Uragold Aquires Up to 100% Interest for Two Claims on the Beauce Placer Gold Property
November 24 2011 - 2:34PM
Marketwired
Uragold Bay Resources Inc. (TSX VENTURE:UBR), Uragold is pleased to
announce that it has acquired the remaining 50% interest for an
undivided 100% interest in two claims of the Beauce Placer
Property. Uragold shall pay the Vendor 2,000,000 common shares of
UBR that will be subject to a four-month hold. This completes a
transaction with a private vendor first announced January 19,
2010.
About the Beauce Placer Gold Property
The Beauce Placer property was the site of Canada's first gold
rush in the 1850's, years before the Klondike gold rush. Two of
Canada's largest gold nuggets, the Kilgour nugget at 52 ounces and
the McDonald nugget at 45 ounces, came from the Gilbert River,
which flows through the property.
In the early 1960's, the property was the site of a major placer
gold mining operation. The Beauce Placer Mining Co. was the only
commercial placer gold mining operation in eastern North
America.
As reported previously, (Uragold press release July 5, 2011)
Uragold's sonic drilling program has validated previous historical
work that identified a placer gold bearing deposit in an
orange-brown basal till. Also reported, (Uragold press release
April 18, 2011) analysis of recovered gold grains suggests a
proximity to a bedrock source of gold, within the limits of the UBR
Property.
Other corporate matters
Uragold Bay Resources Inc. announces that its Board of
Directors, by a resolution adopted on November 11, 2011, has
authorized the extension until December 11, 2012 of the 5,500,000
share purchase warrants set to expire on December 11, 2011. These
warrants have an exercise price of $0.10.
The extension is subject to the approval of regulatory
authorities.
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.
Contacts: Bernard J. Tourillon Chairman and CEO (514) 846-3271
Patrick Levasseur President and COO (514)
846-3271www.uragold.com