UrbanGold Provides Update on Troilus-Frotet and Temporary Change to Management Responsibilities

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Ottawa, Ontario--(Newsfile Corp. - January 8, 2021) - UrbanGold Minerals Inc. (TSXV: UGM) ("UrbanGold" or the "Company") is exclusively focussing its activities this winter on its central Troilus-Frotet area properties. These properties consist of the Pallador property, 26,585 hectares, 100% owned by the Company and BullsEye property, 8,558 hectares, 50% owned by the Company under a joint venture with Argonaut Gold. UrbanGold is the operator.

Mathieu Stephens P Geo., President and CEO of the Corporation, has requested a temporary reduction of his duties to focus on personal matters and advance key Troilus-Frotet area exploration. The Board is pleased with the outstanding work done by Mr. Stephens in assembling the large and key Troilus-Frotet land package, and equally pleased he will focus on its exploration. During this temporary period, Jens Hansen P. Eng, the founder of Urbangold, has agreed to undertake the President and CEO functions. Mr. Hansen will receive assistance on specific matters from Urbangold board members.

Please see the Corporation's news release dated December 21, 2020, for detailed information on the exploration activities carried out by the Corporation in the Frotet- Troilus area.

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, future exploration work and the temporary change to management responsibilities. 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
First Canadian Capital Corporation
Phone: 416-742-5600

MI3
Phone: 514-346-3813

Jens E. Hansen, P.Eng
Interim President and Chief Executive Officer
[email protected]

Phone 1-888-397-3566
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/71656

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