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MONTREAL, QUEBEC--(Marketwire - Nov. 24, 2010) - Uragold Bay Resources Inc. (TSX VENTURE:UBR), 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, Rivicre 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.





FOR FURTHER INFORMATION PLEASE CONTACT: Bernard J. Tourillon, Chairman and CEO
Uragold Bay Resources Inc.
514-846-3271
Toll-free 1-888-666-3431
ORPatrick Levasseur, President and COO
Uragold Bay Resources Inc.
514-846-3271
Toll-free 1-888-666-3431
http://www.uragold.com/">www.uragold.com