Orosur Mining Regulatory News (OMI)

31 Jan 2007 13:22

URUGUAY MINERAL EXPLORATION INC. \* T31 January 2007 SYMBOLS: UME (TSXV), UGY (AIM)\* T EXERCISE OF OPTIONS DIRECTORS' DEALING Uruguay Mineral Exploration Inc. (the "Company") announces that on 29 January2007 it has been notified of the exercise of options granted to Tony Shearerover 200,000 new common shares in the Company at an exercise price of CN$ 0.40per share (the "Options") to raise CN$ 80,000 for the Company. Following this transfer, Mr Shearer has an interest in 881,667 common sharesrepresenting 1.8% of the Company's issued share capital. Application has been made for the new common shares issued on the exercise ofthe Options to be admitted to trading on AIM, which is expected to occur by 5February 2007. Following the issue of these new ordinary shares there will be48,518,935 common shares in issue. ENDS The TSX Venture Exchange has not reviewed and does not accept responsibility forthe adequacy or accuracy of this news release. Editors note: Uruguay Mineral Exploration Inc. is a gold producer andexploration company focussed on identifying and developing mineral opportunitiesin Uruguay. UME is a fully integrated mining company, possessing the skillsnecessary to explore and develop its discoveries. The Company operates the onlyproducing gold mine in the country (San Gregorio), and is also the leadingmineral exploration company in Uruguay having assembled an exploration portfoliobased on gold, base metals (copper, nickel, lead, zinc) and diamond prospects.In the first half of 2003, the Company discovered the Arenal deposit, currentlythe largest known gold resource in Uruguay. Uruguay Mineral Exploration Inc. is quoted in Canada (TSXV) and London (AIM) andCollins Stewart Europe Limited is its Nominated Adviser and Broker. \* TFor further information, please contact Uruguay Mineral Exploration IncTony Shearer, Chairman 44 20 7221-9983; tonyshearer@btinternet.comDavid Fowler, CEO 598 2 6016354 urumin@adinet.com.uy Shared Value LtdEmily Bruning +44 20 7321 5027; ebruning@sharedvalue.net Collins Stewart Europe LimitedChris Rollason +44 20 7523 8308; crollason@collins-stewart.com\* T Copyright Business Wire 2007