UrbanGold Appoints VP Corporate Development and Grants Stock Options

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Laval, Quebec--(Newsfile Corp. - January 21, 2021) - UrbanGold Minerals Inc. (TSXV: UGM) ("UrbanGold" or the "Company") is pleased to announce that it has appointed Robert J. Casaceli as Vice President Corporate Development, effective today. Mr. Casaceli has been a director of the Company since November 2019.

Mr. Casaceli's career spans some 46 years during which he has worked in over 50 countries and held executive positions with several companies including Franco-Nevada Corporation, Franc-Or Resources, and Euro-Nevada Mining Corporation. Since March 2012, Mr. Casaceli has been providing geologic, general exploration, drill targeting, and economic valuation services as a consulting geologist to several mining companies. Prior to that, Mr. Casaceli has been President and CEO of two exploration companies listed on the Toronto Stock Exchange and TSX Venture Exchange ("TSXV"), having overseen operations in Canada, the U.S., and Latin America.

"On behalf of UrbanGold, I am very pleased to welcome Robert Casaceli as Vice President Corporate Development," commented Jens Hansen, interim President and Chief Executive Officer of the Company. "Bob's extensive exploration and business experience will be a major asset to UrbanGold going forward, with particular attention to important developments in Frotet-Troilus."

The Company's Board of Directors has authorized and approved, as of today, the granting of stock options (the "Options") for an aggregate of 1,450,000 common shares to the Directors, Officers and a consultant under its stock option plan. The Options vest immediately, are exercisable at $0.27 per Option, and have a term of 5 years. The Options are subject to the approval of the TSXV.

About UrbanGold
UrbanGold Minerals Inc. is a precious metals exploration company with its activities focused on the Troilus-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, statements pertaining to the Company's ability to obtain necessary approvals from the TSXV. 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)
MI3
Phone: 514-346-3813

Company Officers
Jens E. Hansen, P.Eng: / [email protected]
Mathieu Stephens, P.Geo:

Phone: 613-721-2919
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/72577

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