Orosur Mining Regulatory News (OMI)

15 Dec 2009 07:03

Uruguay Mineral Exploration Inc. Announces Additional Significant Drill Results for Arenal Deeps Including: 15.75m @ 2.36g/t Au, 14.35m at 3.04 g/t Au, 14.80m at 4.05 g/t Au and 14.5m @ 4.33g/t Au

Uruguay Mineral Exploration Inc ("UME" or the "Company") (TSX VENTURE:UME) (LSE:UGY), the gold production and exploration company, is pleased to announce results from the ongoing Arenal Deeps resource definition drilling program. The Arenal Deeps deposit is the down dip extension of the Arenal deposit where 385,000 contained ounces of gold were mined by open pit over the past five years and is located in the Minas Corrales mining district 2.5 kilometers east southeast of UME's San Gregorio plant.

The drilling program is currently ahead of schedule which will enable UME to deliver the final resource estimate by March 2010. More than 20,000 RC and diamond drill meters have been completed during this recent drill program.

Significant results reported here are related to infill drill holes internal to the deposit and thinner intervals with lower grades are defining the edges or limits of the deposit as expected. Importantly, the intercepts are proving up what the initial resource model predicted and in most cases improving continuity of the higher grade shoots which is expected to have a positive impact on the resource modeling and final resource estimate.

Concurrently, geotechnical and metallurgical work has advanced according to schedule.

Significant intersections from recent drilling include:

Intercepts are drill widths (approximate true thickness) and may include up to 3m of internal dilution by lower grade (

Drill holes ALDD123, 125, 128 and 129 were drilled internal to the deposit and all proved up anticipated thicknesses and grades except in drill hole ALDD129 where the grades were better than anticipated.

Drill holes ALDD122, 124, 126, 134 and 135 were drilled along the western and eastern edges of the deposit and returned grades that would be expected at the edges of the deposit as mineralization "pinches out".

Drill holes ALDD127, 130, 131 and 132 were drilled down dip on their respective drill sections. ALDD127, 130 and 132 intersected anticipated grades but significantly improved definition of deposit geometry in this deeper zone. ALDD131 intersected what the model predicted.

David Fowler, Chief Executive Officer commented: "In April 2009 UME presented the results of an independent NI 43-101 compliant resource study on the Arenal Deeps deposit completed by Golder and Associates. The Arenal Deeps definition drilling is successfully extending mineralization at the edges of the deposit and confirming continuity of higher grade shoots in areas that were previously poorly defined.

"We are happy with the progress the team has made and now expect to be finished drilling in December. This will keep UME on schedule to publish an updated NI 43-101 compliant resource estimate by March 2010 and complete the feasibility study by June 2010,"concluded Mr. Fowler.

Qualified Person's Statement

The information presented in this press release was prepared by Devin den Boer, Exploration Manager for Uruguay Minerals Exploration Inc. Devin den Boer has reviewed and verified the data presented here and it is deemed in compliance with NI 43-101 reporting guidelines. Mr. den Boer has a Bachelor of Science (Geological Sciences) Degree from the University of British Columbia and is a registered member of APEGBC (license # 32063). He has over 13 years of international experience in minerals exploration.

Mr Devin den Boer is the Qualified Person for the purposes of the AIM Guidance Note on Mining Companies dated March 2006.

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.

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.

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