UrbanGold Commences Drilling at Pallador-Regnault

Ottawa, Ontario--(Newsfile Corp. - December 3, 2020) - UrbanGold Minerals Inc. (TSXV: UGM)  ("UrbanGold" or the "Company") is pleased to report the start of its drill program today on the Regnault block located immediately south and on strike of the current extent of Kenorland Minerals Ltd. ("Kenorland") recent major gold discovery, which includes an intersection of 8.47 g/t Au over 29 metres, located further north (Kenorland July 29, 2020 news release).

The minimum 2,000-metre drill program is focusing on the northwest portion of the Regnault block that forms part of its 100%-owned Pallador property (the "Property") in the Frotet area. Several high-priority targets are being drilled, all located just south of the nearby Kenorland discovery. The targets include coincident chargeability and geochemical anomalies in soil consisting of gold and known pathfinder elements. No prior drilling is recorded on this portion of the Property. The drill program is planned to be completed before the holidays and all samples will immediately be sent to the lab.

Readers are encouraged to visit the Company's website for more information on the targets that are to be drilled.

Qualified Person

Technical aspects of this news release have been reviewed and approved by Mathieu Stephens, P.Geo., President and CEO for UrbanGold, the Qualified Person, as defined by National Instrument 43-101.

About UrbanGold

UrbanGold Minerals Inc. is a precious metals exploration company with its activities focused on the Frotet gold belt, 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 drill program and its timing and completion. 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
Investor Relations

First Canadian Capital Corporation
Phone: 416-742-5600

MI3
Phone: 514-346-3813

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

Phone 1-888-397-3566
www.urbangoldminerals.com

Neither the 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/69412

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