Instead of a Bulk Sampling Permit, Uragold Is to Receive a 20 Year Mining Lease for its Beauce Placer Gold Property
Published : November 26, 2012
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Gold | Market | Report |

MONTREAL, QUEBEC--(Marketwire - Nov. 26, 2012) - Uragold Bay Resources Inc. ("Uragold") (News - Market indicators), is pleased to announce that Quebec's "Ministère des Ressources naturelles et de la Faune" ("MRNF") has opted to grant Uragold a 20 year Mining Lease ("Lease") rather than the large scale Bulk Sampling permit originally requested for the Rang Chaussegros claims of the Beauce Placer Gold property located in the municipality of Saint-Simon-les-Mines in the Beauce region of southern Quebec.

Bulk Sampling regulations were designed for hard rock applications and limited to 50 tons. The original bulk sampling application submitted by Genivar Inc, ("Genivar") requested from the MRNF a special permit to extract 16 200 tons (9 000 m3) of gold bearing basal till for sampling and trial mining.

Due to the special characteristics of the Beauce placer deposit, the MRNF regards the gold bearing basal till found on the property to be a "mineralized sediment" and therefore not subject to Bulk Sampling regulations. A Mining Lease removes limitations as to tonnage in regards to bulk sampling, trail mining and any mining operation on the Rang Chaussegros.

The Mining Lease of the Rang Chaussegros claims will cover 1.4 km of the historical placer gold channel between the Rang Chaussegros road to the west and Saint-Gustave road to the east. From 1960 to 1962, the Beauce Placer Mining Company, using a dragline and a floating Yuba bucket lined dredging machine, mined 56,000 oz of placer gold from an eastern section of the property close to Saint-Gustave road.

Issuance of the Lease by the MRNF is conditional that Uragold completes the following additional work:

  1. A Land Survey must be done and the surveyor plans must be accepted by the "Bureau de l'arpenteur général du Québec" (Office of the Surveyor General of Quebec);
  1. A mine Closure Plan must be submitted to the MRNF:
  1. A Geological Report must be submitted to the MRNF, the Technical Report will need to detail the geology and the economic potential of the Beauce placer gold deposit.

To obtain the mining lease, Uragold has completed the additional work requested by the MRNF:

Land Survey: A Land Surveyor ("Arpenteurs Geometres") has surveyed the Rang Chaussegros claims and the Surveyors plans have been filed for approval with the "Bureau de l'arpenteur général du Québec" (Office of the Surveyor General of Quebec).

Closure Plan: A Preliminary Closure Plan was prepared by Genivar and submitted to the MRNF and the MDDEP (Ministère du Développement durable, de l'Environnement et des Parcs) for approval. Based on the closure plan, the financial guarantee requested has been estimated at $95,757, which reflects the relatively benign nature of a placer gold mining operation.

A final Closure Plan must be filed prior to the commencement of mining operations. A financial guarantee of $95,757 must be provided to the MRNF by the company's to cover rehabilitation obligations under the CP as part of the final filing process.

Geological Report: Inlandsis Consultants has completed the required technical report and it will be submitted to the MRNF shortly.

Patrick Levasseur, president and COO of Uragold stated. "The MRNF's decision sets a new precedence for future placer mining projects in Quebec. Uragold is well on its way to becoming the first major placer gold mining operation in eastern North America in over 50 years." 

Other corporate matters:

Uragold Modifies Its Stock Option Plan

Uragold announces that its Board of Directors has approved the modification of the total number of shares that may be issued pursuant to its stock option plan, which is increased from 1,675,000 shares to 4,400,000 shares. The maximum number of common of shares that may be issued under the plan shall be equivalent to less than 10% of the issued and outstanding common shares of the Corporation. The modification is subject to regulatory approval.

Non-Brokered Private Placement

Uragold has arranged a non-brokered private placement for a total placement of up to $240,000.00. Investors have already committed $168,000 for this placement. If fully subscribed, the placement will result in the sale of up to 4,000,000 units (Units) at a subscription price of $0.06. Each Unit is comprised of 1 common share and 1/2 common share purchase warrant (the Warrants") of the Company. Each Warrant will entitle the holder thereof to purchase one common share of the capital stock of the Company at an exercise price of $ 0.10 during a period of 24 months from the date of closing of the placement. Each share issued pursuant to the placement will have a mandatory four (4) month holding period from the date of closing of the placement. The placement is subject to standard regulatory approvals.

About Uragold Bay Resources Inc.

