UME Purchases Its Own Shares

8 May 2008 07:00

Uruguay Mineral Exploration Inc ("the Company") (TSX VENTURE:UME) (LSE:UGY)announces that on 6 May, 2008 CIBC World Markets plc has purchased on its behalf8,000 of its common shares ("Common Shares") at a price of C$ 2.61 per share;these shares will be immediately cancelled. After such cancellation, the numberof issued and outstanding Common Shares of the Company will be 48,852,868. This purchase has been made following the announcement made on 11 December, 2007that the Company would spend not more than C$ 2 million to buy-back its ownshares and, in compliance with the TSX-V requirements, would purchase no morethan 2,446,313 Common Shares, which is equal to 5% of the total issued andoutstanding Common Shares of the Company as of such date. The cumulative total number of Common Shares purchased under this mandate is88,400 at an aggregate cost of C$ 291,464. 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. \* TTony Shearer, Chairman: +44 20 7602-1570; tonyshearer@btinternet.comDavid Fowler, CEO: 598 2 6016354; urumin@ume.com.uyorInvestor/Media RelationsEmily Bruning, Shared Value Ltd: +44 (0) 20 7321 5027; ebruning@sharedvalue.netorRBC Capital MarketsAndrew Smith: +44 (0) 20 7029 7882; andrew.smith@rbccm.comSarah Wharry: +44 (0)20 7653 4667; sarah.wharry@rbccm.com\* T Copyright Business Wire 2008