Transaction in Own Shares

2 Jun 2008 07:00

UME completes additional purchase of its own shares Uruguay Mineral Exploration Inc ("the Company") announces that on 28 and 29 May,2008 CIBC World Markets plc purchased on the Company's behalf 50,000 of itscommon shares ("Common Shares"). The shares were bought at an average price ofC$ 2.86 per share and will be immediately cancelled. After such cancellation,the number of issued and outstanding Common Shares of the Company will be48,760,868. On 11 December, 2007 the Company announced a share buy-back programme. Since the announcement, the cumulative total number of Common Shares purchasedis 180,400 at an aggregate cost of C$ 550,496. Tony Shearer, Chairman commented: "As discussed in the 3rd quarter release, wewere disappointed that the drilling at depth near the mine did not produce theexpected results. However we believe that we have a number of very promisingtargets that we are drilling in 2008. Purchase of these shares reflects theDirectors confidence in the outlook and the belief that the price paid issignificantly lower than the Company's fair value." ENDS 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.comSarah Wharry: +44 (0)20 7653 4667; sarah.wharry@rbccm.com Copyright Business Wire 2008