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URBANGOLD COMPLETES STRATEGIC INVESTMENT BY QUEBEC FUNDS, PREPARES FOR DRILL PROGRAM

OTTAWA, ON – March 18, 2020 – UrbanGold Minerals Inc. ("UrbanGold" or the "Company" | TSXV: UGM) is pleased to announce a non-brokered private placement (the "Private Placement") of 1,600,000 units (the "Units") at a price of $0.125 per Unit, for gross proceeds of $200,000. Each Unit is comprised of one common share and one half-common share purchase warrant. Each full warrant will entitle the holder to acquire one additional common share in the capital of the Company at a price of $0.18 per share, for a period of 18 months from the date the Units are issued. The Units are subject to a four month and one day hold period.

The Company appreciates the suppport from two important Quebec-based funds, SIDEX Limited Partnership ("SIDEX") and the Mining Investment Fund SDBJ ("SDBJ") who are exclusive to the Private Placement. The Private Placement was completed under SIDEX’s and SDBJ’s "Forage Baie-James 2020" program. The entirety of the funds will be used to complete a drilling program on the Company’s projects located in the James-Bay area, details of which will be disclosed in a subsequent news release. The Private Placement was closed yesterday, March 17, 2020 and is subject to the final approval of the TSX Venture Exchange. The Company will not pay finder's fees in relation to the Private Placement.

The Private Placement securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

About SIDEX

SIDEX is an initiative of the Québec government and the Fonds de solidarité des travailleurs du Québec (F.T.Q.) whose mission is to invest in companies engaged in mineral exploration in Québec in order to diversify the province’s mineral base, promote innovation and new entrepreneurs.

About SDBJ

Established in 1971 under the James Bay Region Development Act, SDBJ’s mission is to promote economic development and the development and exploitation of natural resources in the James Bay territory, other than hydro-electric resources falling within Hydro-Québec’s mandate, with a view to sustainable development. SDBJ may generate, support and carry out projects in the pursuit of those objectives.

About UrbanGold

UrbanGold Minerals Inc. is a precious and base metals exploration company with its activities focused in prospective areas of Quebec. The Company specializes in project generation supported by substantial exploration expertise. The Company's common shares trade on the TSX Venture Exchange under the symbol "UGM".

Forward Looking Information

This news release may contain certain forward-looking information and statements, including without limitation the follow-up drill program and the final approval of the TSX Venture Exchange. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in UrbanGold's disclosure documents on the SEDAR website at www.sedar.com. UrbanGold does not undertake to update any forward-looking information except in accordance with applicable securities laws.

For Further Information

Mathieu Stephens, President and Chief Executive Officer

mstephens@urbangoldminerals.com

Jens Hansen, Chairman of the Board

jhansen@urbangoldminerals.com

Phone (613) 721-2919

www.urbangoldminerals.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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