Uragold Bay Resources Inc. (TSX VENTURE:UBR - News), is pleased to announce
that its board of directors has approved the issuance of 2,600,000 common
shares at the deemed price $ 0.05 per share, to settle outstanding debt of $
130,000 due for rendered services by 2 different creditors that are service
providers to the Corporation. This settlement is subject to the approval of
the TSX-Venture Exchange.
Bernard Tourillon,
UBR Chairman and CEO comments: "the share-for-debt settlement agreements
are additional positive steps taken by the Corporation since this will enable
the Corporation to eliminate outstanding liabilities, while freeing up the
Corporation's liquidity to be used for the development of the Corporation's
gold properties."
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. The properties benefit from extensive historical
exploration work and from well-established infrastructure thereby helping to
reduce exploration risks.
Uragold's business model focuses on developing, a
series of potential small scale low-cost gold mining operations including the
Beauce Placer, the Calway,
the Riviere du Loup, Riviere
Bergeron, and Grande Coulee 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.
The recent rise in Uranium prices
combined with the discovery of Rare Earth Element deposits in the area close
to Uskawanis, allows the Corporation to explore
once again the potential of our James Bay projects.
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.
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