UrbanGold Reports Results from First Four Holes at Pallador-Regnault

Laval, Quebec--(Newsfile Corp. - February 24, 2021) - UrbanGold Minerals Inc. (TSXV: UGM) ("UrbanGold" or the "Company") reports results from the first four of ten core holes (totalling 1,095 metres of 2,452 metres) drilled on its 100% owned 26,585-hectare Pallador Property (the "Property") in the Regnault area of the Troilus-Frotet region. This drill program targeted an area located immediately south of the Kenorland Minerals Regnault gold discovery (see Kenorland's July 29, 2020 news release). Assays for the remaining 6 holes of the UrbanGold program that were drilled in January 2021, remain pending.

UrbanGold's drilling focused on coincident chargeability and geochemical anomalies in soil consisting of gold and known pathfinder elements. No previous historical drilling was recorded on this portion of the Property prior to the completion of UrbanGold's program. Best results from the first four drill holes include hole UPR-20-03, which intersected 2 g/t gold over 1.8 metres between 175.75m and 177.55m. Mineralization was intersected within a dioritic intrusion and is associated with carbonate alteration. A map showing the location of the drilling area is adjoined.

Quality Assurance and Quality Control (QA/QC)

UrbanGold staff processed samples and securely sealed and shipped them to SGS Canada Inc. ("SGS") in Val-D'Or, Quebec for sample preparation. The resulting pulps are analysed for gold by fire assay and multi-element aqua regia ICP-OES technique in Burnaby, British Columbia. All assay data have undergone internal validation of QA/QC, noting there is an established sampling control program with blind insertion of assay blanks, certified industry standards and sample duplicates. SGS is a Canadian assay laboratory and is accredited under ISO/IEC 17025 and ISO 9001, and also has its own QA/QC procedures in place. Over-limit protocols are in place for gold, silver, and copper. Intervals in this release are drilled intervals. True widths could not be determined at this early stage of target evaluation.

Qualified Person

This news release has been prepared by Mathieu Stephens, P.Geo., an Officer and Director of the Company, and the Qualified Person as defined by National Instrument 43-101.

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 reception date of the pending assay results. 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 (English)
First Canadian Capital Corporation
Phone: 416-742-5600

Investor Relations (French)
Phone: 514-346-3813

Company Officers
Jens E. Hansen, P.Eng: / jeskhansen@gmail.com
Mathieu Stephens, P.Geo

Phone: 613-721-2919

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.

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