Statement re Stock Options Granted

12 Oct 2007 12:00

STOCK OPTIONS GRANTED Uruguay Mineral Exploration Inc. ("UME") announces that it has granted anaggregate of 104,000 stock options exercisable at a price of CDN$ 3.15 perCommon Share on or before October 9, 2012. Roger Davey, Non-Executive Director of UME was granted 50,000 stock options,while the balance, equivalent to 54,000 stock options, was granted to UMEemployees. All of these options were granted on October 10, 2007 and vest in three equalparts on October 9, 2008, October 9, 2009 and October 9, 2010. 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