Uragold Signs Definitive Agreement With Bolero to Sell the Asbury Graphite Mine

Uragold (the "Company"or "UBR")(TSX VENTURE:UBR), is pleased to announce that it
has entered into definitive agreement, dated August 25th, 2012, with Bolero
Resource Corp ("Bolero" or "BRU") for the sale of UBR's "Asbury" mining claims.
The closing of the transaction shall be completed on or before October 15, 2012.
The terms of the agreement are the same as disclosed in Uragold's press release
dated August 9th, 2012. Bolero's shares trade on the TSX Venture Exchange under
the symbol "BRU".


The transaction is also subject to receipt by Bolero of the approval of the TSX
Venture Exchange. 


Under the terms of the agreement, Bolero is required to make a non-reimbursable
cash payment of $30,000 CDN to UBR which has been paid prior to the date of
signature of the Agreement and a second non-reimbursable cash payment of $70,000
CDN on or before September 28, 2012. Upon closing of the transaction Bolero will
make a further payment of $200,000 CDN and shall issue to UBR at closing five
million (5,000,000) common shares of its capital stock, and thereafter pay a
yearly royalty of .75% on the net production cost for a period of 10 years after
the start of production. 


About Uragold Bay Resources Inc. 

Uragold Bay Resources is a junior exploration company trading on the TSX Venture
Exchange under the symbol UBR. Uragold holds gold properties 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 mining operations 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.


Shares outstanding: 42,247,660