UrbanGold Announces Increase to Proposed Non-Brokered Private Placement

Ottawa, Ontario--(Newsfile Corp. - May 12, 2020) - UrbanGold Minerals Inc. (TSXV: UGM) ("UrbanGold" or the "Company") announces that, further to its news release dated May 11, 2020 announcing a proposed non-brokered private placement for the sale of up to 4,800,000 units of the Company (the "Units") priced at $0.125 per Unit resulting in gross proceeds of up to $600,000 (the "Offering"), the Company has increased the size of the Offering to up to 8,000,000 Units resulting in gross proceeds of up to $1,000,000.

UrbanGold intends to use the gross proceeds of the Offering to expand by up to $400,000 the Company's upcoming exploration program on its principal gold assets, with the balance of $600,000 of the gross proceeds for working capital and general corporate purposes.

The other terms of the Offering remain the same.

About UrbanGold

UrbanGold Minerals Inc. is a precious and base metals exploration company with its activities focused in prospective areas of Quebec. The Company specializes in project generation supported by substantial exploration expertise. The Company's common shares trade on the TSX Venture Exchange under the symbol "UGM".

Forward Looking Information

This news release may contain certain forward-looking information and statements, including without limitation, the closing of the Offering, statements pertaining to the use of proceeds, and the Company's ability to obtain necessary approvals from the TSX Venture Exchange. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in UrbanGold's disclosure documents on the SEDAR website at www.sedar.com. UrbanGold does not undertake to update any forward-looking information except in accordance with applicable securities laws.

For further information

Mathieu Stephens, President and Chief Executive Officer
mstephens@urbangoldminerals.com

Jens Hansen, Chairman of the Board
jhansen@urbangoldminerals.com

Phone (613) 299-0666
www.urbangoldminerals.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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