Last checked at 8 Jul 2009 07:00
Uruguay Mineral Exploration Inc. Announces Results for Arenal Deeps Drill Including 16.1 Meters at 10.3 g/t Au and 40.2m at 3.43g/t
Uruguay Mineral Exploration Inc ("UME" or the "Company") (TSX VENTURE:UME) (LSE:UGY) is pleased to report results from the first six infill and extension drill holes for the recently reported Arenal Deeps resource. These six holes are part of a larger 25m x 25m infill and extension program to better define this resource for possible underground exploitation. Three of the six holes, ALDD103, ALDD105 and ALDD107 intercepted better than predicted grades and widths: 16.1 meters at 10.3 g/t from 341.8m, 15.15m at 2.62 g/t from 269.35m and 40.2m at 3.43g/t from 321.8m respectively.
Holes ALDD104 and 106 confirmed the predicted grade and thickness from the resource model and ALDD102 re-defined the limit to mineralization on this section.
Intercepts include:
| HOLE ID | Intercept (>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 intercepts are composites using a 1.0 g/t cutoff and may include up to 2 continuous meters below the 1 g/t cut off. (Drill hole thickness reported, approximate true thickness)
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.
The underground pre-feasibility study by Golder Associates S.A. is now expected to be released by mid July 2009.
David Fowler quote "The first six holes of our Arenal infill program have exceeded expectations and have demonstrated the continuity of higher grade mineralization. It is anticipated that these holes will improve the geological resource currently being used for the underground pre-feasibility study. "
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 Inc |
| Tony Shearer, Chairman: +44 20 7602-1570; tonyshearer@btinternet.com |
| David Fowler, CEO: 598 2 6016354; urumin@ume.com.uy |
| Matrix Corporate Capital LLP |
| Louis Castro, +44 (0) 203 206 7209 |
| Tim Graham, +44 (0) 203 206 7206 |
| Investor Relations in North America |
| Susan Borinelli, Breakstone Group: +1 646-330-5907; sborinelli@breakstone-group.com |
Copyright Business Wire 2009