Amended: Quebec Quartz Assay Results for Malvina Surpasses Expectations, Samples up to 99.8% SiO2, Validated as Suitable for Silicon Metal and High Purity Quartz Applications

(via Thenewswire.ca)

Montreal, Quebec / TheNewswire / Uragold Bay Resources Inc. ("Uragold") (TSX Venture: UBR) is pleased to announce that it's wholly owned subsidiary, Quebec Quartz, has received assay results for samples taken on the Malvina Quartz (Silica) property located in the Eastern Township, some 200 km east of Montreal and 5 km from the Quebec-Vermont border.

The corrected SiO2 average for the 8 samples assayed is 99.57%, ranging from 99.31% to 99.75%. These results validate the fact that the quartz material from the Malvina Property would make suitable feedstock for Silicon Metal production and applications requiring high purity quartz.

Patrick Levasseur, President and COO of Uragold stated, "We are extremely happy with these results. They have surpassed our initial expectations and validated our decision to focus on our Malvina property since quartz mined from the region back in the 80's was used for silicon metal production. Furthermore, the property is situated within 100 Km from a deep-sea harbour that can handle bulk shipments for worldwide exports, less then 500 Km from the future FerroAtlantica Port Cartier Silicon Metal production facilities and less then 100 Km from Globe Specialty Metals Becancour silicon metal production facilities."

A 1995 exploration campaign indicates that the Malvina mineralization appears to take place in a lens that is 15m by 6m. Samples took from this lens revealed high purity quartz (99.74% SiO2). The Malvina showing hosted of a producing quarry in the past. (GM53696: Pierre Vincent, Constellar Geosciences. 1995).

All the information on exploration potential herewithin presented is historical in nature and while relevant, the information was obtained before the implementation of National Instrument 43-101 and as such does not meet National Instrument 43-101 reporting standards. The historical estimate should not be relied upon until the Company can confirm them.

IMPORTANCE OF QUARTZ (SILICA)

Quartz (SiO2) is one of the most abundant minerals. It occurs in many different settings and in many different rock types. However, High Purity Quartz deposits with low impurities are rare and only a few deposits are suitable in volume, quality and amenability to be tailored to refining methods for specialty high purity applications.

High Purity Quartz (HPQ), and Silicon Metal is used in large part in the aluminum industry while Ultra High Purity Quartz (UHPQ) has become one of today's key strategic minerals with applications in high-tech industries that include semiconductors, LCD displays, fused quartz tubing, microelectronics, solar silicon applications and recently, Silicon Anode Lithium Batteries.

GO FORWARD PLAN:

The Corporation intends to advance the development of the Malvina project by completing the following steps during Q1 & Q2 2015:

1. 1.Send material to specialized laboratories to find the best beneficiation process to transform the Malvina Quartz material into Ultra High Purity Quartz for advanced material and pharmaceutical applications.

High Purity Quartz beneficiated to 99.998% Si02 can command prices up to
US$ 6,000/T (Source: Dorfner Anzaplan). The Corporation intends to focus its interest on this segment of the market.

Run of mine quartz for Silicon Metal usage commands sale prices averaging between US$ 100/T to US$ 250/T.

1. 2.Send quartz samples to Silicon Metal and other material buyers.

The chemistry of the Malvina quartz material meets end-user requirements for Silicon Metal production. Multiple end-users that have demonstrated interest in our projects are now requesting samples for thermal tests.

1. 3.Evaluating the Property Potential.

The exploration potential of the 15m by 6m lens estimated in 1995 needs to be confirmed, map and measured to 43-101 standards.

PARTIAL TABLE OF RESULTS:

The total exploration area of the Martinville deposit is 1.21 Km2. In order to have a good sampling spread, 8 samples were taken at different zones of the quartz vein outcrop.

Assay results confirm that the material is low to very low in all the major contaminants: Al2O3 average: 0.25%, range from <0.01% to 0.49%, Fe2O3 average: 0.03%, range from 0.01% to 0.06%, Co3O4 all samples <0.005%, CuO all samples <0.005%, MnO all samples <0.001%, NiO 6 samples <0.003%, one sample 0.003% and one sample 0.004%, MgO all samples <0.01%, CaO all samples <0.01%, Na2O all samples <0.01%, K2O 6 samples <0.01%, the other 0.01% and 0.03%, TiO2 2 samples <0.01%, 5 other 0.01% and one sample 0.002%, P2O5 average: 7 samples <0.01%, 1 other 0.05%, Cr2O3 all samples <0.01%, V2O5 all samples <0.003%.

The material was first sent to the INRS (Institut National de la Recherche Scientifique) laboratory in Quebec City to be prepared for testing for Silica values. 8 prepared samples were sent to the Activation Laboratories in Ancaster, Ontario for whole rock and trace elements assay (FUS X-Ray Fluorescence ("XRF")).

The average loss in ignition ("LOI") (material and moisture burned off during the assays) for the 8 samples is 0.16% (ranging between 0.11% and 0.18%). This suggest that a certain percentage of the alkali metals are present as a carbonate molecule, and with an average laboratory total of 99.22% (ranging between 98.65 % and 100.20%), a correction for the loss of carbonate is required in order to present the actual SiO2 grade of the samples.

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Picture 1: Field sample from the Malvina Property, # 41753 Si02 99.69%

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Picture 2: Quartz vein outcrop at the Malvina Property.

Mr. Robert Gagnon, P. Geo, is a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the information in this news release.

All the information on exploration potential herewithin presented is historical in nature and while relevant, the information was obtained before the implementation of National Instrument 43-101 and as such does not meet National Instrument 43-101 reporting standards. The historical estimate should not be relied upon until the Company can confirm them.

About Quebec Quartz

Uragold 100 % wholly owned subsidiary, Quebec Quartz, by virtue of being a first mover into this market, succeeded in becoming the largest holder of distinct High Purity Quartz properties in Quebec. Quebec Quartz strategic portfolio of High Purity Quartz (+99.+% SiO2) deposits and closed silicon metal mines in Quebec represent a unique and valuable asset. Quebec Quartz aims to become a leading supplier of Ultra High Purity Quartz

About Uragold Bay Resources Inc.

Uragold Bay Resources is a TSX-V listed Gold and High Purity Quartz exploration junior focused on generating free cash flow from mining operations. Our business model is centered on developing mining projects suited for smaller-scale start-up, (Capex < C$10M), that will generate high yield returns (IRR > 50%). Uragold will reach these goals by developing Quebec's first placer mine in 50 years, the Beauce Placer Project developing and, in partnership with Golden Hope Mines, the Bellechasse-Timmins Gold Deposit.

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.

For further information contact

Bernard J. Tourillon, Chairman and CEO
Patrick Levasseur, President and COO

Tel: (514) 846-3271

www.uragold.com/Quebec-Quartz.php

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