Mr. Bernard Tourillon reports

URAGOLD BAY RESOURCES CHANGING NAME TO HPQ SILICON RESOURCES AND STOCK SYMBOL IN PREPARATION FOR GOLD ASSET SPIN OUT

Uragold Bay Resources Inc. has received, from Industry Canada, a certificate of amendment under the Canada Business Corporations Act confirming the legal name of the corporation has been changed to HPQ Silicon Resources Inc.

In addition, the company will be changing its TSX Venture Exchange stock symbol to HPQ.

The exact date for the retirement of the old symbol and the start of trading under the symbol HPQ has not yet been finalized by the exchange but is expect shortly. It will be preceded by the issuance of a bulletin by the exchange announcing the change.

Reason for name and stock symbol change

On March 11, 2016, the company announced its plans to issue a dividend to shareholders via a spinout of its gold projects. The purpose of the spinout was to segregate the company's valuable but diverse holdings to unlock even greater value for shareholders as follows:

1. High-purity quartz and solar-grade silicon metal process: These assets and operations will remain within HPQ Silicon Resources (formerly Uragold Bay).
2. The Beauce gold project: This asset will be spun out into a new publicly listed vehicle, with details to be announced in the very near future. Shareholders of HPQ Silicon Resources (formerly Uragold Bay) will receive shares in the new company.

Upon completion, shareholders of the company will own shares in two exciting companies, each of which will independently focus and advance its respective assets to create even further shareholder value.

A new corporate identity

"Our new corporate identity represents another milestone in the company's transformation into a vertically integrated and diversified high-value specialty materials company. We will be exclusively focused on becoming a high-purity quartz supplier and the cleanest, greenest and lowest-cost producer of solar-grade silicon metal, thanks to our exclusive worldwide licences to use PyroGenesis's Purevap quartz vaporization reactor (QVR)," said Bernard J. Tourillon, chairman and chief executive officer. "We plan to reveal a more complete view of the HPQ Silicon brand and an updated website in the coming weeks but wanted to provide advance notice of these changes to our valuable shareholder base."

We seek Safe Harbor.