UrbanGold Announces New Chief Financial Officer

Ottawa, Ontario--(Newsfile Corp. - October 1, 2019) -  UrbanGold Minerals Inc. (TSXV: UGM) ("UrbanGold" or the "Company") is pleased to announce that, subject to regulatory approval, Vatche Tchakmakian has joined the Company as Chief Financial Officer and Corporate Secretary, effective October 1, 2019.

Mr. Vatche Tchakmakian is a Chartered Professional Accountant (CPA, CA) with over 30 years of experience in the minerals industry. He is specialized in the field of public companies and securities regulations in Canada. He has been an officer of several publicly listed companies in the mineral sector having operations in Canada and Latin America. From 1988 to 1993, he managed audit assignments at one of the predecessors of PricewaterhouseCoopers LLP, a national accounting firm, for a number of large private and public companies. Mr. Tchakmakian received his B.S. in Public Accounting from École des Hautes Études Commerciales, Université de Montréal in 1988. He is a member of the TSXV Advisory Committee.

Mr. Tchakmakian will be replacing Sabino Di Paola who has resigned as Chief Financial Officer and Corporate Secretary to pursue other opportunities. Mr. Di Paola will remain a Director of the Company.

"On behalf of the Board, I would like to thank Sabino for his contributions to UrbanGold" said Mathieu Stephens, President and Chief Executive Officer. "During his time at UrbanGold, he has helped build a company with an excellent portfolio of assets, which has positioned UrbanGold well for the future. We wish Sabino continued success in his future roles."

Mathieu Stephens also commented: "We are delighted that Mr. Tchakmakian, a knowledgeable and accomplished individual, has agreed to join UrbanGold. His wealth of experience with junior miners operating within the province of Quebec will be of great benefit to the Company. Since August, Mr. Tchakmakian has been working with our management team to ensure a smooth transition."

About UrbanGold

UrbanGold Minerals Inc. is a gold and base-metals exploration company, federally incorporated and headquartered in Ottawa, Ontario, Canada. The Company's common shares trade on the TSX Venture Exchange under the symbol "UGM". UrbanGold is focussed on mineral exploration in Quebec with emphasis on the Urban-Barry (Windfall) and Troilus area properties.

Forward Looking Information

This press release contains "forward-looking information" within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking information" includes statements that use forward-looking terminology such as "may", "will", "expect", "intend", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by forward-looking information. See "Risk Factors" in the Company's Management's Discussion and Analysis dated September 9, 2019 filed on SEDAR at www.sedar.com for a discussion of these risks.

The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.

Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.

For further information

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

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

Phone (613) 721-2919
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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