Orosur Mining Regulatory News (OMI)

5 Dec 2007 14:49

SYMBOLS: UME (TSXV), UGY (AIM) 26,317 ounces produced for second quarter of 2007/08 Production Uruguay Mineral Exploration Inc ("UME") confirms that it has produced 26,317ounces of gold for the second quarter ended November 30 2007. The companyconfirms its production target of 95,000 ounces for the 2008 financial year. Update on Exploration Program During October and November UME was granted 6 exploration permits includingpermits for Papagayo, Lavadero, and Nueva Helvecia. Permits for additional areasin the Zapucay district and at Presidente Terra are expected to be granted inDecember 2007. Three reverse circulation drilling programs are currently being performed in theZapucay District, Papagayo and Nueva Helvecia projects. The two diamond drillrigs are focused on down dip extensions to the San Gregorio and Arenal deposits.In November, Patagonia Drilling was appointed to the role of contract manager ofUME's exploration drill fleet. Access to a contract drill rig for Lascano has been delayed for three months. Aspriority for UME owned diamond drilling is being given to near mine goldtargets, drilling at Lascano is now expected to commence in March 2008 and willtake approximately 6 months to complete. A full update of exploration activities will be included with the quarterlyreport that will be published on January 9 2008. Qualified Person's Statement The information presented in this press release has been verified by Mr JohnSadek, Vice President Operations and a Mining Engineer, and Mr. George SchroerVice President Exploration and a Certified Professional Geologist. Mr. Sadek andMr. Schroer are the Qualified Persons for the purposes of the AIM Guidance Noteon Mining, Oil and Gas Companies dated March 2006. Mr Sadek has a Bachelor ofEngineering (Mining) from the University of Sydney and is a member of the AusIMMand SME. He has over 20 years of international experience in mining. Mr. Schroerhas a Masters of Science in Geology from Colorado State University and is amember of SEG and AIPG. He has over 20 years of international experience inexploration. Forward Looking Statements All statements, other than statements of historical fact, contained orincorporated by reference in this news release, including any information as tothe 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 theUnited States Private Securities Litigation Reform Act of 1995 and are based onexpectations estimates and projections as of the date of this news release.There can be no assurance that such statements will prove to be accurate, suchstatements are subject to significant risks and uncertainties, and actualresults and future events could differ materially from those anticipated in suchstatements. Forward-looking statements include, without limitation success ofexploration activities; permitting time lines; the failure of plant; equipmentor processes to operate as anticipated; accidents; labour disputes; requirementsfor additional capital title disputes or claims and limitations on insurancecoverage. The Company disclaims any intention or obligation to update or reviseany forward looking statements whether as a result of new information, futureevents and such forward-looking statements, except to the extent required byapplicable law. 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 focused 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 Uruguay (San Gregorio), and is also the leading mineralexploration company in Uruguay having assembled an exploration portfolio basedon gold, base metals (copper, nickel, lead, zinc) and diamond prospects. Uruguay Mineral Exploration Inc. is quoted in Canada (TSXV) and London (AIM) andRBC Capital Markets is its Nominated Adviser and Broker. For further information, please contact: Uruguay Mineral Exploration IncTony Shearer, Chairman: +44 20 7602-1570; tonyshearer@btinternet.comDavid Fowler, CEO: 598 2 6016354; urumin@ume.com.uy Investor/Media RelationsEmily Bruning, Shared Value Ltd: +44 (0) 20 7321 5027; ebruning@sharedvalue.net RBC Capital MarketsAndrew Smith: +44 (0) 20 7029 7882; andrew.smith@rbccm.com Copyright Business Wire 2007