ccnm






MONTREAL, QUEBEC--(Marketwire - Dec. 31, 2010) -
Uragold Bay Resources Inc. (TSX VENTURE:UBR), announces that it has closed a brokered private placement announced December 3, 2010, for a total placement of $ 294,000.


This will result in a total sale of 294 units ('Unit'), that consist of fifteen thousand (15,000) flow-through common shares at a price of $0.05 per share, five thousand (5,000) common shares at a price of $0.05 per share and twenty thousand (20,000) common share purchase warrants. 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 $ 29,400 to Jones, Gable & Company Limited and issue 29 Agent options entitling the Agent to purchase 29 Units at a price of $1,000.00 per Unit. Each Unit will allow the Agent to acquire twenty thousand (20,000) common shares of the Corporation and twenty thousand (20,000) common share purchases warrants with an exercise price of $ 0.10 during a period of 24 months from the date of closing of the placement.



Bernard Tourillon, UBR Chairman and CEO comments: "With the closing of this private placement, the Corporation will have succeeded in raising $ 1,310,000 during the month of December 2010. These funds give the Corporation more then the required liquidity to start in early January 2011 its drilling programme previously announced."



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
>www.uragold.com