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MONTREAL, QUEBEC--(Marketwire - Dec. 14, 2010) -
Uragold Bay Resources Inc. (TSX VENTURE:UBR), is pleased to announce that it has closed a second non-brokered private placement in the amount of $ 325,100 for the sale of 6,502 units ('Unit'), at a subscription price of $ 50.00 per Unit. 4,400 of these Units are comprised of 1,000 shares of the Company, of which 750 shares to be issued as a "flow-through shares", and 1,000 non-flow-through common shares purchase warrants (the "Warrants") of the Company. The remaining 2,102 Units are comprised of 1,000 shares of the Company and 1,000 common shares purchase warrants (the "Warrants") of the Company. Of the subscription price of Cdn $ 50.00 per Unit, the Company hereby allocates $ 49.00 to the price of the Unit Shares comprised in each Unit and $1.00 to the price of the Warrants comprised in each Unit. Each Warrant will entitle the holder thereof to purchase one common share of the capital stock of the Company that is not a "flow-through share" ("Common Share") 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.


In connection with this placement, the Corporation will pay a cash finder's fees of $ 285 to Macquarie Private Wealth inc. and finder's fees warrants for a total of 9,500 to Macquarie Private Wealth Inc. which allow the finders to acquire 9, 500 common shares of the Corporation at an exercise price of $ 0.10 during a period of 24 months from the date of closing of the placement.


The private placement is subject to regulatory approval.



Bernard Tourillon, UBR Chairman and CEO comments: This second private placement strengthens the Corporation's liquidity and is another positive step towards the development of the Corporation's 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.




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