Additional Results At Candelones Extension Deposit

TORONTO - Unigold Inc. reported additional results from its completed Phase 1 drill program at the Candelones Extension deposit, part of the Company’s 100% owned Neita Concession in the Dominican Republic. Drill hole LP20-147 intersected 104.1 meters averaging 3.14 g/t Au, 2.1 g/t Ag, 0.27% Cu and 0.01% Zn with a sulphide intersection of 30.0 meters averaging 9.02 g/t Au, 5.1 g/t Ag, 0.63% Cu and 0.00% Zn. The Company notes that six (6) over limit results for copper are pending. It is not anticipated that the over limit results will cause a material change in copper grade. The gold, silver and copper mineralization over the entire 30-meter intersection is consistent and no samples required cutting to calculate weighted average grades. LP20-147 was drilled to fill a gap between holes LP15-96 (34.0 meters averaging 4.15 g/t Au, 0.40% Cu) and LP16-124 (5.9 meters averaging  11.8 g/t Au, 0.20% Cu). The intercept has likely increased the geological confidence (resource classification) of this area within the easternmost sulphide mineralization recognized to date at Neita.

Joe Hamilton, Chairman and CEO, said, “LP20-147 is the longest, highest grade intercept that has been returned from the Neita concession.  The hole was placed to convert a significant portion of the current inferred mineral resource to at least indicated status and it is our opinion that we successfully achieved our objective.  The hole suggests that sulphide mineralization may have a steeper plunge to the northeast than originally interpreted but most importantly, it suggests that the system is strengthening to depth.  The top of this sulphide mineralization starts about 150 m below surface and has been drilled to a depth of about 350 m below surface. There is additional potential to expand this mineralization to depth.

We are currently awaiting a shipment of critical parts for our owner-operated drills to arrive at our exploration camp.  These parts should allow us to increase the maximum depth capacity of our drills allowing us to continue to chase the high grade mineralization to depth. We are planning to resume active exploration drilling by mid August. An additional two drills, with 1200m drill capability, have been ordered and are expected to be operational at Neita by the end of September.

The recognition of a second stage, late epithermal sulphide mineralization that overprints older primary mineralization has allowed us to focus drilling on these higher-grade resources. We believe that we have identified up to four of these sulphide-rich zones within a 3 kilometer strike length.  Our initial holes will test the lower limits of two of these epithermal feeders.  Our metallurgical testing earlier this year indicated that the late epithermal overprint offers gravity recoveries of +50% and leach recoveries of +85% making these targets extremely attractive.”