UME announces the commencement of a Normal Course Issuer Bid

9 Jan 2008 15:40

Uruguay Mineral Exploration Inc ("UME", "the Company"), announces that the TSXVenture Exchange ("TSX-V") has approved the application filed by the Company tomake a Normal Course Issuer Bid ("NCIB") for its common shares ("Common Shares")through the facilities of the TSX-V and the Alternative Investment Market ofLondon Stock Exchange ("AIM"). The NCIB will commence on January 14, 2008 and will continue until January 13,2009. The number of Common Shares sought will be dependent upon both theiravailability and price but will not exceed 2,446,313 Common Shares, which isequal to 5% of the total issued and outstanding Common Shares of the Company asof today. The Member and broker conducting the NCIB on behalf of the Companywill be respectively CIBC World Markets plc in Canada and WH IrelandStockbrokers Limited in the UK. 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. (TSX VENTURE:UME) (LSE:UGY) is quoted in Canada(TSXV) and London (AIM) and RBC Capital Markets is its Nominated Adviser andBroker. CONTACTS: Uruguay Mineral Exploration IncTony Shearer, Chairman: +44 20 7602-1570tonyshearer@btinternet.comorDavid Fowler, CEO: 598 2 6016354urumin@ume.com.uyorInvestor/Media RelationsEmily Bruning, Shared Value Ltd: +44 (0) 20 7321 5027ebruning@sharedvalue.netorRBC Capital MarketsAndrew Smith: +44 (0) 20 7029 7882andrew.smith@rbccm.comorSarah Wharry: +44 (0)20 7653 4667sarah.wharry@rbccm.com Copyright Business Wire 2008