MONTREAL, QUEBEC--(Marketwire - Sept. 29, 2008) - Uranium Bay Resources Inc. (TSX VENTURE: UBR.V) would like to make the following clarification concerning its press release issued on September 2, 2008.
At the request of a regulator agency, the Corporation would like to advise its shareholders that the wording of the press release was never meant to imply any other intent than the following meaning: "The Company has not discovered any mineralization and there is no guarantee that further exploration will result in the discovery of mineralization." Furthermore the Corporation would like to inform its shareholders that a NI 43-101 report will be available on Sedar, and that this report will explain the scientific reasons for the acquisition and the next steps the Corporation plans to undertake in order to advance the exploration of its Blue Lake Property. Note: Mr. Vivian Stuart-Williams, (SACNASP), a Director of the Company and a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the information in this news release. In other news, the Corporation announces that it has closed a non-brokered private placement in the amount of CND $55,835 for the sale of 797,642 flow-through units ("FT Unit"), at a subscription price of $0.07 per FT Unit. Each FT Unit will consist of one (1) Flow-Through Share and one-half (1/2) non-flow-through common share purchase warrant of the Company ("Warrant"). Of the subscription price of CND $0.07 per FT Unit, the Company intends to allocate $0.069 to the price of the Flow-Through Share comprised in each FT Unit and $0.001 to the price of the Warrant comprised in each FT Unit. Each full Warrant will entitle the holder thereof, during a period of 24 months from the date of closing of the placement, to purchase one (1) Common Share at an exercise price of $ 0.12 per Common Share. Each share issued will have a mandatory four (4) month holding period from the date of closing of the placement. In connection with this placement, the Corporation pays finder fees in the form of common shares equal to 4% of the number of units subscribed for totaling 31,905 common shares and finder's fees warrants equal to 10% of the number of units subscribed for totaling 79,764 warrants which allow the finder to acquire 79,764 common shares at an exercise price of $0.12 during a period of 24 months from the date of closing of the placement. About Uranium Bay Resources Inc. Uranium Bay Resources Inc. is a Canadian based junior resource and exploration company trading under the symbol UBR on the TSX Venture Exchange. The Company has 82,374,367 shares outstanding. The Company holds 100% of several U3O8 mineral exploration properties including the 314 km2 Uskawanis Uranium property located just south of the Opinaca reservoir, the 90 km2 Kauschiskach Uranium property located just 100 km NE of Radisson in the Quebec James Bay area of northern Quebec, and the five properties totalling 197 claims covering the Lac Georges (100 claims), Lac Forget (24 claims), Ruisseau Lebrun (38 claims), Maurice (19 claims) and Bloc extension 06 (16 claims) properties located in the Wakeham area, in eastern Quebec. In addition the Company holds the two Namibian concessions known as Gunib and Grootfontein and the new Blue Lake concession (50 claims). The TSX Venture Exchange (TSX-V) does not accept responsibility for the adequacy or accuracy of this release. This news release contains forward-looking statements reflecting Uranium Bay objectives, estimates, expectations and the impact of acquisitions on Uranium Bay's financial performance. These statements are identified by the use of verbs such as "believe", "anticipate", "estimate", and "expect" as well as by the use of future or conditional tenses. By their very nature, these types of statements involve risks and uncertainty. Consequently, reality may differ materially from Uranium Bay's projections or expectations. ContactsBernard J. TourillonUranium Bay Resources Inc.
President and CEO
514-846-3271
Toll-free 1-888-666-3431
Guy Girard
Uranium Bay Resources Inc.
VP and CFO
514-846-3271
Toll-free 1-888-666-3431
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