Uragold Bay Resources Inc.: Beauce Placer Gold Property Update
20 Januar 2011 - 6:04PM
Marketwired
Uragold Bay Resources Inc. (TSX VENTURE: UBR), is pleased to
announce it has retained the services Dr. Remi Charbonneau PhD (P.
Geo) of Inlandsis Consultants for the supervision and
interpretation of the previously announced Beauce Placer drilling
program. Dr. Charbonneau is a specialist in glacial till geology
and gold placers. He has worked with junior and senior exploration
companies, including Virginia Gold Mines and Goldcorp. Goldcorp's
Eleonore Gold Mine property is located 30 km north of Uragold's
Uskawanis Uranium property.
Following his analysis of the property's historical information,
Dr Charbonneau recommended that UBR use a sonic drill instead of
the reverse circulation drill previously announced and commonly
used in overburden drilling in southern Quebec.
Sonic drilling provides a continuous, relatively undisturbed
core sample of unparalleled quality and accuracy through till
overburden. Undisturbed core samples will provide more accurate
information on the distributions of both the fine and coarse gold
placers throughout the layers of glacial till, sediment layers and
of the bedrock below. The decision to change from a reverse
circulation drill to a sonic drill resulted in the drilling being
delayed by a few weeks. Boart Longyear has been contracted for the
sonic drilling.
About the Beauce Placer Gold Property
The property is located near the village of
Saint-Simon-les-Mines in the Beauce region of southern Quebec. It
was the site of a major placer gold mine operation in the 1960s.
Uragold's interest in the property is focused on examining a
gold-bearing paleo-placer channel that runs parallel to the
southern side of the Gilbert River. The highest gold values are
generally at the contact with the fractured bedrock and in the
joints and foliation.
The drilling program will be carried out in a manner that will
rationalize past drill results to allow both confirmation of the
existing historical resource and hopefully to add addition
resource.
Uragold believes that gold could be found on the property. If
drilling results and trial mining efforts are positive, a low cost
placer mining operation would be put in operation. Any positive
cash flow achieved could contribute to the exploration of the
company's other projects with blue sky potential.
All information herewith 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.
Note: Mr Vivian Stuart-Williams, (SACNASP), a Director of the
Company and a Qualified Person as defined by National Instrument
43-101, supervised the preparation of the information in this news
release.
Patrick Levasseur, UBR President and COO: "This drilling program
launches the first of our 2011 exploration projects. I believe this
year will be a year of exciting new discoveries from Uragold's
gold, uranium and rare metals projects."
On Other Corporate news:
Bernard Tourillon, Chairmen and CEO of Uragold announces that
the Corporation is exploring opportunities in the Middle East and
Africa through Mr. A. Al Hazeem who resigned as a director of the
Corporation effective immediately. Uragold will retain Mr. Al
Hazeem, who is currently one of the largest shareholders of the
Corporation, as a consultant.
His role was instrumental in supporting the company for the past
3 years and he was extremely useful during the tough times. He has
worked closely with the management team and has collaborated in
formulating and implementing our new business plan and in
developing our ventures. We strongly believe that he will remain an
indispensable asset and we thank him for his impeccable leadership,
guidance and efforts.
Mr. Al Hazeem commented, "It was a great pleasure to work with
Uragold's team and I greatly believe that the integrity and hard
work of the management team will pay off handsomely. UBR's
management is determined to build shareholder value and to succeed
in its endeavors."
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.
Contacts: Uragold Bay Resources Inc. Bernard J. Tourillon
Chairman and CEO 514-846-3271 www.uragold.com Uragold Bay Resources
Inc. Patrick Levasseur President and COO 514-846-3271
www.uragold.com
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