UME Purchases More of Its Own Shares

14 May 2008 07:00

Uruguay Mineral Exploration Inc ("the Company") (TSX VENTURE:UME) (LSE:UGY)announces that on 13 May, 2008 CIBC World Markets plc has purchased on itsbehalf a further 31,200 of its common shares ("Common Shares") at a price of C$2.80 per share; these shares will be immediately cancelled. After suchcancellation, the number of issued and outstanding Common Shares of the Companywill be 48,810,868. This purchase has been made following the announcement made on 11 December, 2007regarding the share buy-back programme. The cumulative total number of Common Shares purchased since then is 130,400 atan aggregate cost of C$ 407,496. Tony Shearer, Chairman commented: "As discussed in the 3rd quarter release, wewere surprised and a little disappointed that the drilling at depth near themine did not produce the results we were expecting. However we believe that wehave a number of very promising targets that we are drilling in 2008. TheCompany has bought back these shares as the Directors believe that the pricepaid is significantly 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. \* TUruguay Mineral Exploration IncTony Shearer, Chairman: +44 20 7602-1570tonyshearer@btinternet.comDavid Fowler, CEO: 598 2 6016354urumin@ume.com.uyorInvestor/Media RelationsShared Value LtdEmily Bruning: +44 (0) 20 7321 5027ebruning@sharedvalue.netorRBC Capital MarketsAndrew Smith: +44 (0) 20 7029 7882andrew.smith@rbccm.comSarah Wharry: +44 (0)20 7653 4667sarah.wharry@rbccm.com\* T Copyright Business Wire 2008