UrbanGold Minerals Inc. announced the signing of an option agreement with Goliath Resources Inc. for its Lac James property located in the Chibougamau area, Quebec. The Property, wholly-owned by UrbanGold, consists of 28 claims (1,560 hectares) and is adjacent to the Joe Mann deposit, a historical high-grade gold mine that produced a total of 1.525 Mt @ 11g/t Au, 0.28% Cu and 4.59 g/t Ag. The Property overlays the eastern strike extension of the deposit, and the Opawica-Guercheville deformation corridor. In addition to the terms listed above (i) UrbanGold will be granted a royalty consisting of a 1% net smelter return on the Property, (ii) UrbanGold will be awarded a one-time $500,000 cash payment should a future mineral resources estimate disclosing a minimum 250,000 ounces of gold equivalent mineral resources in the inferred, indicated or measured categories be established on the Property; and (iii) Goliath will be assuming a pre-existing 1% net smelter return royalty.