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Union Gold Inc.: Grant of Incentive Stock Options

October 15, 2008

Union Gold Inc. (TSX VENTURE: UN), CUSIP number 90669H204, announces that pursuant to the Company’s Rolling Stock Option Plan (approved by the Shareholders on June 6th, 2008) the following options have been granted to the President and Director, Jeffrey J. Becker 400,000, to Maureen L. Friesen, Director 100,000, Grant V. Ohman, Director, 100,000, William R. Troup, Consultant, 108,000, Sigrid I. Ades, Secretary-Treasurer, 108,000 for a total of 816,000 Common Shares at an exercise price of $0.25, expiry date October 14th, 2013. The Fair Market Value at grant was $0.20 per share.

As reported previously there are the following options outstanding:

62,500 options, exercise price $0.12, expiry date July 7th, 2009 and 375,000 options at $0.12, expiry date February 19th, 2013. A total of 1,253,500 shares have been reserved for the granting of stock options under the Stock Option Plan. At present the issued and outstanding number of shares is 12,535,000.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OF THIS RELEASE

 Contacts: Union Gold Inc. Sigrid I. Ades Secretary-Treasurer (416) 364-0042 or 1-800-442-0824 (416) 364-2630 (FAX) Email: thebeckergroup@bellnet.ca

SOURCE: Union Gold Inc.




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