Uruguay Mineral Exploration Inc.: Exercise of Options - Directors' Dealing

31 Jan 2007 13:29

Uruguay Mineral Exploration Inc. (the "Company")(TSX:UME)(LSE:UGY) announces that on 29 January 2007 it has beennotified of the exercise of options granted to Tony Shearer over200,000 new common shares in the Company at an exercise price of CN$0.40 per share (the "Options") to raise CN$ 80,000 for the Company. £ Following this transfer, Mr Shearer has an interest in 881,667common shares representing 1.8% of the Company's issued share capital. £ Application has been made for the new common shares issued on theexercise of the Options to be admitted to trading on AIM, which isexpected to occur by 5 February 2007. Following the issue of these newordinary shares there will be 48,518,935 common shares in issue. £ The TSX Venture Exchange has not reviewed and does not acceptresponsibility for the adequacy or accuracy of this news release. £ Editors note £ Uruguay Mineral Exploration Inc. is a gold producer andexploration company focussed on identifying and developing mineralopportunities in Uruguay. UME is a fully integrated mining company,possessing the skills necessary to explore and develop itsdiscoveries. The Company operates the only producing gold mine in thecountry (San Gregorio), and is also the leading mineral explorationcompany in Uruguay having assembled an exploration portfolio based ongold, base metals (copper, nickel, lead, zinc) and diamond prospects.In the first half of 2003, the Company discovered the Arenal deposit,currently the largest known gold resource in Uruguay. £ Uruguay Mineral Exploration Inc. is quoted in Canada (TSXV) andLondon (AIM) and Collins Stewart Europe Limited is its NominatedAdviser and Broker. Copyright Business Wire 2007