MONTREAL, QUEBEC--(Marketwire - March 14, 2011) - Uragold Bay Resources Inc. (News - Market indicators), is pleased to inform its shareholders that the company has successfully completed it's sonic drill program on the Beauce Placer Property located near the village of Saint- Simon-les-Mines in the Beauce region of southern Quebec. Preliminary treatment of a basal brownish unit shows the presence of gold, thus confirming the results of historical works.
On the 1st of March, the company has completed 11 sonic drill holes for a total of 390 meters. All holes were successfully drilled through multiple glacial units, down to the bedrock. These provide undisturbed 10 cm diameters core of the various unconsolidated units and the underlying bedrock. Preliminary treatment of a basal orange-brown diamict in hole G65-S04 identified visible grains of gold.
Detailed description and sampling of these core materials are currently being performed by Inlandsis Consultants. After subsequent processing and analysis of the various samples issued from this sonic drilling program, Inlandsis will provide Uragold a detailed report on the Beauce Placer property that will also include recommendations for future works.
In the early 1960's, the property was the site of placer gold mining operation following the results of a first reverse circulation (RC) drilling by Beauce Placer in 1958. A later RC drilling by the University of Laval for Macamic in 1985 and 1986 and some sonic drill holes by the Geological Survey of Canada (1986), suggests the property holds a gold placer deposit that was not completely mined. Uragolds believes that it's sonic drilling program will provide new information and validate historical data.
Uragold's primary objective is to confirm the existence of a placer gold deposit. If confirmed, to then evaluate its size and economic potential.
Note: Mr. Remi Charbonneau PhD (P. Geo), is a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the information in this news release.
Patrick Levasseur, Uragold President and COO: states: "We would like to thank our sub-contractors and field team for a successful drilling program. We look forward to Mr Charbonneau's report. Uragold is proud to be writing a new chapter on the Beauce Placer. A historic yet over looked property where Canada's first gold rush took place years before the Klondike and was the site of the only commercial placer gold mining operation in eastern North America."
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 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 Uskawanis, allows the Corporation to explore once again the potential of its Uskawanis Uranium Property located in James Bay Quebec.
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.