Uragold Bay Resources is a junior exploration company trading on the TSX Venture Exchange under the symbol UBR. Uragold holds gold properties in Southern Quebec's Appalachian belt. Uragold's business model focuses on developing small scale low-cost mining operations for their cash flow generating potential while simultaneously exploring core properties that hold the potential for the discovery of blue sky gold deposits like the MacDonald project.

Shares outstanding: 44,184,327

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.

Patrick Levasseur
President and COO
(514) 846-3271
www.uragold.com

Uragold Bay Resources

EXPLORATION STAGE
CODE : UBR.V
ISIN : CA91689A2039
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Uragold Bay Res is an exploration gold company based in Canada.

Uragold Bay Res holds various exploration projects in Canada.

Its main exploration properties are USKAWANIS, CAVELIER JV, DIMBROKO (PR 141) and FENTON - CENTRE in Canada.

Uragold Bay Res is listed in Canada. Its market capitalisation is CA$ 31.2 millions as of today (US$ 23.7 millions, € 21.6 millions).

Its stock quote reached its lowest recent point on December 24, 2008 at CA$ 0.01, and its highest recent level on January 07, 2011 at CA$ 0.40.

Uragold Bay Res has 124 752 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Uragold Bay Resources
7/4/2013Closes Previously Announced Hard Cash Private Placement of $...
3/14/2013Closes the First Tranche of Private Placement
11/21/2012Amends Warrants Re-Pricing and Extention
11/7/2012Extends and Re-Prices Share Purchase Warrants
12/31/2010Uragold Closes Broker Private Placement
12/3/2010Uragold Bay New Flow-Through Units Offering Announced for $ ...
Project news of Uragold Bay Resources
11/13/2012(Beauce Placer)Completes a Critical Threshold With the Closing of the Acqui...
6/21/2011(Beauce Placer)Drill Program Returned Significant Visible Gold Grains From ...
3/14/2011(Beauce Placer)Drill Program on the Beauce Placer Property Confirms the Pre...
11/11/2010(Beauce Placer)Uragold to Start Drill Sampling the Beauce Placer Gold Prope...
Corporate news of Uragold Bay Resources
6/29/2016Purevap(TM) Produces Pure Silicon Metal Material That Exceed...
5/25/2016Purevap(TM) Dynamic Testing Restarted and First 3 Samples Se...
5/4/2016Uragold Provides Update to Purevap(TM) Process, Roncevaux Pr...
9/10/2013Recovers Pristine Gold/Silver Grains & Gold Nuggets From Bar...
5/23/2013Tomography Results Strengthens Uragold's Model of a Local Ha...
4/25/2013Corporate Update on the Development of the First New Placer ...
3/11/2013(Beauce Placer)Extends Holdings Over the Historical Beauce Placer Gold Chan...
2/7/2013Receives Environmental Permits to Start Trial Mining : A Mil...
1/14/2013Reaches a Major Threshold in its Permitting Process: Quebec'...
12/20/2012Closes Non-Brokered Private Placement and Grants Stock Optio...
12/18/2012to Complete an Electrical Resistivity Tomogragphic Survey on...
12/4/2012Closes the Sale of the Asbury Graphite Property to Canada Ca...
11/26/2012Instead of a Bulk Sampling Permit, Uragold Is to Receive a 2...
5/12/2011Starts Sampling the McDonald and Moe River Gold Properties
11/24/2010Uragold Bay to Issue Share-for-Debt Settlements
3/8/2010Acquires 100% Interest in the Bulstrode Rare Earth Property
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (UBR.V)
0.250+2.04%
TSX-V
CA$ 0.250
07/22 15:59 0.010
2.04%
Prev close Open
0.250 0.240
Low High
0.240 0.250
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.250 -%
Volume 1 month var.
605,372 -%
24hGold TrendPower© : 27
Produces
Develops
Explores for Uranium
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
DateVariationHighLow
2017-10.71%
2016460.00%0.300.05
20150.00%0.070.02
201425.00%0.080.03
2013-20.00%0.120.04
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.16-3.03%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 3.98-0.13%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 3.76+1.62%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 2.50-3.47%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.19+0.00%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.75+0.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 2.01-5.63%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.47+38.04%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 4.75+0.00%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.15+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 3.35+0.30%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 4.10+0.74%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 8.75-0.57%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.08-5.88%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.27-10.00%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 1.40+2.19%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 0.46+0.00%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 38.02+2.81%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.18+2.94%Trend Power :