Company Information for Uruguay Mineral Exploration Inc

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Company Statement

Uruguay Mineral Exploration Inc is an integrated gold production and exploration company which has been operating in Uruguay since 1996. Key features of the Company are:

• Its Minas de Corrales gold operation producing at a rate of approximately 100,000 ounces per annum.
• Significant potential to increase near mine gold resources and develop other gold operations in Uruguay.
• It is the leading mineral exploration company in Uruguay, and has a first class exploration portfolio, covering gold, base metals and diamond prospects

Current Operations

San Gregorio Gold Mine
UME´s San Gregorio gold mining and processing operations are located in northern Uruguay, 500km northeast of Montevideo. The principal towns in the region are Minas de Corrales, Tacuarembo and Rivera. Sealed roads link the towns and mine to Montevideo.

The Minas de Corrales goldfield containing the San Gregorio operation produced over 90,000 ounces of gold from the mid 1880`s to 1914, the majority of which has come from the San Gregorio deposit. Gold prospecting and mining activities in the Minas de Corrales goldfield date back to the 19th century. Between 1895 and 1914, underground mining took place at San Gregorio, yielding 64,300 ounces of gold. Mining occurred throughout the 100 kilometers long Isla Crystalina greenstone belt where there are many old workings.

From 1914 the mine then lay dormant until 1936, when a local Uruguay company operated it for 7 years, producing approximately 6,000 ounces. Exploration work began again at San Gregorio in the mid 1980´s and extensions to the existing deposit were defind. The San Gregorio project is a shear hosted gold deposit which was put into production in 1997.

In 1997 UME commenced exploration in the Minas de Corrales goldfield area and over the following 5 years discovered a number of resources close to the San Gregorio mine including Castrillón and Sobre Saliente. During 2004 the Arenal resource, 4km from the process plant, was discovered. Production at Arenal commenced in October 2004. 

Exploration
The Company is exploring for gold, base metals and diamonds on the Rio de la Plata Craton and in the Dom Feliciano Mobile Belt, which defines the eastern limit of the craton. These major tectonic units comprise the Uruguayan portion of the Brazilian Shield which covers large areas of South America.

Geographical Spread

UME operates throughout Uruguay.

Board of Directors and Key Management

Mr Tony Shearer	Non Executive Chairman
Mr David Fowler	CEO
Mr William Lindqvist	Non-Executive Director
Mr Julio Porteiro	Non-Executive Director
Mr John Morris	Non-Executive Director
Roger Davey	non-Executive Director

Company Address Puntas de Santiago 1604 C.P. Montevideo, Uruguay, Uruguay 11500 Telephone: +5982 6016354 Facsimile: +5982 6006232 Email: urumin[at]ume.com.uy Website: http://www.uruguayminerals.com

Capital Currently Outstanding: 48,845,868

Annual General Meeting November

Year End May 31

Nominated Advisors RBC Capital Markets Thames Court One Queenhithe London EC4V 4DE

Related News

27/08/08 - All Hands On Deck At Uruguay Minerals As The Quest To Find The Next Economic Orebody Continues
13/02/08 - Time For Uruguay Minerals To Come Up With Some Excitement
10/05/07 - Uruguay Minerals Quietly Getting On With the Job
20/09/06 - Uruguay Shuffles Management And Gets Involved In Serious Exploration

Most Recent Statement

22/08/08 - Hedge on Gold Production
20/08/08 - Director's Shareholding
14/08/08 - UME clarifies typographical errors
13/08/08 - Drilling Update
13/08/08 - Uruguay Mineral Exploration Announces Results for Fiscal Year 2008
13/08/08 - CHAIRMAN'S AND CEO'S REPORTS FROM ANNUAL REPORT AND ACCOUNTS 2007/08