UBR

Uragold Bay Resources Inc.

April 18, 2011 11:31 ET

Uragold Discovers a Gold Rich Basal Till Suggesting Proximity to a Bedrock Source for the Beauce Placer Gold

MONTREAL, QUEBEC--(Marketwire - April 18, 2011) -Uragold Bay Resources Inc. (TSX VENTURE:UBR), is pleased to inform its shareholders that preliminary results of a sonic drill program points to a profound reinterpretation of the origin of the gold bearing deposit of the Beauce Placer Property located near the village of Saint-Simon-les-Mines in the Beauce region of southern Quebec.

As reported previously the preliminary treatment of a basal orange-brown diamict in hole G65-S04 identified visible grains of gold which confirms their auriferous nature. However, the presence of abundant clay along with other detailed sedimentologic characters imply a reinterpretation of the origin of this gold bearing unit as an older till partly developed from the incorporation of a preglacial saprolith (weathered bedrock). The shape of the recovered gold grains varied from glacially reworked to delicate "pristine" suggesting proximity to a bedrock source of gold, within the limits of the UBR Property.

Detailed study of the recovered gold particles including their shape, surface relief and chemical composition will provides a better understanding the origins of the buried gold sediments and inference on the characteristics of a bedrock source. Uragold will wait for the final results of the sonic program before planning a diamond drill program of the bedrock.

Bulk sampling

Independently of the final results for the ongoing sonic program, larger volumes from the gold bearing units will be necessary to test the presence of coarse gold (nuggets). Following Inlandsis Consultants recommendation, Uragold will consider a bulk sample program implying the sampling of 5 to 20 tons of the buried units. The company will seek consultation for available mechanical devices in conjunction to geotechnical conditions for the collection and treatment of a bulk sampling. In conjunction with the bulk-sampling program, the company will carry out a sampling and treatment of the former Beauce Placer Gold Company tailings. This may provide additional gold grains for analysis.

Note: Mr. Remi Charbonneau PhD (P. Geo), a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the information in this news release.

Patrick Levasseur, Uragold President and COO: states: "Another great surprise from the historic Beauce Placer property. What started as a tailings and placer deposit is evolving into a tailings, placer and hard rock project. The planned bulk sampling will advance the understanding of the economic potential of extracting the gold found on the Beauce Place property between the surface and the bedrock."

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

  • Uragold Bay Resources Inc.
    Bernard J. Tourillon
    Chairman and CEO
    514-846-3271

    Uragold Bay Resources Inc.
    Patrick Levasseur
    President and COO
    514-846-3271
    www.uragold.com