OTTAWA, Ontario, Feb. 08, 2019 (GLOBE NEWSWIRE) -- UrbanGold Minerals Inc. ("UrbanGold" or the "Company” | TSXV: UGM) announces that Trevor Richardson has indicated his intention to resign as Chief Executive Officer and a director of the Company, Laurie Meloche has resigned as Vice-President, Corporate Development and a director of the Company, and Peter Cashin has resigned as a director of the Company. Sabino Di Paola, Chief Financial Officer, Secretary and a director of the Company, has been appointed as Interim Chief Executive Officer until such time that a new Chief Executive Officer is appointed. In addition, Dale Burstall has been appointed as a director of the Company. The Company wishes to thank Mr. Richardson, Ms. Meloche and Mr. Cashin for their services, in particular for their efforts in connection with the Company's initial public offering, and wishes them success in their future endeavors.

UrbanGold has recently completed an IPO and financing. Of funds raised and following payment of all IPO costs, the Company currently has funds available in the amount of approximately $328,000 to pay administrative costs.  Both Laurie and Trevor are entitled to severance payments which will reduce the available funds.  The Company has also reserved $1,400,000 for mineral exploration in Quebec. Exploration is under the guidance of Mathieu Stephens, VP Exploration.

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 Corporation 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 Corporation’s Final Prospectus dated December 13, 2018 filed on SEDAR at www.sedar.com for a discussion of these risks.

The Corporation 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 Corporation 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

Sabino Di Paola, Interim Chief Executive Officer, Chief Financial Officer and Secretary
sdipaola@urbangoldminerals.com

Phone (613) 721-2919
www.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.