Uragold Bay Resources Inc.

Uragold Bay Resources Inc.

May 12, 2011 10:54 ET

Uragold Starts Sampling the McDonald and Moe River Gold Properties

MONTREAL, QUEBEC--(Marketwire - May 12, 2011) -Uragold Bay Resources Inc. (TSX VENTURE:UBR), is pleased to inform its shareholders that the company has retained the services of Inlandsis Consultants, headed by Dr. Remi Charbonneau PhD (P. Geo) specialist in glacial till geology and gold placers, for the supervision and interpretation of a sampling program of the McDonald Auriferous Till and of the 400,000 oz historical Moe River alluvial gold deposit.

The first phase will consist of a 600 glacial till sampling program of the McDonald Auriferous Till. The samples will be collected at even intervals throughout the broad road network that covers the 425sq km auriferous anomaly. Objectives will be to validate the work of both B.C. McDonald of the Geological Survey of Canada, who in 1966 identified the gold anomaly throughout the thin glacial till overburden, also the follow-up work of Dr Gleeson and Dr Rampton (1980). Gleeson & Rampton reported geochemical distribution patterns in the glacial drift that suggested at least two possible localities for hard rock gold sources. Consolidated results will allow better targeting potential areas for gold mineralization and identifying new in situ bedrock anomalies.

The second phase will be a study and a sample program to validate the 400,000 plus ounce historical placer gold deposit of the Moe River Property (671,318 cubic meters at 0,62 g/t AU, Uragold 43-101 Technical Report, Alluvial Gold Properties, Dec 09). The objective will be to evaluate the economic potential of the auriferous gravels found in the banks and benches that parallels the Moe River.

About the McDonald Gold Property

The McDonald Property is located in the southwestern part of the Quebec Appalachians in the Eastern Townships region of the Province of Quebec. Uragold's Moe River Property forms the western edge of the property. For a more detailed description, please read the company's press release titled Uragold Completes the Acquisition of a 425 Square Kilometer Gold Anomaly issued October 14, 2010.

The presence of abundant free gold in surface placers bearing drainages such as the Saumon, Clifton, Eaton and the Moe River rivers; the presence of gold in quart veins; and the presence of graphitic shales strongly leads Uragold to consider the possibility of a Sukhoi Log type gold deposit somewhere under the till cover. Uragold tends to follow this model using the database currently under construction and by doing geological structural modeling to try and identify likely mineralized zones.

All information herewith presented is historical in nature and while relevant, the information was obtained before the implementation of National Instrument 43-101 and as such does not meet National Instrument 43-101 reporting standards. The historical estimate should not be relied upon until the Company can confirm them.

Note: Mr Vivian Stuart-Williams, (SACNASP), a Director of the Company and a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the information in this news release.

Patrick Levasseur, UBR President and COO: "I am confident that exploration work on the McDonald Property will lead us to exciting new discoveries. The property holds prolific gold showings yet has remained largely unexplored"

On other corporate matters, Uragold has appointed Francois Rivard as chief financial officer. Mr Rivard has over 20 years experience working in accounting for public companies including 3 years with UBR as an accounting consultant. Mr. Bernard Tourillon, CEO, Chairman of the Board and CFO will relinquish his role as CFO due to workload.

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 including the Beauce Placer, the Calway, the Riviére du Loup, Rivière Bergeron, and Grande Coulée 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