UrbanGold Engages MI3 for Investor Relations Services

Ottawa, Ontario--(Newsfile Corp. - October 2, 2020) - UrbanGold Minerals Inc. (TSXV: UGM) ("UrbanGold" or the "Company") is pleased to announce that it has entered into an investor relations agreement (the "Agreement") with MI3 Communications Financieres Inc. ("MI3").

The Agreement is for a term of one year, which may be terminated earlier at any time after December 31, 2020, upon 30 days' written notice by either party. In consideration for the services of MI3, the Company has agreed to pay a fee of $5,000 per month. Pursuant to the Agreement, UrbanGold shall also grant MI3 a stock option to purchase 100,000 common shares of UrbanGold at a price of $0.265 per share for a period of 2 years with 1/4 of the options vesting in every three-month period. The Options are subject to the approval of the TSX Venture Exchange.

"UrbanGold is very pleased to welcome Quebec-based MI3 to our team. MI3 will work closely with First Canadian Capital Corporation and the Company in communicating efficiently with members of the French financial community through social media, phone campaigns, participation to selected conferences in Quebec to help increase visibility and interest. Increased shareholders communication by MI3 reflecting UrbanGold's growing activities is a welcome development for the Corporation and its shareholders," said Mathieu Stephens, President and CEO.

MI3 is not related to the Company, does not have any direct or indirect material interest in UrbanGold or its securities, other than the stock options as described above. All matters reported herein are subject to TSX Venture Exchange approval.

About UrbanGold

UrbanGold Minerals Inc. is a precious metals exploration company with its activities focused in key gold 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".

About MI3

Launched in 2007, MI3 is a Montreal-based new-age financial communication company geared for today's fast-paced global economy. MI3's services were developed to leverage the trading and market experience of our bilingual team to provide public relations, market-making activities and investor relations to Canadian public companies.

Forward-Looking Information

This news release may contain certain forward-looking information and statements, including without limitation, the Company's ability to obtain necessary approvals from the TSX Venture Exchange. 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

Mathieu Stephens, P.Geo
President and Chief Executive Officer
[email protected]

Phone 1-888-397-3566
www.urbangoldminerals.com

Investor Relations
MI3
Phone: 514-346-3813

First Canadian Capital Corporation
Phone: 416-742-5600

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.

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