Orosur Mining Regulatory News (OMI)

13 Aug 2008 07:10

Uruguay Mineral Exploration Inc. ("UME" or "the Company")(TSX VENTURE:UME)(LSE:UGY), a gold production and exploration company, announced today that ithas appointed Mr. Ignacio Salazar as Finance Director and Chief FinancialOfficer with effect from September 15, 2008. The Company also announced that itsBoard of Directors has approved the nomination of Ignacio Salazar, John Sadekand George Schroer for election as Directors of the Company at the AnnualGeneral Meeting to be held in London, on October 10, 2008. UME Chairman, Tony Shearer, commented, "I am delighted to welcome Ignacio to therole of Finance Director and CFO of UME. Ignacio has very valuable experiencefrom senior positions in South America and has also successfully performed awide-range of roles within Shell. Director nominees, John and George are alreadyvery valuable members of David Fowler's management team, and have made a greatcontribution to the development of the business over the last few years. We lookforward to working together as we continue to pursue our goal of becoming aleading mid-tier gold company in South America." "I also wish to thank John Morris, who will step down from the Board at theupcoming shareholders' meeting, for all his contributions to our Company. Hejoined the Board in 2002, when UME had barely more than a dozen employees, awide range of potential exploration projects and little focus. His knowledge,skills, experience and contacts have been critical to the transformation of theCompany into what it is today. I shall greatly miss him, his advice and support.All shareholders have much to thank him for," closed Mr. Shearer. Pedro Ignacio Salazar Blanco, aged 44, holds a Masters Degree in Economics andBusiness Administration and a Masters Degree in Law from the University ofDeusto, Spain. He has 19 years of international experience in corporate finance,accounting, treasury and reporting functions. Before joining the Company,Ignacio held senior positions at Shell in several countries in Europe and LatinAmerica in finance and business development. John Alfred Sadek, aged 44, has been the Vice President of Operations of theCompany since October 2004. He is a Mining Engineer, has a Bachelor ofEngineering (Mining) from the University of Sydney, and is a member of theAustralian Institute of Mining and Metallurgy and the Society for MiningMetallurgy and Exploration. He has over 20 years of international experience inmining, having previously worked with Minera Yanacocha, Western Mining andMinera Alumbrera. George Anthony Schroer, aged 48, has been the Vice President of Exploration ofthe Company since July 2006. He is a Certified Professional Geologist, has aMasters of Science in Geology from Colorado State University, and is a member ofthe SEG Society of Exploration Geologists and the American Institute ofProfessional Geologists. He has over 20 years of international experience inexploration. He has previous experience with Bolivar Gold Corp., AngloGoldExploration Peru S.A. and Homestake on the Veladero Project in Argentina. Pursuant to the AIM Rules Messrs. Salazar, Schroer and Sadek declare thefollowing: -- none of them are nor have been at any time within the last five years a director or partner of any company or partnership; -- none of them have been convicted in relation to any indictable offences; -- none of them have been in bankruptcy or have entered into individual voluntary arrangements; -- none of them have been directors of any company at the time of or twelve months preceding any receiverships, compulsory liquidations, creditors' voluntary liquidations, administration, company voluntary arrangements or any composition or arrangement with its creditors generally or any composition or arrangement with its creditors generally or any class of its creditors; -- none of them have been partners of any partnership at the time of or within the twelve months preceding any compulsory liquidations, administrations or partnership voluntary arrangements; -- none of them have been partners at the time of or within the twelve months preceding a receivership of any of their assets or the assets of any partnership of which they were partners; -- none of them have been subject to public criticisms by statutory or regulatory authorities (including recognized professional bodies), and none of them have been disqualified by any court from acting as a director of a company or from acting in the management or conduct of the affairs of any company. There is no further information required to be disclosed. ENDS The TSX Venture Exchange has not reviewed and does not accept responsibility forthe adequacy or accuracy of this news release. About Uruguay Mineral Exploration Inc. Uruguay Mineral Exploration Inc. (UME) is a gold production and explorationcompany that identifies and develops mineral opportunities in South America. UMEis a fully integrated mining company, possessing the skills necessary to exploreand develop its discoveries. UME operates San Gregorio, the only producing goldmine in Uruguay, and is the leading mineral exploration company in Uruguay withan exploration portfolio of gold, diamonds and base metal prospects, includingcopper, nickel, lead, and zinc. Uruguay Mineral Exploration Inc. is quoted in Canada (TSXV) and London (AIM) andRBC Capital Markets is its Nominated Adviser and Broker. More information can befound at www.uruguayminerals.com \* TFor further information, please contact: Uruguay Mineral Exploration IncTony Shearer, Chairman: +44 (0)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 Investor Relations in North AmericaSusan Borinelli, Breakstone Group: +1 646-330-5907; sborinelli@breakstone-group.com RBC Capital MarketsAndrew Smith: +44 (0) 20 7029 7882; andrew.smith@rbccm.comSarah Wharry: +44 (0)20 7653 4667; sarah.wharry@rbccm.com\* T Copyright Business Wire 2008