Uragold Closes Non-Brokered Private Placement and Completes the Acquisition of the Asbury Graphite Property

MONTREAL, QUEBEC--(Marketwire - May 3, 2012) - Uragold Bay Resources Inc. (TSX VENTURE:UBR), Uragold is pleased to announce that it has closed a hard cash non-brokered private placement for a total placement of $66,000.00. This will result in a total sale of 66 units (Units) at a subscription price of $1,000.00. Each Unit being comprised of 20,000 common share and 20,000 common share purchases warrant (the Warrants") of the Company. Each Warrant will entitle the holder thereof to purchase one common share of the capital stock of the Company 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. The private placement is subject to regulatory approval.

The immediate closing of this financing, combined with issuance of the 8 millions shares to the vendors, already approved by the exchange, enable the Corporation to start the process of transferring the claims title of the Asbury Graphite Mine and Canadian Graphite Property to Uragold and complete the 100% acquisition of these claims.

In connection with this placement, the Corporation will pay cash finder's fees of $ 5,000 to EMD Financial Inc.

About EMD Financial Inc.

EMD Financial Inc is an Exempt Market Dealer, registered in Quebec and serving clients in Quebec, Ontario and Alberta. EMD specializes in equity private placement financings for publicly traded micro-cap opportunities in the resource sector. Furthermore EMD offers consulting services on mergers, acquisitions, and investment banking catered specifically to the client's situation.

Patrick Levasseur, president and COO of Uragold stated. "The Asbury project is similar to our Beauce Placer project, this property benefits from extensive historical exploration work, well-established infrastructure and the real potential of developing a mining operation."

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 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.

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.

Contact Information:

Bernard J. Tourillon, Chairman and CEO
Patrick Levasseur, President and COO
(514) 846-3271