Last checked at 9 Sep 2009 07:00
Uruguay Mineral Exploration Inc ("UME or the "Company") (TSX VENTURE:UME) (LSE:UGY), a gold production and exploration company, announced today that it has produced 13,173 ounces of gold for the quarter ended August 31, 2009. Ore processed for the quarter was 384,194 tonnes at a gold grade of 1.15 g/t with recovery averaging 92.9%.
Production was 3.5% below our budget of 13,655 ounces due to minor changes in the extraction sequence. UME confirms its stated production forecast for the 2010 fiscal year of at least 60,000 ounces.
The Company's cash position at the end of the quarter was $US 8.1 million. The remaining 2,500 ounces of hedging were delivered into during the quarter and the Company now has no hedging as at August 31, 2009.
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 (copper, nickel, lead, zinc) 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.
Uruguay Mineral Exploration IncTony Shearer, Chairman+44 (0)20 7602 1570tonyshearer@btinternet.comorDavid Fowler, CEO+ 598 2 6016354urumin@ume.com.uyorMatrix Corporate Capital LLPLouis Castro+44 20 3206 7209orTim Graham+44 20 3206 7206Investor Relations in North AmericaSusan Borinelli, Breakstone Group+1 646-330-5907sborinelli@breakstone-group.com
Copyright Business Wire 2009