Grant of Options

16 Sep 2005 12:00

Uruguay Mineral Exploration Inc16 September 2005 URUGUAY MINERAL EXPLORATION INC. MEDIA RELEASE 16 September 2005 SYMBOLS: UME (TSXV); UGY (AIM) Uruguay Mineral Exploration Inc. Grants Employee Stock Options Uruguay Mineral Exploration Inc. ("UME") announces that it has granted anaggregate of 763,000 stock options exercisable at a price of CDN$4.50 perordinary share on or before September 15, 2010. These options were granted onSeptember 16, 2005 and vest in three equal parts on the 30 September 2006, 30September 2007 and 30 September 2008. Directors were granted the following stock options: Chris Clark 140,000 optionsTony Shearer 50,000 optionsMichael Schwabe 50,000 optionsJohn Morris 50,000 options The remaining options were issued to qualifying employees and consultants. ENDS The TSX Venture Exchange has not reviewed and does not accept responsibility forthe adequacy or accuracy of this release. Editors Note: Uruguay Mineral Exploration Inc. is a gold producer andexploration company focussed 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 the country (San Gregorio), and is also the leadingmineral exploration company in Uruguay having assembled an exploration portfoliobased on gold, base metals (copper, nickel, lead, zinc) and diamond prospects.In the first half of 2003, the Company discovered the Arenal deposit, currentlythe largest known gold resource in Uruguay. It is quoted in Canada (TSXV) andLondon (AIM) and Panmure Gordon & Co is the nominated adviser. For further information, please contact Uruguay Mineral Exploration Inc.Tony Shearer, Chairman + 44 20 7523 5914; tony@tonyshearer.comChris Clark, President +59 82 601 6354; c.clark@ume.com.uyPJ Lewis + 44 7950 003 138; pjlewis@tiscali.co.uk Panmure Gordon & CoMathew Robinson +44 207 459 3600Jonathan Retter +44 207 459 3600 This information is provided by RNS The company news service from the London Stock Exchange