NEWS 41 new claims...
Uragold BayResources Inc.
TSX VENTURE:
UBR
Mar 24, 2010 10:29 ET
Uragold Acquires 100% Interest in the Inverness Gold Property NearThedford Mines Substantially Increasing its Property Holdings inSouthern Quebec's Appalachian Belt
MONTREAL,QUEBEC---(Marketwire - March 24, 2010) - Uragold Bay Resources Inc.(Uragold) (TSX VENTURE:UBR), is pleased to announce it hasacquired by map staking 100% interest in the 41 claims Inverness Goldproperty. The property is located 17 km north west of Thetford Mines, inthe Inverness county of Eastern Townships, Quebec, approximately 150 kmeast of Montreal. The claims encircle Amesco's (TSX VENTURE:AEL)Inverness Property.
The Southern Quebec Appalachianbelt situated in the Eastern Townships is presently enjoying a majorstaking rush. Corporations having staked and worked significant landconcessions in the areas over the last year include Golden Hopes MinesLtd (TSX VENTURE:GNH), Bowmore Exploration/Osisko Mining Corp (TSXVENTURE:BOW)(TSX:OSK), Fancamp Exploration ltd (TSX VENTURE:FNC),Niogold Mining Corp (TSX VENTURE:NOX) and others. The area has acentury-long mining history for chromites, asbestos and copper. Theregion was the site of Canada's first placer gold rush in the 1850s,decades before the Klondike, before being forgotten. Despite the manygold occurrences discovered in volcanic, intrusive and sedimentaryrocks, no major bedrock sources were uncovered to account for the placergold.
Inverness Gold Property
Significant gold-bearingfluvio-glacial deposits characterize the property. A survey carried outin 1985 by the Geological Survey of Canada indicates values up to100 g/t Au in concentrated heavy minerals (PF 1332). In 1987, theExplorations Rambo Inc. mineral exploration company (internal technicalreport – August 1987) undertook a geochemical survey of the heavyminerals all along the Bullard river (which cuts through both the Amsecoand Uragold's properties). This survey reveals the presence of gold inall the recent alluvia and in the glacial and fluvioglacial deposits.The presence of gold on the property is also confirmed by more recentwork carried out by Mr. Jean Bernard in 2003, as part of a projectfinanced by the Fonds d'exploration minière del'Estrie-Chaudière-Appalaches. Three spiral tests established thepresence of native gold in the surface sediments.
Note: Mr. VivianStuart-Williams, (SACNASP), a Director of the Company and a QualifiedPerson as defined by National Instrument 43-101, supervised thepreparation of the information in this news release.
On other corporate subject:
Uragold Bay Resources is pleased toannounce that its Board of Directors has approved the issuance of1,750,000 common shares at the deemed price of
.05 per share to settlean outstanding debt of $ 87,703.88 due for services rendered by atechnical service provider to the Corporation.
This settlement is subject to theapproval of the TSX Venture Exchange.
Bernard Tourillon, UBRChairman and CEO comments: "The historical informationavailable makes the Inverness Gold Property an othervaluable 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. In this regards the Corporation is presently elaboratingit's 2010 exploration program and shareholders will be soon informed ofour plan going forward to develop our existing group of concessions. "
About Uragold Bay ResourcesInc.
Uragold Bay Resources Inc. is aCanadian based junior resource and exploration company trading under thesymbol UBR on the TSX Venture Exchange. The Company has 105,894,367shares outstanding. The Company holds 100% of the 314 km2 UskawanisUranium property located just south of the Opinaca reservoir, 100% ofthe Blue Lake Base Metal and Gold property situated close to Radisson inthe James Bay region, 100% of the "Saint-François and Dudswell TertiaryGold concessions", 100% of the "Moe River Placer Gold Project", 100% ofthe "Eaton North Placer Gold Project, 100% of the Calway River Goldproject, 100% of the Rivière du Loup Gold and Platinum placer mine, 100%of the Samson River Gold Project and 50% with an option to get 100% ofThe Beauce Placer Gold Project". In addition the Corporation is alsostaking promising projects in the eastern regions of the Province ofQuebec.
Neither TSX Venture Exchange nor its Regulation ServicesProvider (as that term is defined in the policies of the TSX VentureExchange) accepts responsibility for the adequacy or accuracy of thisrelease. This press release contains certain "forward-lookingstatements," as identified in the Uragold Bay periodic fillings withCanadian Securities Regulators that involve a number of risks anduncertainties. There can be no assurance that such statements will proveto be accurate and actual results and future events could differmaterially from those anticipated in such statements.