Upper Canada Gold Corporation Issues Shares for Services

Upper Canada Gold Corporation Issues Shares for Services

Toronto, Ontario CANADA, January 03, 2012 /FSC/ - Upper Canada Gold Corporation (UCC - TSX Venture), (the "Company") announces today that it has issued 137,143 common shares to a consulting company controlled by Upper Canada's Chief Financial Officer in connection with services provided from October 1, 2011 through December 31, 2011.  The Company's agreement with the Chief Financial Officer's consulting company provides for quarterly compensation comprised of, among other things, that number of common shares in the capital of Upper Canada equal to $7,200 divided by the market price of such shares on the TSXV as at the last business day of the applicable quarter, discounted by the maximum permitted TSXV discount. Accordingly, the common shares were issued at a price of $0.0525 per common share based upon the closing price of the Company's common shares on December 30, 2011 of $0.07 per share discounted by the maximum discount permitted by the TSXV.  The shares issued are subject to a four month hold period which will expire on May 4, 2012.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION CONTACT:

Michael Churchill
Tel: 647-977-9267 x101
Website: www.uppercanadagold.com

To view this release as a web page, please click on the following link:
http://www.usetdas.com/pr/uppercanada01032012.htm



Source: Upper Canada Gold Corporation (TSX-V: UCC) http://www.uppercanadagold.com
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