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UrbanGold Minerals Inc. ("UrbanGold" or the "Company” | TSXV: UGM) is pleased to announce, subject to regulatory approval, the appointment of its Vice President of Exploration, Mathieu Stephens to the position of Chief Executive Officer (CEO), effective immediately. Former Interim CEO Sabino Di Paola will continue to serve in his role as Chief Financial Officer for UrbanGold, while Mr. Stephens assumes the position of CEO and maintains his current position of Vice President of Exploration.

Mr. Stephens is a professional geologist with over 15 years of exploration and management experience in both mining exploration and the securities industries. Mr. Stephens is a graduate of the University of Quebec in Montreal and is a registered professional geologist with the Ordre des géologues du Québec. He is also fluent in both English and French and is an existing shareholder of the Company.

Prior to joining UrbanGold, Mr. Stephens led the exploration team at Beaufield Resources Inc. until its successful acquisition by Osisko Mining and previous to that held middle management positions at Canaccord Genuity.

Mr. Stephens commented, "I am very pleased to be taking on the position of CEO and look forward to working with its knowledgeable team in advancing the Company and its portfolio of prospective properties. I will make a priority of providing regular updates to our shareholders and I am confident we can make the Company a successful one with our well financed exploration budget."

Sabino Di Paola, Chief Financial Officer and Director added, "We are very pleased to have Mr. Stephens as the new CEO and look forward to leveraging his expertise in moving UrbanGold forward."

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

The Company 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 Company 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

Jens E. Hansen, P Eng.
Chairman

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.

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