Uragold Bay Resources Inc. (TSX VENTURE:UBR), Uragold is pleased to announce
that GENIVAR Inc. (GENIVAR) (TSX:GNV), has completed the required work and has
submitted the application to Quebec's MNRF (Ministere des Ressources naturelles
et de la Faune) and the MDDEP (Ministere du Developpement durable, de
l'Environnement et des Parcs) to obtain the required permits for Uragold's bulk
sampling program on the corporation's Beauce Placer gold property located in the
municipality of St-Simon les Mines in southeastern Quebec. 


The permitting process required Uragold to comply with regulation Article 22 of
the Loi sur la qualite de l'environnement (LQE). GENIVAR completed an extensive
environmental audit of the property. The audit consisted of a hydrology study
and an evaluation of the flora and fauna. It concluded that the environmental
impact of the bulk sampling work would be negligible. The property has already
been heavily altered by passed mining activity and is not home to any rare or
endangered species. 


A second phase of the permitting process required GENIVAR's Mining group to
design a bulk sampling operation with high environmental and work safety
standards. All operations activities will on land and claims 100% owned by
Uragold. In brief, operations will consists of dewatering floatation pond #2 to
build a 30 meters deep excavation ramp into the overburden in order to extract
16 200 tons (9 000 m3) of gold bearing basal till for sampling. 418 200 m3 of
excavated overburden will be stockpiled on the property.  


Hydrology studies allowed for a comprehensive environmental water management
plan for all bodies of water affected by the bulk sampling operations. This will
include two sedimentation ponds and a re-cycled water basin to wash the
auriferous till. Gravity separation methods will be used to extract coarse gold
from the gold bearing till.  


Uragold's Sonic Drill program conformed the existence of the historical placer
gold deposit. The drill results returned from the gold bearing basal till
visible placer gold grains of relatively pure gold (99%) that ranged between
9,000 oz (930,000 Cu M @ 0.3 G/Cu M) to 12,000 oz (100,000 Cu M @ 3.69 G/Cu
M)(i) (Uragold press release June 22). The coarse nature of the gold extracted
emphasizes the nugget effect found on the Beauce Property. A bulk-sampling
program is required in order to increase the understanding of statistical
variations of the gold distribution found on the property.  


The bulk-sampling will also allow the Corporation to implement a trial mining
placer plant for a formal evaluation of the best and most cost effective
extraction method for the recuperation of the buried gold bearing till. 


Patrick Levasseur, president and COO of Uragold stated. "In the past hundred and
fifty (150) years that this property has been prospected and mined, this will be
the first true quantitative analysis of the historical Beauce placer gold
deposit. With a successful bulk sampling program, for the first time in more
then half a century, the Beauce Placer could once again become the premier gold
placer mining operation in eastern North America. 


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. 


Uragold analysis of recovered gold grains from the Corporation's sonic drill
program suggests a proximity to a bedrock source of gold, within the limits of
the UBR Property. In the last quarter, four diamond drill holes were sunk for a
total length of 1,038 metres, including approximately 950 metres in bedrock. The
drilling was successful in sampling the targeted sectors intersecting several
occurrences of volcaniclastic beds, which are considered favorable for gold
discoveries. The cores were brought to a dedicate space where they currently
being logged, split and sampled, after which the samples are submitted for
assay. Assay results will be communicated to shareholders at a later date. 


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. Uragold properties benefit from extensive historical
exploration work, and are situated in areas that have established infrastructure
thereby reducing exploration cost and 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.


This press release contains certain "forward-looking statements," as identified
Uragold's periodic filings with Canadian Securities Regulators that involve a
number of risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements. 


(i)The potential quantity and grade is conceptual in nature. There has been
insufficient exploration to define a mineral resource. It is uncertain if
further exploration will result in discovery of a mineral resource.