Mr. Mathieu Stephens reports

URBANGOLD ASSAYS UP TO 33 G/T AU IN GRAB SAMPLES AT TROILUS-PALLADOR

Urbangold Minerals Inc. has provided initial exploration results on the company's 100-per-cent-owned Pallador project in the Troilus area, Quebec.

Urbangold geologists conducted initial bedrock mapping and boulder hunting on the main block of the Pallador project and other areas of importance in June, 2020. In total, 531 samples have been submitted for analysis and results for 230 samples have been received to date with best results associated with mafic, gabbroic and dioritic intrusions.

To date, 21 samples returned anomalous gold (greater than 0.1 gram per tonne Au) including four samples taken from a sulphide-bearing quartz vein system assaying up to 33 g/t Au in grab samples (see attached table). Gold-bearing boulders were also located during the program for which best results are in the table. Assay results for 301 grab samples remain pending at this time. In addition to the rock sampling, 659 soil samples were taken over the area for which assay results remain pending.

Sample No.   Gold (g/t)   Silver (g/t)           Type   

B550013          33.29           21.5         Outcrop
B550015          11.31            8.6         Outcrop
B550014           6.38            4.8         Outcrop
B550012           5.62            5.2         Outcrop
B551011           4.56            3.1         Boulder
B551006           3.36            2.0         Boulder
B551018           2.98            2.3         Boulder
B551034           2.06            5.5         Boulder
B551365           1.60            0.0         Boulder
B551103           1.36            0.3         Boulder

A total of 498 grab samples were taken over the project areas. All rock, grab and chip samples were collected by hand and were located by hand-held GPS, bagged and tagged with certified blanks and standards inserted with the sequence, sealed and delivered to Laboratoire Expert in Rouyn-Noranda and Actlabs in Thunder Bay. All samples were crushed and pulverized. The samples were analyzed for gold, silver, copper, zinc and/or platinum-palladium. The gold value is determined by fire assay with finish by atomic absorption. If the grade was over three g/t Au, the assay was then reanalyzed by fire assay with finish by gravimetry. The metallic content is analyzed by aqua regia. The laboratory also runs its own duplicates and repeat analyses, as well as internal blanks and standards which are reported to the company. Grab samples are selective samples and may not necessarily be representative of the mineralization hosted on the Pallador project.

Mathieu Stephens, Urbangold president and chief executive officer, commented: "Our discoveries in the Troilus area, including the new vein system with a 33 g/t gold grab sample, are very encouraging. We look forward to doing more advanced work shortly. Urbangold has consolidated key ground in the Troilus area and we are now ready and eager to proceed at full throttle in advancing work on our Troilus area properties. We invite readers to visit our website for additional information on the project, sample locations and photos."

Qualified person

Technical aspects of this news release have been reviewed and approved by Mathieu Stephens, PGeo, president and chief executive officer for Urbangold, the qualified person, as defined by National Instrument 43-101.

About Urbangold Minerals Inc.

Urbangold Minerals is a precious metals exploration company with its activities focused in key gold prospective areas of Quebec. The company specializes in project generation supported by substantial exploration expertise.

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