Definitive Option Agreement for the Development of the Bellechase – Timmins Gold Deposit Signed and Its Filling was Accepted by TSX Venture

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[{"type":"text","content":"Definitive Option Agreement for the Development of the Bellechase – Timmins Gold Deposit Signed and Its Filling was Accepted by TSX Venture(via Thenewswire.ca)\n\n \nMontreal, Quebec / April 15 2014, / TNW-ACCESSWIRE / Uragold Bay Resources Inc. (\"Uragold\") (TSX Venture: UBR), is pleased to announce that it has signed a definitive option agreement with Golden Hope Mines (\"GNH\") concerning the advancement of the Bellechasse-Timmins (BT) Gold Deposit into a producing mine. \n\n\n \nThe signature of this agreement combined with the TSX Venture Exchange approval of the filling of the definitive 50% option and joint-venture agreement for GNH's BT property now render the transaction binding upon the parties, as previously stated in our February 24 press release.\n\n\n \nIn August 2012, GNH published an uncapped resource estimate of an indicated resource of 313,900 ounces gold (2.9 million tonnes grading 3.36 g/t Au) and an inferred resource of 102,000 ounces gold (2.17 million tonnes grading 1.46 g/t Au) using a cut-off grade of 0.60 g/t. Furthermore, GNH's many bulk-sampling campaigns revealed extensive areas of surface mineralization averaging approximately 3 g/t Au. Notable were sampled areas averaging up to 10 g/t Au (Trench 09A).\n\n\n \nThe Beauce Placer property and the Golden Hope Mines' Bellechasse-Timmins (BT) Gold Deposit (which are both 'nuggety' type deposits) are located within Magog Group sediments. It should be noted that the Beauce gold project has a thick till in contrast to the Bellechasse-Timmins (BT) Gold Deposit where most of the till has been eroded away and exposed the outcrops. This suggests that both the Beauce and the Bellechasse/ Timmins deposits are genetically related - the Beauce being a placer deposit derived from an unknown Bellechasse/ Timmins type deposit.\n\n\n \nWith its Beauce Placer project, Uragold intends to develop a small-scale (600 MT/day) surface gold mining operation on the B-T property. Developing in parallel the B-T property and the Beauce Placer property will benefit both companies by providing greater geological and operational synergies such as cost savings.\n\n\n \nUnder the terms of the Option Agreement, Uragold will be responsible for obtaining all required permits, approvals, and documentation associated with going into production, in return for a 30% interest...

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