UrbanGold Acquires Key Gold Property in the Troilus Area; Quebec Precious Metals Monetizes Non-Core Asset

May 26, 2020

OTTAWA, ON / ACCESSWIRE / May 26, 2020 / UrbanGold Minerals Inc. ("UrbanGold" or the "Company") (TSXV:UGM, Financial) is pleased to announce it is expanding its land position in the Troilus area by entering into a definitive agreement with Quebec Precious Metals Corporation ("QPM"), pursuant to which it is acquiring the Chemin Troilus Property (the "Property"). The Property, consisting of 61 claims totaling 3,314 hectares, is adjacent to UrbanGold's current land package. As consideration for the acquisition of the Property (the "Acquisition"), the Company is issuing 800,000 common shares, making a one-time cash payment of $100,000 and assuming the pre-existing 2% net smelter return royalty. The Acquisition is subject to regulatory approvals, including approval by the TSX Venture Exchange.

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