UGM Urbangold Minerals Inc

UrbanGold Minerals Inc. ("UrbanGold" or the "Company” | TSXV: UGM) is pleased to announce the appointment of Mathieu Stephens, P. Geo to the position of Vice President, Exploration.

Mr. Stephens is a professional geologist with over 15 years of exploration and management experience, having worked on numerous projects within Canada and in a wide range of commodities. Mr. Stephens is a graduate of the University of Quebec in Montreal and is a registered professional geologist with the Ordre des géologues du Québec.

Prior to joining UrbanGold, Mr. Stephens led the exploration team at Beaufield Resources Inc prior to its successful acquisition by Osisko Mining.

With his knowledge of Quebec’s geology, Mathieu Stephens will be a key contributor to UrbanGold’s exploration success and financial strength. His qualifications for the position are:

• University of Quebec in Montreal - 1999 - B.Sc Geology
• École des Haute Études Commerciales Montreal - 2001 - Graduate Studies in Business Management
• Canadian Securities Institute - 2005 - Canadian Securities Course
• Canaccord Genuity - 2003 to 2008 - Manager and Business Administration
• Beaufield Resources - 2008 to 2018 – Geologist and Vice President Exploration

“UrbanGold is delighted to be welcoming a person of Mathieu's calibre to the role of VP Exploration. With a Quebec based exploration focus, Mathieu’s professional knowledge and enthusiasm is a key to the future of UrbanGold,” said Trevor Richardson, CEO of UrbanGold.

Update on Troilus

Prior to completing its IPO, UrbanGold undertook a preliminary drill program on its 100% owned Troilus property in order to test specific electromagnetic anomalies located near known gold and base metal occurrences. The small program consisted of 4 holes totalling 471 metres. All four holes intersected disseminated sulphides of no more than 10%, often associated with anomalous copper and zinc assay values. A initial analysis of the results indicates that the geophysical anomalies have been explained by the drilling. The Corporation’s geologists will evaluate the next steps for the property while concentrating on its material property, the Monaco property.

Qualified Person

Claude Larouche, B.Sc. Eng., M. Sc. Geol., P. Eng (OIQ), is the “Qualified Person” as defined by National Instrument 43-101 who has approved the disclosure provided above in relation to the exploration results on the Company’s Troilus property. Mr. Larouche is independent of the Company.

About UrbanGold

UrbanGold is incorporated under the federal laws of Canada and has its principal office in Ottawa, Ontario, Canada. The Company is engaged in the evaluation, acquisition and exploration of mineral properties in Canada, and its current focus is Quebec. The Company plans to ultimately develop the properties, bring them into production, option or lease the properties to third parties, or sell the properties outright. The Company has not determined whether these properties contain mineral reserves that are economically recoverable, and the Company is considered to be in the exploration stage.  

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

Trevor Richardson, Chief Executive Officertrichardson@urbangoldminerals.com

Laurie Meloche, Vice-President, Corporate Developmentlmeloche@urbangoldminerals.com

Phone (613) 721-2919www.urbangoldminerals.com

Neither the TSX Venture Exchange, nor its Regulation Service Provider (as that term is defined in the policies of the TSXV), accepts responsibility for the adequacy or accuracy of this release.