News Releases

January 31, 2006
Private Placement Terms Amended

January 31, 2006, Vancouver, British Columbia-Uganda Gold Mining Ltd. (TSX Venture--UGM) announced that that it will undertake a non-brokered private placement of 1,500,000 units at $0.21. Each unit consists of one common share and one common share purchase warrant entitling the holder to subscribe for an additional share for $0.35 for a period of one year from closing. Proceeds will be used for working capital.

Uganda Gold Mining Ltd. was founded in 1997. The Company is earning a 70% interest in the Kilembe Cobalt Copper Project located near Kasese, Uganda, by the completion of a positive feasibility study by January, 2007. More information on the project can be viewed on the company's website at www.ugandagold.com.

For further information contact; Allan Beaton, President, Uganda Gold Mining Ltd. At (604)682-2245, Fax (604)682-2275, Email: ugandacb@telus.net

"Al Beaton"
Al Beaton, President

Forward Looking Statements:
Statements made in this news release that relate to future plans, expectations, events or performances are forward-looking statements. Such statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.

You can view the Next News Releases item: February 3, 2006, Extension of Warrants

You can view the Previous News Releases item: January 19, 2006, Appointment of Chief Executive Officer and Private Placement Announcement

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