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The Canadian Press - ONLINE EDITION

Two Montreal-based junior mining companies aim to get Quebec mine going

MONTREAL - Two Montreal-based mining companies are planning to team up to build a producing mine at the Bellechasse-Timmins gold deposit in Quebec's Beauce region.

Uragold Bay Resources Inc. (TSXV:UBR) will be able to earn up to a 50 per cent interest in the project under a letter of intent signed with Golden Hope Mines Ltd. (TSXV:GNH).

The deposit is 50 kilometres northeast of Uragold's Beauce Placer Gold project and the companies believe there are cost-saving opportunities due to the close proximity of the two projects.

Under the agreement with Golden Hope, Uragold can initially earn 30 per cent of the BT deposit by completing and paying for certain work over an 18-month period.

It can earn another 20 per cent if provides all the financing required to start production at the deposit, which has an indicated resource of 313,900 ounces gold and an inferred resource of 102,000 ounces gold according to an estimate published by Golden Hope in August 2012.

"We believe that the nature of the gold deposit, the location of the property, the support from the municipality of St-Magloire, Que., and the local infrastructure all make for an excellent opportunity to bring profitable gold production back to southeastern Quebec," said Frank Candido, CEO and President of Golden Hope.

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