UrbanGold Undertakes Ground Geophysics in Preparation for Drilling in Troilus, Baie James and Completes Acquisition of Mineral Claims

Ottawa, Ontario–(Newsfile Corp. – August 29, 2019) – UrbanGold Minerals Inc. (TSXV: UGM) (“UrbanGold” or the “Company”) is pleased to announce the start of ground geophysical surveys on its recently acquired Troilus group of properties, in the James Bay region, Quebec.

The program follows-up on recently identified outcrops of interest containing disseminated sulphides. The program will take two weeks to complete and is designed to generate additional drill targets for an upcoming drill program consisting of a minimum of 3,000 metres (see August 6, 2019 news release).

An induced polarisation survey covering several grids totalling 47 kms will be completed over several prospective sectors. The survey is configured to penetrate to depths of 120 metres. A ground magnetic survey is also to be completed over the same grids, which will help in identifying key underlying structures and lithologies and aide in planning drill holes. The surveys are designed to identify potential gold bearing structures which are not visible at surface given the scarcity of outcrops in the areas of interest.

Mathieu Stephens, President and CEO, commented: “We are very pleased to announce that work is progressing well on the property and that drilling will soon be underway. These deep penetrating geophysical surveys will assist in target selection for drilling by correlating mineralization observed at surface with potential extension at depth. We will be ready to extend the drill program if deemed necessary.”

The Company also announces that further to its news release dated July 18, 2019, it has completed the acquisition of seven claims (four located in the Troilus area and three at the Mercier Rare Earth property) from a local prospector, in consideration of 140,000 common shares of the Company. The common shares of the Company issued to the local prospector are subject to a four month hold period from the date of issuance.

Qualified Person

This news release has been prepared by Mathieu Stephens, P.Geo., President and CEO for UrbanGold Minerals, the Qualified Person, as defined by National Instrument 43-101.

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), Troilus mineral belts and its StarGold property.

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 Final Prospectus dated December 13, 2018 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

Jens Hansen, Chairman of the Board

Phone (613) 721-2919

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/47370

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