Unigold Inc.: Drilling at the Candelones Extension Returns 2.0 g/t Over a 15 Metre True Width

TORONTO, ONTARIO--(Marketwire - March 3, 2011) - Unigold Inc. ("Unigold" or the "Company") (TSX VENTURE:UGD) is pleased to announce new results on its wholly-owned Neita Property located in the western region of the Dominican Republic. Drillhole LP-15 returned 2.0 g/t of gold over a 15 metre true thickness included in 75 metres grading 1.4 g/t of gold and extended mineralization at depth from hole number LP-7. Actual total strike length of the Candelones Extension is now more than 550 metres. This drillhole is approximately three kilometres to the east of the Candelones deposit where Unigold defined a gold mineralized area of 400m by 400m to a depth of 200 metres. The mineralization at Candelones trends southeast where it disappears under younger andesitic volcaniclastics. The mineralization encountered in this latest round of drilling is hosted by a massive barite unit and hydrothermal breccias and is similar to that found at Candelones. Mineralization remains open in all directions and at depth.

The alteration zone that encompasses both Candelones and the Extension outcrops over approximately 16 square kilometres. Both areas are contained within magnetic lows which may represent magnetite destruction during the alteration and mineralizing event. Higher gold grades are correlated with white quartz flooding and veins. Geological interpretation implies that the overlying magnetic andesitic volcaniclastic unit may be a capping sequence that pre-dated alteration and mineralization. The underlying rock units, as well as the three kilometre area between the Extension and Candelones, have become high priority exploration targets. Structural mapping suggests that both Candelones and the Extension were emplaced within similar structural domains consistent with the regional patterns. Drill results are shown in the table below.

Work programs for the next quarter will concentrate on preparing significant drilling campaign at the Candelones Extension and MGN. More than 3,000 soil samples and 150 kilometres of IP and gradient geophysical surveys are planned as follow-up work at Neita. Detailed geological mapping, structural mapping and alteration re-interpretation are underway and will continue in the next quarter. More than 15,000 metres of drilling is planned in the second half of 2011.

To view a map of Los Candelones, please visit the following link: http://media3.marketwire.com/docs/303ugd1.pdf

* These holes were reported previously (press release November 30, 2010)
** Reported length or thickness is believed to be true thickness

The foregoing scientific and technical information has been prepared and reviewed by Daniel Danis, the CEO of Unigold. Mr. Danis is a "qualified person" within the meaning of National Instrument 43-101. All samples were assayed at Acme Analytical Laboratories facility in Chile utilizing standard fire assay procedure.

About Unigold Inc.

Unigold Inc. is exploring to find and develop gold deposits on its 100-per-cent-owned 226 km2 Neita Property located in the Dominican Republic. Having the largest land package in the Dominican Republic, the goal is to target bulk tonnage, open pittable, oxide gold deposits within a very similar geological setting to the world class Pueblo Viejo gold project located 150 kilometres to the southeast. Unigold benefits from a 13-year tax holiday on all corporate, sales taxes and import duties in the Dominican Republic. The economics of any discovery will be significantly improved by the tax holiday.

Certain statements contained in this document, including statements regarding events and financial trends that may affect our future operating results, financial position and cash flows, may constitute forward-looking statements within the meaning of the federal securities laws. These statements are based on our assumptions and estimates and are subject to risk and uncertainties. You can identify these forward-looking statements by the use of words like "strategy", "expects", "plans", "believes", "will", "estimates", "intends", "projects", "goals", "targets", and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. We wish to caution you that such statements contained are just predictions or opinions and that actual events or results may differ materially. The forward-looking statements contained in this document are made as of the date hereof and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ materially from those projected in the forward-looking statements. Where applicable, we claim the protection of the safe harbour for forward-looking statements provided by the (United States) Private Securities Litigation Reform Act of 1995.