UrbanGold Announces Appointment of an Independent Director and Stock Option Grant

Ottawa, Ontario--(Newsfile Corp. - July 14, 2020) -  UrbanGold Minerals Inc. (TSXV: UGM) ("UrbanGold" or the "Company") announces the appointment of Réjean Gosselin as Independent Director of the Company subject to the TSX Venture Exchange ("TSXV") approval.

Mr. Gosselin is a mining executive and geologist who holds a Masters of Science in Geology from Laval University in Quebec and has more than 40 years of experience in the Canadian mining industry and internationally. Réjean has been involved in all aspects of junior mining company management from project generation, to finance and executive management and has acted as founder and promoter of many junior mining companies exploring for different commodities in Canada, Mexico, Africa and South America. He also brings deep global relationships in the mining industry and especially in the Canadian resources investment banking sector. Recent involvements include Diabras Exploration (now Sierra Metals) as President and CEO, Maya Gold and Silver as CEO and Chairman and lately as President and CEO of Origin Gold Corporation.

"Mr. Gosselin's strong executive experience and wealth of technical expertise in starting up and successfully developing a number of junior mining companies will benefit UrbanGold as we continue to focus our efforts on advancing our gold properties in the Province of Quebec. We are pleased to welcome Réjean and eager to benefit from his knowledge and connections." said Mathieu Stephens, President and CEO of UrbanGold.

Jens Hansen, Chairman of UrbanGold also commented: "It is great to have Réjean join our Board. He has a superb, respected knowledge of the junior exploration business and knows what's needed to create a success for the Company and for its shareholders".

Concurrent with his appointment, the Company's Board of Directors has authorized and approved, as of today, the granting of stock options (the "Options") for an aggregate of 1,450,000 common shares to the Directors, Officers and consultants under its stock option plan. The Options vest immediately, are exercisable at $0.23 per Option and have a term of 5 years. The Options are subject to the approval of the TSXV.

About UrbanGold

UrbanGold Minerals Inc. is a precious metals exploration company with its activities focused in key gold 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, statements pertaining to 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, P.Geo
President and Chief Executive Officer
mstephens@urbangoldminerals.com

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

Phone (343) 883-4334
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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