DAILY NEWS Nov 26, 2012 3:58 PM - 0 comments

GOLD: Beauce placer gold property receives 20-year mining lease

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QUEBEC – Uragold Bay Resources of Montreal applied for a large scale bulk sampling permit for its Rang Chaussegros claims at the Beauce placer gold property in Saint-Simon-les-Mines, but the Quebec Ministere de Ressources Naturaelles et de la Faune opted to issue a 20-year mining lease instead.

Bulk sampling permits are designed for hard rock projects and allow the removal of 50 tonnes of material. The application submitted for Rang Chaussegros requested a special permit to extract 16,200 tonnes of gold bearing basal till for sampling and trial mining. The ministry considers the placer material to be "mineralized sediment" not subject to bulk sampling regulation. The mining lease removed limitations as to tonnage, sampling, trial mining and production mining.

Uragold says the lease will cover 1.4 km of the historical placer gold channel between the Rang Chaussegros road to the west and Saint-Gustave road to the east. From 1960 to 1962, Beauce Placer Mining, using a dragline and a floating Yuba bucket line dredging machine, mined 56,000 oz of placer gold from an eastern section of the property close to Saint-Gustave road.

Certain conditions were attached to the lease. A land survey must be done, and a mine closure plan, geological report and technical report must be filed with the ministry.

Pictures and additional information from the Beauce placer project at available at Uragold.com.

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Uragold Bay Resources Inc

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