SOURCE: Uruguay Mineral Exploration Inc.

October 18, 2005 08:22 ET

Uruguay Mineral Exploration Inc., Appointment of Directors

CALGARY, AB -- (MARKET WIRE) -- October 18, 2005 -- Uruguay Mineral Exploration Inc ("UME") (TSX-V: UME) (AIM: UGY) is pleased to announce that David Thomas Fowler, aged 38, and William Francis Lindqvist, aged 63, have joined the Board of the Company with immediate effect.

Mr Fowler joined UME in March 2004 as General Manager Commercial and has been appointed executive Finance Director. He is a Chartered Accountant who has worked in the mining industry over the past 15 years. His last appointment was Chief Financial Officer of Western Metals Limited.

Currently his interest in share options in the company is as follows:

No. of Options Exercise Price   Exercise dates           Expiry date
-------------- --------------   --------------           ------------
  200,000          CDN$4.00    On or before expiry       28 April 2009
  50,000           CDN$4.50    In three equal parts on:  16 September 2010
                                16 September 2006
                                18 September 2007
                                16 September 2008
He is a former director of Aberfoyle Gold, Bardoc Gold, Central Mining Fund and Makale Holdings Pty Ltd, and currently a director of Aberfoyle Award Fund, Que River Mining, Mackintosh Mining and Hellyer Metals.

Mr Lindqvist has been appointed as a non-executive Director. He is a highly respected geologist who has held senior management roles at Newcrest and Homestake Mining Company (now Barrick). Currently an independent consulting geologist, he is a former director of Gallant Minerals and is currently director of Plutonic Power Corporation, Solomon Resources and Mill River Mining.

Currently he has no interest in share options in the company.

Tony Shearer, Chairman, commented

"I am very pleased that David Fowler and Bill Lindquist are joining us and very grateful to Roger Morton and Mike Schwabe for stepping down to allow the Board to re-structure itself. I thank them for all they have done in developing this exceptional company."

No further disclosures are required in relation to Messrs Fowler and Lindqvist under Schedule 2 paragraph (g) of the AIM rules.

ENDS

Editors note: Uruguay Mineral Exploration Inc., which joined AIM in December 2004, is a gold producer and exploration company focussed on identifying and developing mineral opportunities in Uruguay. 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 the country (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. In the first half of 2003, the Company discovered the Arenal deposit, currently the largest known gold resource in Uruguay. It is quoted in Canada (TSXV) and London (AIM) and Panmure Gordon & Co is the nominated adviser.

Contact Information

  • For further information, please contact

    Uruguay Mineral Exploration Inc
    Tony Shearer, Chairman + 44 20 7523 5914; Email Contact
    Chris Clark, President +59 82 601 6354; Email Contact
    PJ Lewis + 44 7950 003 138; Email Contact

    Panmure Gordon & Co
    Mathew Robinson +44 207 459 3600
    Jonathan Retter +44 207 459 3600