Orosur Mining Regulatory News (OMI)

14 Oct 2009 07:00

Uruguay Mineral Exploration Inc. ("UME" or the "Company") (TSX VENTURE:UME) (LSE:UGY), a South American gold production and exploration company, announced today that at the AGM held on October 13, 2009, all resolutions were passed.

Additionally, the Company has announced today that the signature of the definitive agreement with Fortune Valley Resources Inc. ("Fortune Valley") has been rescheduled for October 30, 2009.

As announced on October 5, 2009 the Company signed a letter of intent with Fortune Valley pursuant to which UME proposes to acquire all of the issued and outstanding common shares of Fortune Valley.

The letter of intent sets out a commitment, subject to due diligence by both parties, to enter into a definitive agreement by October 13, 2009.

Due diligence is still being undertaken by both parties and the parties have agreed to extend the date of signature of the definitive agreement to October 30, 2009.

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.

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