Director/PDMR Shareholding

23 Oct 2008 15:55

October 23, 2008 SYMBOLS: UME (TSXV), UGY (AIM)

Director's Dealing 

Uruguay Mineral Exploration Inc. ("UME" or "the Company"), a gold production and exploration company, was informed today that the Company's Non Executive Director, Julio Porteiro purchased 15,000 shares in the Company ("Common Shares") at C$0.50 on October 22, 2008.

Following this purchase, Mr. Porteiro has an interest in 15,000 Common Shares representing 0.03% of the Company's issued share capital and 50,000 options to purchase 50,000 Common Shares at an exercise price of C$ 3.90 expiring on October 13, 2011 and 25,000 options to purchase 25,000 Common Shares at an exercise price of C$ 0.60 expiring on October 15, 2013.

ENDS

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Editors' note: Uruguay Mineral Exploration Inc. is a gold producer and exploration company focused on identifying and developing mineral opportunities in Uruguay. 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 RBC Capital Markets is its Nominated Adviser and Broker.

For further information, please contact: 

Uruguay Mineral Exploration Inc

Tony Shearer, Chairman: +44 (0)20 7602 1570; tonyshearer@btinternet.com

David Fowler, CEO: + 598 2 6016354; urumin@ume.com.uy

Investor Relations in North America

Susan Borinelli, Breakstone Group: +1 646-330-5907; sborinelli@breakstone-group.com

RBC Capital Markets

Andrew Smith: +44 (0) 20 7029 7882; andrew.smith@rbccm.com 

Sarah Wharry: +44 (0)20 7653 4667; sarah.wharry@rbccm.com