Uruguay Mineral Exploration Inc. -- Director's Dealing

LONDON--(Marketwire - October 21, 2008) - Uruguay Mineral Exploration Inc. (TSX-V: UME) (AIM: UGY) ("UME" or "the Company"), a gold production and exploration company, was informed on 20 October 2008 that the Company's Non Executive Director, William Lindqvist purchased 20,000 shares in the Company ("Common Shares") at C$0.60 on October 16, 2008, and that the Company's Chief Executive Officer, David Fowler, purchased 27,000 Common Shares at C$0.60 on October 17, 2008.

Following their purchases, Mr. Lindqvist has an interest in 30,000 Common Shares representing 0.06% of the Company's issued share capital and Mr. Fowler has an interest in 32,500 Common Shares representing 0.06% of the Company's issued share capital.

They also hold the following amount of options to purchase the same amount of Common Shares:

Name               Stock Options       Exercise Price C$       Expiry Date

David Fowler            200,000                   4.00         28-Apr.-2009
                         50,000                   4.50         15-Sep.-2010
                        200,000                   3.90         13-Oct.-2011
                        200,000                   3.30         14-Nov.-2012
                         75,000                   0.60         15-Oct.-2013
William Lindqvist        50,000                   4.62          7-Dec.-2010
                         25,000                   0.60         15-Oct.-2013

ENDS

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Editors' note: Uruguay Mineral Exploration Inc. is a gold producer and exploration company focused 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 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 RBC Capital Markets is its Nominated Adviser and Broker.

Contact Information: For further information, please contact: Uruguay Mineral Exploration Inc. Tony Shearer Chairman: +44 (0)20 7602 1570 David Fowler CEO: + 598 2 6016354 Investor Relations in North America Susan Borinelli Breakstone Group: +1 646-330-5907 RBC Capital Markets Andrew Smith: +44 (0) 20 7029 7882 Sarah Wharry: +44 (0)20 7653 4667