CH Charbone Hydrogen Corporation

Urban Select Capital Corporation (the "Company") (TSX VENTURE:CH) is pleased to
announce that it has entered into a letter of intent ("LOI") with Constantine
Metal Resources Ltd. ("Constantine"), a company listed on the TSX Venture
Exchange (the "Exchange"), and Carlin Gold Corporation ("Carlin"), a company
also listed on the Exchange (collectively, Constantine and Carlin will be
referred to as the "Vendors"). The Vendors currently have a 100% interest in
Yukon Properties (the "Properties").


Pursuant to the LOI, the Company has agreed to: (i) transfer cash to its
wholly-owned subsidiary ("SpinCo"), in consideration for common shares of SpinCo
and distribute these common shares to the Company's shareholders pursuant to the
Company's previously-announced plan of arrangement under the Business
Corporations Act (British Columbia) (the "Plan of Arrangement"); (ii) enter into
a definitive agreement (the "Definitive Agreement") with the Vendors whereby
SpinCo will acquire, in consideration for the issuance of 28,333,333 common
shares of SpinCo and payment of $1,000,000 to the Vendors, 100% interest in the
Properties (the "Acquisition") and (iii) assist SpinCo with completion of an
anticipated $4,000,000 non-brokered private placement financing (the
"Financing") to be completed following the entering into of the Definitive
Agreement (as defined herein). In addition, upon production by the SpinCo of a
National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate in
respect of the Properties, SpinCo will issue to the Vendors 1,000,000 common
shares for each 1,000,000 ounces of gold in the measured and indicated mineral
resource categories, to a maximum of 4,000,000 common shares. The Acquisition is
anticipated to be subject to a number of conditions, including but not limited
to: completion of the Financing; delivery by the SpinCo of a NI 43-101 compliant
technical report in respect of the Properties; with respect to the Vendors,
approval of the Exchange; and satisfactory due diligence. 


Upon completion of the Acquisition and Financing, it is anticipated that
ownership of SpinCo will be approximately as follows: the Company's current
shareholders 2.5%; Constantine 28.5%; Carlin 28.5%; the Company 3.5%; and the
remaining 37% to investors in seed financings and the Financing. The Company
received approval of the Plan of Arrangement at its annual and special general
meeting of its shareholders held on December 19, 2011 (the "Meeting"). Final
court approval of the Plan of Arrangement was received on December 21, 2011. The
Company has also received conditional approval of the Exchange in respect of the
Plan of Arrangement. Further information regarding the Plan of Arrangement is
set forth in the notice of meeting and information circular prepared in
connection with the Meeting, a copy of which is available at www.sedar.com. It
is anticipated that the Plan of Arrangement will be made effective on or before
February 29, 2012. Upon completion of the Plan of Arrangement, SpinCo will
become a reporting issuer in British Columbia and Alberta. In addition,
concurrently with completion of the Plan of Arrangement, SpinCo is expected to
complete a $100,000 seed financing. Completion of the Plan of Arrangement is
subject to the final approval of the Exchange. 


Should the Definitive Agreement be entered into and the Acquisition be
completed, it is expected that shareholders of the Company will:




--  retain their current interest in the Company; 
--  obtain an approximate 2.5% interest in SpinCo, an exploration and
    development company with properties in the Yukon; and 
--  through their interest in the Company, receive the benefit of the
    Company's approximate 3.5% interest in SpinCo.



Should the Plan of Arrangement be completed, it is anticipated that the
Definitive Agreement will be entered into on or before April 15, 2012. Should
the Plan of Arrangement be completed, but the Acquisition not be completed,
shareholders of the Company will retain their interest in the Company and will
also hold an interest in SpinCo, an unlisted reporting issuer in British
Columbia and Alberta with no assets other than cash. The Company, Constantine
and Carlin are at arm's length. 


In other news, the Company wishes to confirm that it has terminated its
previously announced letter of intent with ARNEVUT Resources Inc. The LOI with
the Vendors is intended to replace the letter of intent with ARNEVUT.


ABOUT URBAN SELECT

Urban Select Capital Corporation is global investment management and financial
advisory firm focused on investing growth capital into private and public
companies in a broad range of sectors including renewable energy, natural
resources, chemicals, agriculture and consumer retail services. Urban Select's
management team is composed of investment professionals combining an Asian
background with Western education and extensive experience in investment
banking, venture capital and fund management in Canada, China and the U.S.


Caution Regarding Forward-Looking Statements - This news release contains
certain forward-looking statements, including statements regarding the business
and anticipated financial performance of the Company, including with respect to
completion of the Plan of Arrangement, the entering into of a Definitive
Agreement, completion of the Financing, completion of the Acquisition and the
anticipated results thereof. These statements are subject to a number of risks
and uncertainties. Actual results may differ materially from results
contemplated by the forward-looking statements. There is no guarantee that any
of the Plan of Arrangement, the entering into of the Definitive Agreement, the
Acquisition or the Financing will be completed as proposed or at all. The Plan
of Arrangement remains subject to final approval of the TSX Venture Exchange.
The Acquisition is subject to completion of the Plan of Arrangement, execution
of a Definitive Agreement, Exchange approval and completion of the Financing,
among other things. When relying on forward-looking statements to make
decisions, investors and others should carefully consider the foregoing factors
and other uncertainties and should not place undue reliance on such
forward-looking statements. The Company does not undertake to update any forward
looking statements, oral or written, made by itself or on its behalf except as
required by law.

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