Stock Options Granted

15 Nov 2007 13:11

15 November, 2007SYMBOLS: UME (TSXV), UGY (AIM) STOCK OPTIONS GRANTED Uruguay Mineral Exploration Inc. ("UME") announces that it has granted anaggregate of 720,000 stock options to Directors, Officers and employees,exercisable at a price of CDN$ 3.30 per Common Share on or before November 13,2012. UME employees were granted a total of 250,000 stock options and the balance,equivalent to 470,000 stock options, was granted to the following Director andOfficers: \* TDavid Fowler 200,000 optionsGeorge Schroer 150,000 optionsJohn Sadek 120,000 options\* T All of these options were granted on November 14, 2007 and vest in three equalparts on November 13, 2008, November 13, 2009 and November 13, 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