Mr. Bernard Tourillon reports

URAGOLD ANNUAL SHAREHOLDER MEETING RESULTS

All matters submitted to shareholders for approval as set out in Uragold Bay Resources Inc.'s notice of meeting and information circular were approved at the annual general and special meeting of the shareholders held on Wednesday, June 22, 2016, in Montreal.

Over 52,599,348 shares representing 42.31 per cent of the 124,318,662 shares issued and outstanding as at the record date were voted.

Bernard Tourillon, chairman and chief executive officer of Uragold, stated: "We extremely pleased with shareholders participation. This bodes very well for the future."

Results of the AGM votes:

• With over 99 per cent of the vote in favour, the following persons were re-elected as directors of the corporation to hold office until the next annual meeting or until their successors are elected or appointed:
  • Bernard J. Tourillon;
  • Patrick Levasseur;
  • Richard Mimeau;
  • Peter H. Smith;
  • Noelle Drapeau;
  • Robert Robitaille.
• With 99.5 per cent of the vote in favour, Raymond Chabot Grant Thornton LLP, chartered accountants, was appointed auditor of the corporation for the ensuing year.
• With 99.4 per cent of the vote in favour, shareholders approved the signature by the corporation of the letter of intent and financing through convertible debenture private placements with Stone River Capital LLC or other entity defined by Stone River, approving the issuances of convertible debentures and the future issuances of common shares of the corporation upon conversion thereof and the granting to Stone River or other entity defined by Stone River of an exclusive right to sell the company's high-purity quartz, silicon, silicon grease and/or polysilicon in Asia for a period of 20 years.
• With 98.9 per cent of the vote in favour, shareholders approved and authorized the creation of a control person in connection with and resulting from the issuances of convertibles debentures and the conversions thereof.
• With 99.5 per cent of the vote in favour, shareholders approved the spinout of the gold assets by the corporation into a separate company whereby the corporation will transfer into a new company (Newco) all its gold assets, including all gold properties, all gold claims and all interest or participation therein (gold assets), less the option between the corporation and Golden Hope Mines Inc., and will return to its shareholders 80 per cent of the shares and securities received from Newco in payment for all gold assets sold and transferred.
• With 99.3 per cent of the vote in favour, shareholders approved amending the articles of the corporation in order to change the name of the corporation to Silicon Canada Resources Inc./Les Ressources Silicium du Canada Inc. or such other name that could be acceptable to the director of corporate affairs of Industry Canada and the directors.

Option grant

Following TSX Venture Exchange approval of the agreement between Uragold and Paradox Public Relations, the corporation has granted Paradox an option to purchase 500,000 common shares of Uragold. The stock option is exercisable for a period of two years from the date of grant at an exercise price of 15 cents per share. The option vests over a 12-month period in equal amounts at the rate of 25 per cent per quarter.

Furthermore, the corporation has granted 100,000 stock options to an officer of the corporation. The stock options are exercisable for a period of five years from the date of grant at an exercise price of 15 cents per share.

The options have been granted under and are subject to the terms and conditions of the company's stock option plan.

We seek Safe Harbor.