Last Monday News
Uragold BayResources Inc.
TSX VENTURE:
UBR
Mar 08, 2010 08:00 ET
Uragold Acquires 100% Interest in the Bulstrode Rare EarthProperty, Therefore Increasing its Substantial Properties Holding in theSouthern Quebec Appalachian Belt
MONTREAL, QUEBEC--(Marketwire - March 8, 2010) - Uragold BayResources Inc. (Uragold) (TSX VENTURE:UBR), is pleased to announce ithas acquired by map staking 100% interest in the Bulstrode Rare Earthproperty located 28 km west of Thetford Mines, Eastern Townships,Quebec, approximately 150 km east of Montreal.
The Southern Quebec Appalachian belt situated in the EasternTownships is presently enjoying a major staking rush. Corporationshaving staked and worked significant land concessions in the areas overthe last year include Golden Hopes Mines Ltd (TSX VENTURE:GNH), BowmoreExploration ltd (TSX VENTURE:BOW), Fancamp Exploration ltd (TSXVENTURE:FNC) Nevado Venture Capital Corp (TSX VENTURE:VDO) and others.The area has a century-long mining history for chromites, asbestos andcopper. The region was the site of Canada's first placer gold rush inthe 1850s, decades before the Klondike, before being forgotten. Despitethe many gold occurrences discovered in volcanic, intrusive andsedimentary rocks, no major bedrock sources were uncovered to accountfor the placer gold.
Bulstrode Rare Earth Property
The property is comprised of 3 claim blocks spaced 2 km apart in atriangular formation. All are located in the Halifax County.
In 1987, alluvial heavy mineral surveys of southern Quebec,commissioned by the Geological Survey of Canada (Y.T. Maurice 1989),discovered an area characterized by elevated concentrations of rareearths. The anomalies are caused by the mineral Monazite that containsboth heavy rare earths elements (HREE) such as ytterbium (Yb), lutetium(Lu), europium (Eu), terbium (Tb), gadolinium (Gd) and light rare earthelements (LREE) of cerium (Ce), samarium (Sm), lanthanum (La).
The author notes that the Monazites contain significantly moreeuropium, samarium and gadolinium compared to the average commercialmonazites from various parts of the world.
Stream sediment samples of heavy mineral concentrates from each ofthe claim blocks are as follows:
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Sample Sample Sample
#1987011290 #1987011292 #1987011286
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Light Rare Earth Minerals (LREE)
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Cerium 31,100 ppm 10,500 ppm 23,500 ppm
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Lanthanum 21,500 ppm 6,910 ppm 15,000 ppm
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Samarium 2,290 ppm 1,300 ppm 2,960 ppm
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Sample Sample Sample
#1987011290 #1987011292 #1987011286
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Heavy Rare Earth Minerals (HREE)
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Europium 585 ppm 182 ppm 404 ppm
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Terbium 331 ppm 91.4 ppm 215 ppm
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Ytterbium 31 ppm 24 ppm 21 ppm
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Lutetium 3.8 ppm 4.2 ppm 2.8 ppm
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Gadolinium - rock sample showings on the 3 claim bloc
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.
Bernard Tourillon, UBR Chairman and CEO comments: "The historicalinformation available and the heightened interest and demand for RareEarth Elements in the world makes the Bulstrode Rare Earth Property avaluable prospective acquisition for UBR that warrants furtherexploration work. The Goal of the Company is still to delineate asignificant resource that can be placed into production relativelyquickly on its properties, but the staking rush in the area, thatstarted after UBR began its staking activity last year, opens the optionof either developing our properties alone or through strategicpartnerships."
About Uragold Bay Resources Inc.
Uragold Bay Resources Inc. is a Canadian based junior resource andexploration company trading under the symbol UBR on the TSX VentureExchange. The Company has 105,894,367 shares outstanding. The Companyholds 100% of the 314 km2 Uskawanis Uranium property located just southof the Opinaca reservoir, 100% of the Blue Lake Base Metal and Goldproperty situated close to Radisson in the James Bay region, 100% of the"Saint-Francois and Dudswell Tertiary Gold concessions", 100% of the"Moe River Placer Gold Project", 100% of the "Eaton North Placer GoldProject, 100% of the Calway River Gold project, 100% of the Riviere duLoup Gold and Platinum placer mine, 100% of the Samson River GoldProject and 50% with an option to get 100% of The Beauce Placer GoldProject". In addition the Corporation is also staking promisingprojects in the eastern regions of the Province of Quebec.
Neither 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.This press release contains certain "forward-looking statements," asidentified in the Uragold Bay periodic fillings with Canadian SecuritiesRegulators that involve a number of risks and uncertainties. There canbe no assurance that such statements will prove to be accurate andactual results and future events could differ materially from thoseanticipated in such statements.