Warrants Exercised

28 Apr 2005 09:31

Uruguay Mineral Exploration Inc28 April 2005 URUGUAY MINERAL EXPLORATION INC. MEDIA RELEASE 28th April, 2005 SYMBOLS: UME (TSXV), UGY (AIM) CAD$9.9m Increase in Working Capital Uruguay Minerals Exploration Inc. has increased working capital by CAD$9.9mfollowing the exercise of all the warrants scheduled to expire on 21 April 2005. A total of 2,640,000 warrants were exercised at $CAD3.75 each, including the2,012,250 warrants referred to in the Quarterly report released on 14 April2005. Of the total funds received as a result of this exercise ($CAD9,900,000), $CAD 7,545,937 was received subsequent to February 28, 2005, theCompany's latest quarter end. Following the conversions, the Company now has 46,092,418 shares, 250,000warrants and 2,784,000 options on issue. The new funds raised will be used to accelerate exploration progress and retiredebt. ENDS The TSX Venture Exchange has not reviewed and does not accept responsibility forthe adequacy or accuracy of this release. Editors note: Uruguay Mineral Exploration Inc. is a gold producer andexploration company focussed 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 the country (San Gregorio), and is also the leadingmineral exploration company in Uruguay having assembled an exploration portfoliobased on gold, base metals (copper, nickel, lead, zinc) and diamond prospects.In the first half of 2003, the Company discovered the Arenal deposit, currentlythe largest known gold resource in Uruguay. It is quoted in Canada (TSXV) andLondon (AIM) and Durlacher Limited is the nominated adviser. For further information, please contact Uruguay Mineral Exploration Inc.Tony Shearer, Chairman + 44 20 7523 5914; tony@tonyshearer.comChris Clark, President +59 82 601 6354; urumin@adinet.com.uyPJ Lewis + 44 7950 003 138; pjlewis@tiscali.co.uk Durlacher LimitedMathew Robinson +44 207 459 3600Jonathan Retter +44 207 459 3600 This information is provided by RNS The company news service from the London Stock Exchange