Uruguay Mineral Exploration Inc. Announces Q2 Gold Production and Reorganisation


 
TIDMUGY




  Uruguay Mineral Exploration Inc ("UME or the "Company") (TSX VENTURE:UME) (LSE:UGY), the gold production and exploration company, announced today that it has produced 13,580 ounces of gold for the quarter ended November 30, 2009. Ore processed for the quarter was 362,416 tonnes at a gold grade of 1.25 g/t with recovery averaging 93.5%.




  Production was approximately 10% below expectations due to non realisation of high grade ore at San Gregorio East and exceptionally high precipitation during November 2009 of more than 600 mm of rainfall, equivalent to one half of the average annual rainfall for the region. It is estimated that high rainfall levels caused a deferral of approximately 900 ounces of production. Unseasonably high rainfall has continued in December and impacted production in the early part of the month.




  Updated production guidance will be provided in the Company's second quarter results announcement due mid January.




  The Company's cash position at the end of the quarter was $US 9.4 million with net working capital (current assets less current liabilities) of $US 20.2 million.




  The Company also announces that John Sadek, Vice President Operations has resigned.




  With the underground development at Arenal, the planned transaction with Fortune Valley and the plans to further grow the business, the Company intends to restructure its operations management to meet these objectives. Recruitment of a Chief Operating Officer to be responsible for exploration and operations and a San Gregorio General Manager with strong underground experience is well underway and appointments are expected to be made in the new year.




  David Fowler, the Company's CEO, said today "On behalf of the Board and I would like to thank John for his commitment to the development of UME and wish him well for the future."




  Forward Looking Statements




  All statements, other than statements of historical fact, contained or incorporated by reference in this news release, including any information as to the future financial or operating performance of the Company, constitute "forward-looking statements" within the meaning of certain securities laws, including the "safe harbour" provisions of the Securities Act (Ontario) and the United States Private Securities Litigation Reform Act of 1995 and are based on expectations estimates and projections as of the date of this news release. There can be no assurance that such statements will prove to be accurate, such statements are subject to significant risks and uncertainties, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements include, without limitation success of exploration activities; permitting time lines; the failure of plant; equipment or processes to operate as anticipated; accidents; labour disputes; requirements for additional capital title disputes or claims and limitations on insurance coverage. The Company disclaims any intention or obligation to update or revise any forward looking statements whether as a result of new information, future events and such forward-looking statements, except to the extent required by applicable law.




  Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.




  Editors' note: Uruguay Mineral Exploration Inc. is a gold producer and exploration company focused on identifying and developing mineral opportunities in Latin America. UME is a fully integrated mining company, possessing the skills necessary to explore and develop its discoveries. The Company operates the only producing gold mine in Uruguay (San Gregorio), and is also the leading mineral exploration company in Uruguay having assembled an exploration portfolio based on gold, base metals (copper, nickel, lead, zinc) and diamond prospects.




  Uruguay Mineral Exploration Inc. is quoted in Canada (TSXV) and London (AIM) and Matrix Corporate Capital LLP is its Nominated Adviser and Broker.




  For further information, please contact:


 
Uruguay Mineral Exploration Inc 
David Fowler, CEO:                + 
                                  598 
                                  2 6016354; david.fowler@ume.com.uy 
Ignacio Salazar, CFO              + 
                                  598 
                                  2 601 6354; Ignacio.salazar@ume.com.uy 
 
 
Matrix Corporate Capital LLP 
Louis Castro    +44 20 3206 7209 
Tim Graham      +44 20 3206 7206

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