UGY Uruguay Mineral (SEE LSE:OMI)

 
TIDMUGY 
 
 

  SYMBOLS: UME (TSXV), UGY (AIM) 

  Uruguay Mineral Exploration Inc. Announces Further Resultsfor Arenal Deeps Drilling Including 26.2 m at 13.76 g/t Au 

  Uruguay Mineral Exploration Inc ("UME" or the "Company") a South America focused gold production and exploration company is pleased to report results from four additional drill holes completed in the Arenal Deeps deposit. 

  David Fowler, CEO of UME, commented, "These additional drill results, together with the first six infill drill holes released on July 8, 2009, are not included in the results of the Prefeasibility Study released today. They have at a minimum confirmed the resource model and in most cases have intercepted better than expected grades and thicknesses such as drill hole ALDD108 which intercepted 26.2 meters at 13.76 g/t from 300.65 meters. The drill holes are part of an ongoing definition drill program, which is designed to upgrade the resource categories and collect geo-technical information for the feasibility study." 

  Intercepts include*: 

 
HOLE ID    Intercept Au g/t (>1g/t)  FROM 
=------------------------------------------ 
ALDD108    26.20m @ 13.76g/t         300.65 
=------------------------------------------ 
includes   4.75m @ 29.87g/t          302.65 
=------------------------------------------ 
and        7.10m @ 20.37g/t          313.75 
=------------------------------------------ 
ALDD108    18.50m @ 3.62g/t          357.90 
=------------------------------------------ 
includes   5.10m @ 8.43g/t           362.30 
=------------------------------------------ 
ALDD109    3.20m @ 2.24g/t           295.55 
=------------------------------------------ 
ALDD109    23.65m @ 2.67g/t          308.90 
=------------------------------------------ 
ALDD109    1.40m @ 3.08g/t           368.55 
=------------------------------------------ 
ALDD110    14.00m @ 5.22g/t          289.70 
=------------------------------------------ 
ALDD110    3.10m @2.68g/t            324.65 
=------------------------------------------ 
ALDD111    20.55m @ 2.55g/t          315.95 
=------------------------------------------ 
 
 

  *Drill hole thickness reported, approximate true thickness. 

  Intercepts from drill results announced on July 8, 2009 *: 

 
HOLE ID    Intercept Au g/t (>1g/t)  FROM 
=------------------------------------------ 
ALDD103    16.1m @ 10.3g/t           341.80 
=------------------------------------------ 
Includes   9.85m @ 15.49g/t          344.25 
=------------------------------------------ 
ALDD103    9.7m @ 2.54g/t            362.30 
=------------------------------------------ 
Includes   6m @ 3.58g/t              362.30 
=------------------------------------------ 
ALDD103    2.25m @ 4.68g/t           433.45 
=------------------------------------------ 
ALDD104    3.1m @ 2.57g/t            241.90 
=------------------------------------------ 
ALDD104    4.95m @ 2.31g/t           246.90 
=------------------------------------------ 
ALDD104    3m @ 2.82g/t              322.10 
=------------------------------------------ 
ALDD105    15.15m @ 2.62g/t          269.35 
=------------------------------------------ 
Includes   5.55m @ 4.7g/t            269.35 
=------------------------------------------ 
ALDD106    5.09m @ 2.74g/t           250.16 
=------------------------------------------ 
ALDD107    40.2m @ 3.43g/t           321.80 
=------------------------------------------ 
Includes   6.25m @ 5.67g/t           321.80 
=------------------------------------------ 
And        5.45m @ 3.59g/t           333.95 
=------------------------------------------ 
And        11.35m @ 4.27g/t          341.45 
=------------------------------------------ 
And        5.5m @ 4.57g/t            356.50 
=------------------------------------------ 
ALDD107    10.95m @ 1.77g/t          367.70 
=------------------------------------------ 
Includes   4.1m @ 2.94g/t            369.90 
=------------------------------------------ 
 
 

  * Drill hole thickness reported, approximate true thickness 

  Drill hole intercepts are composites using a minimum 1.0 g/t Au cutoff, no capping grade, and may include up to 2 continuous samples below the 1 g/t cut off. 

  The above results compare to a measured and indicated resource grade of 2.2 g/t for the Arenal Deeps resource. These holes have at a minimum confirmed the resource model and in most cases have intercepted better than expected grades and thicknesses. Intercepts such as those in ALDD108 will significantly increase grade and tonnes in this sector of the resource. 

  A location map and cross sections of the holes ALDD103 through ALDD111 can be found on the company's web page at the following link: 

  http://www.uruguayminerals.com/explorations/isla_cristalina_belt/san_gregorio/ 

  These cross sections show the contrast of recent intercept widths and grade as compared to the April 2009 resource model grades. 

  Resource definition drilling continues with two diamond core drills currently dedicated to the estimated 18,000 meter program. It is anticipated that infill and extension drilling campaign of Arenal Deeps should be completed by January 2010. Geo-mechanical data and samples are being collected during the current program as part of a comprehensive geotechnical study to define rock quality for underground operations. 

  Qualified Person's Statement 

  The information presented in this press release has been reviewed and verified by Mr George Schroer Vice President Exploration and a Certified Professional Geologist. Mr Schroer is the Qualified Person for the purposes of the AIM Guidance Note on Mining Companies dated March 2006. Mr Schroer has a Masters of Science in Geology from Colorado State University and is a member of SEG and AIPG. He has over 20 years of international experience in exploration. 

  Forward Looking Statements 

  All statements, other than statements of historical fact, contained or incorporated by reference in this news release, including any information as to the future financial or operating performance of the Company, constitute "forward-looking statements" within the meaning of certain securities laws, including the "safe harbour" provisions of the Securities Act (Ontario) and the United States Private Securities Litigation Reform Act of 1995 and are based on expectations estimates and projections as of the date of this news release. There can be no assurance that such statements will prove to be accurate, such statements are subject to significant risks and uncertainties, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements include, without limitation success of exploration activities; permitting time lines; the failure of plant; equipment or processes to operate as anticipated; accidents; labour disputes; requirements for additional capital title disputes or claims and limitations on insurance coverage. The Company disclaims any intention or obligation to update or revise any forward looking statements whether as a result of new information, future events and such forward-looking statements, except to the extent required by applicable law. 

  ENDS 

  Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

  Editors' note: Uruguay Mineral Exploration Inc. is a gold producer and exploration company focused on identifying and developing mineral opportunities in Latin America. UME is a fully integrated mining company, possessing the skills necessary to explore and develop its discoveries. The Company operates the only producing gold mine in Uruguay (San Gregorio), and is also the leading mineral exploration company in Uruguay having assembled an exploration portfolio based on gold, base metals and diamond prospects. 

  Uruguay Mineral Exploration Inc. is quoted in Canada (TSXV) and London (AIM) and Matrix Corporate Capital LLP is its Nominated Adviser and Broker. 

  For further information, please contact: 

  Uruguay Mineral Exploration IncTony Shearer, Chairman: +44 20 7602-1570; tonyshearer@btinternet.comDavid Fowler, CEO: 598 2 6016354; urumin@ume.com.uy 

  Matrix Corporate Capital LLPLouis Castro, +44 (0) 203 206 7209Tim Graham, +44 (0) 203 206 7206 

  Investor Relations in North AmericaSusan Borinelli, Breakstone Group: +1 646-330-5907; sborinelli@breakstone-group.com 

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