Uragold Bay Resources (TSXV:UBR) announced the 100% acquisition of the Asbury Graphite Mine and Canadian Graphite Property following the closing of a $66,000 non-brokered private placement.

The press release is quoted as saying:

The immediate closing of this financing, combined with issuance of the 8 millions shares to the vendors, already approved by the exchange, enable the Corporation to start the process of transferring the claims title of the Asbury Graphite Mine and Canadian Graphite Property to Uragold and complete the 100% acquisition of these claims.

Patrick Levasseur, President and COO of Uragold commented:

The Asbury project is similar to our Beauce Placer project, this property benefits from extensive historical exploration work, well-established infrastructure and the real potential of developing a mining operation.

To view the full press release , click here.