Uragold Bay Resources Inc. (Uragold), is pleased to announce it has acquired by map staking 100% interest in the Bulstrode Rare Earth property located 28 km west of Thetford Mines, Eastern Townships, Quebec, approximately 150 km east of Montreal.

The Southern Quebec Appalachian belt situated in the Eastern Townships is presently enjoying a major staking rush. Corporations having staked and worked significant land concessions in the areas over the last year include Golden Hopes Mines Ltd, Bowmore Exploration ltd, Fancamp Exploration ltd Nevado Venture Capital Corp and others. The area has a century-long mining history for chromites, asbestos and copper. The region was the site of Canada's first placer gold rush in the 1850s, decades before the Klondike, before being forgotten. Despite the many gold occurrences discovered in volcanic, intrusive and sedimentary rocks, no major bedrock sources were uncovered to account for the placer gold.

Bulstrode Rare Earth Property

The property is comprised of 3 claim blocks spaced 2 km apart in a triangular formation. All are located in the Halifax County.

In 1987, alluvial heavy mineral surveys of southern Quebec, commissioned by the Geological Survey of Canada (Y.T. Maurice 1989), discovered an area characterized by elevated concentrations of rare earths. The anomalies are caused by the mineral Monazite that contains both heavy rare earths elements (HREE) such as ytterbium (Yb), lutetium (Lu), europium (Eu), terbium (Tb), gadolinium (Gd) and light rare earth elements (LREE) of cerium (Ce), samarium (Sm), lanthanum (La).

The author notes that the Monazites contain significantly more europium, samarium and gadolinium compared to the average commercial monazites from various parts of the world.

Stream sediment samples of heavy mineral concentrates from each of the claim blocks are as follows:

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                      Sample       Sample         Sample

                 #1987011290  #1987011292    #1987011286

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                         Light Rare Earth Minerals (LREE)

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Cerium           31,100 ppm    10,500 ppm     23,500 ppm

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Lanthanum        21,500 ppm     6,910 ppm     15,000 ppm

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Samarium          2,290 ppm     1,300 ppm      2,960 ppm

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                     Sample        Sample         Sample

                #1987011290   #1987011292    #1987011286

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                         Heavy Rare Earth Minerals (HREE)

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Europium            585 ppm       182 ppm        404 ppm

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Terbium             331 ppm      91.4 ppm        215 ppm

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Ytterbium            31 ppm        24 ppm         21 ppm

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Lutetium            3.8 ppm       4.2 ppm        2.8 ppm

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Gadolinium – rock sample showings on the 3 claim bloc

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.

Bernard Tourillon, UBR Chairman and CEO comments: "The historical information available and the heightened interest and demand for Rare Earth Elements in the world makes the Bulstrode Rare Earth Property a valuable prospective acquisition for UBR that warrants further exploration work. The Goal of the Company is still to delineate a significant resource that can be placed into production relatively quickly on its properties, but the staking rush in the area, that started after UBR began its staking activity last year, opens the option of either developing our properties alone or through strategic partnerships."