Urban Select LOI with Constantine Metal Resources and Carlin Gold Expires

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 22, 2012) - Urban Select Capital Corporation ("Urban Select") (TSX VENTURE:CH) has announced that the terms within which to execute a definitive agreement with Constantine Metal Resources and Carlin Gold Corp. to acquire a 100% interest in the Yukon Properties pursuant to the letter of intent ("LOI") announced by Urban Select on February 27, 2012 has expired. Urban Select will continue to pursue a variety of merger, acquisition or principal investment opportunities on behalf of its shareholders in a manner that maximizes value for all investors.

ABOUT URBAN SELECT

Urban Select Capital Corporation is an investment issuer focused on investing growth capital into private and public companies in a broad range of sectors including renewable energy, natural resources, chemicals, agriculture and consumer retail services. Urban Select's management team is composed of investment professionals combining an Asian background with Western education and extensive experience in investment banking, venture capital and fund management in Canada, China and the U.S.

Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company, including with respect to completion of the Plan of Arrangement, the entering into of a Definitive Agreement, completion of the Financing, completion of the Acquisition and the anticipated results thereof. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. There is no guarantee that any of the Plan of Arrangement, the entering into of the Definitive Agreement, the Acquisition or the Financing will be completed as proposed or at all. The Plan of Arrangement remains subject to approval of the Company's shareholders, the Supreme Court of British Columbia and the TSX Venture Exchange. The Acquisition is subject to completion of the Plan of Arrangement, execution of a Definitive Agreement and completion of the Financing, among other things. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf except as required by law.