Trading Statement

17 Sep 2009 17:27

SYMBOLS: UME (TSXV), UGY (AIM)

Uruguay Mineral Exploration, Inc. ("UME" or "the Company"), a South American focused gold production and exploration company, announces that the Board of the Company notes the recent movement in its share price.

UME has no hedging and no borrowings. Accordingly, it benefits in full from the recent increase in gold prices. Furthermore, the drilling results released on 8 July, 4 August and 9 September 2009 for Arenal Deeps have delivered significantly better grades than those used in UME's previously published pre-feasibility study

In addition, and in keeping with its stated strategy, UME continues to investigate opportunities to acquire gold development assets in Latin America and is in early stage discussions with a number of parties.

The Board is not aware of any other reason for the recent increase in its share price.

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.

For further information, please contact:

Uruguay Mineral Exploration IncTony Shearer, Chairman+44 20 7602-1570tonyshearer@btinternet.comorDavid Fowler, CEO598 2 6016354urumin@ume.com.uy

orMatrix Corporate Capital LLPLouis Castro, +44 (0) 203 206 7209orTim Graham, +44 (0) 203 206 7206

orInvestor Relations in North AmericaSusan Borinelli, Breakstone Group+1 646-330-5907sborinelli@breakstone-group.com

Copyright Business Wire 2009