Uragold Updates Shareholders on the Beauce Placer Gold Project; Will Issue a 43-101 Compliant Inferred Resource Followed by a Preliminary Economic Assessment

MONTRÉAL, QUÉBEC--(Marketwired - Jan. 23, 2014) - Uragold Bay Resources Inc. ("Uragold") (TSX VENTURE:UBR) is pleased to provide its shareholders with an update on the Beauce Placer Gold Project, located in the municipality of Saint-Simon-les-Mines in the Beauce region of southern Quebec.

As previously stated last April, the Corporation submitted to potential financiers copies of a "Technical Report on the Beauce Property, Southeastern Quebec" and an internal economic assessment model prepared by an independent mining engineering firm. The assessment assumed mining a conceptual potential volume ranging from 385,000 m3 to 407,000 m3 of gold bearing basal units with a potential grade between 1 g to 2 g AU/m3 (12,000 to 25,000 ounces of gold) found on the Rang Chaussegros section of the Beauce Placer channel (based on figures from the Technical report and from Genivar's (now WSP Group) environmental audit and mining permit applications).

At the start of 2013, financiers interest in the economics of our project was strong, and this even if the potential quantity and grade of Gold on the property in our technical reports was conceptual* in nature, ("insufficient exploration done to define a mineral resource and uncertainty if further exploration will result in discovery of a mineral resource"). As key milestones were met, the price of gold was collapsing, venture capital funding was drying-up and the few remaining financiers were tightening their minimal financing requirements. This was not anticipated.

Evaluating the Beauce Placer project potential versus industry comparables, in an environment where there are no standard benchmark's for placer projects, made it difficult for financiers and investors in evaluating the project's economics potential.

As opposed to standard hard rock projects, the coarse gold characteristics (nugget effect) of the Beauce Placer project implies that delineating a mineral resource and reserve categories as defined in National Instrument 43-101 reporting standards using a traditional drilling program would be very difficult and costly.

During the third quarter of fiscal 2013, UBR technical committee reviewed the historical information and concluded that there was enough new and historical information for the Company to disclose an Inferred Resource* and to increase its resource potential for the Rang Chaussegros section of the deposit. The report is presently in being finalized and should be issued during the next 50 days.