Hole ID East North RL Azimuth Inclination Depth (m)
--------- --------- --------- --------- ------------ ---------
ALDD090 530532.5 6505096 126 15 -80 396.65
--------- --------- --------- --------- ------------ ---------
ALDD091 530516 6504832 140 350 -65 644.35
--------- --------- --------- --------- ------------ ---------
NADD001 527021 6508149 182 15 -65 272.2
--------- --------- --------- --------- ------------ ---------
NADD002 526461 6508475 156 30 -60 239.1
--------- --------- --------- --------- ------------ ---------
NADD003 526177 6508092 156 32 -63 493.7
--------- --------- --------- --------- ------------ ---------
Drill hole details and collar locations for Arenal and Nueva Australia
holes.
At Arenal Deep, of the two additional core holes completed, significant
intercepts have been reported from hole ALDD090 and are presented below.
Hole From Intercept and Grade
------- ---------------------
ALDD090 247.7 m 19.25 m @ 4.68 g/t Au
------- ---------------------
including 247.7 m 2.75 m @ 3.45 g/t Au
252.0 m 4.1 m @ 5.08 g/t Au
258.0 m 5.3 m @ 4.32 g/t Au
265.5 m 1.5 m @ 20.51 g/t Au
------- ---------------------
ALDD090 269.7 m 21.75 m @ 2.34 g/t Au
ALDD090 293.1 m 1.75 m @ 2.48 g/t Au
------- ---------------------
Drill result composites of > 0.5g/t, includes intervals of 1.0mt of < 0.5
g/t. Drill hole thickness reported, approximate true thickness.
The intercepts in this hole are the best reported to date from the deep
drill program and represent consistent grades above 2.5 g/t. The intercept
is located over 60 meters from the nearest intercept in hole ALDD089.
Drilling continues in the area with results pending for an additional two
holes with a third in progress. The drilling is designed to test for
mineralization up plunge to the northwest.
At Nueva Australia, three core holes were completed on a broad space drill
pattern to test for mineralization at depth. One of the three holes
completed, NADD003, intercepted significant mineralization. Results are
presented below.
Hole From Intercept and Grade
------- ---------------------
NADD003 420.3 m 3.35 m @ 0.94 g/t Au
------- ---------------------
NADD003 445.9 m 4.65 m @ 8.57 g/t Au
Including 445.9 m 2.00 m @ 16.83 g/t Au
------- ---------------------
Drill result composites of > 0.5g/t. Drill hole thickness reported,
approximate true thickness.
The drill hole collar is located south of the surface exposure of the Nueva
Australia structure. The intercept is more than 400 meters down dip from
the nearest drill hole intercept. This intercept indicates that thicker
higher-grade mineralization exists within the Nueva Australia structure,
and that the structure has the potential to host a significant gold
resource. Three offset drill holes are planned to test the extent of the
mineralization along strike and up dip. These holes should be completed by
December 2008.
Dom Feliciano Belt
At Presidente Terra, drilling commenced in April of 2008 and has tested two
of the three exploration tenements, the southern and the northern
tenements, which cover an area of 12 square kilometres. Exploration permits
have now been received to drill the central area. A total of 45 reverse
circulation drill holes and 6 core drill holes have been completed for a
total of 7,457 meters. The drilling concentrated on gold bearing
vein/shear sets in granitic host rock and to date have tested a combined
6.6 km of strike length of the vein system.
Results are encouraging with over 45% of the drill holes reporting 2 meter
or greater intercepts of more than 1.0 g/t Au. Over 70% of the drill holes
intercepted the structural target and reported anomalous mineralization
greater than 0.5 g/t. Results are pending on all six core holes as well as
the last four reverse circulation drill holes.
Significant results are presented below.
Hole ID From Intercept and Grade Hole ID From Intercept and Grade
------ -------------------- --------- ------- -------------------
PT-08-001 36.0 m 4.0 m @ 1.31 g/t Au PT-08-027 17.0 m 4.0 m @ 2.88 g/t Au
------ -------------------- --------- ------- -------------------
PT-08-002 31.0 m 5.0 m @ 1.60 g/t Au PT-08-029 36.0 m 3.0 m @ 11.0 g/t Au
------ -------------------- --------- ------- -------------------
PT-08-005 73.0 m 2.0 m @ 3.11 g/t Au PT-08-031 10.0 m 4.0 m @ 3.48 g/t Au
------ -------------------- --------- ------- -------------------
PT-08-006 40.0 m 4.0 m @ 5.02 g/t Au 23.0 m 5.0 m @ 1.07 g/t Au
------ -------------------- --------- ------- -------------------
including 43.0 m 1.0 m @ 17.52 g/t Au PT-08-032 86.0 m 2.0 m @ 1.76 g/t Au
------ -------------------- --------- ------- -------------------
PT-08-007 29.0 m 5.0 m @ 0.66 g/t Au PT-08-036 11.0 m 3.0 m @ 0.82 g/t Au
------ -------------------- --------- ------- -------------------
42.0 m 4.0 m @ 1.82 g/t Au PT-08-037 89.0 m 2.0 m @ 1.62 g/t Au
------ -------------------- --------- ------- -------------------
48.0 m 2.0 m @ 0.67 g/t Au PT-08-040 72.0 m 2.0 m @ 1.60 g/t Au
------ -------------------- --------- ------- -------------------
60.0 m 2.0 m @ 2.15 g/t Au 45.0 m 2.0 m @ 4.60 g/t Au
------ -------------------- --------- ------- -------------------
PT-08-015 54.0 m 2.0 m @ 2.39 g/t Au PT-08-041 31.0 m 2.0 m @ 5.10 g/t Au
------ -------------------- --------- ------- -------------------
PT-08-021 46.0 m 2.0 m @ 2.79 g/t Au PT-08-044 145.0 m 2.0 m @ 3.47 g/t Au
------ -------------------- --------- ------- -------------------
PT-08-026 23.0 m 2.0 m @ 6.60 g/t Au PT-08-045 24.0 m 3.0 m @ 1.04 g/t Au
------ -------------------- --------- ------- -------------------
Drill result composites of > 0.5g/t, may include 1.0 mt intervals of < 0.5
g/t Au.
The vein shear system generally trends N15-18E and dips 60 to 70 degrees to
the SE. Drilling has been directed to the NW at -60 to -65 degrees.
Location and details of all drill holes are presented below.
Drilled Hole ID Easting Northing Az Dip Depth
-------- -------- -------- -------- --------
PT-08-001 607334 6276196 285 60 128
-------- -------- -------- -------- --------
PT-08-002 607358 6276294 285 60 120
-------- -------- -------- -------- --------
PT-08-003 607384 6276391 285 60 125
-------- -------- -------- -------- --------
PT-08-004 607307 6276403 285 60 125
-------- -------- -------- -------- --------
PT-08-005 607449 6276526 285 60 133
-------- -------- -------- -------- --------
PT-08-006 606212 6276049 285 60 141
-------- -------- -------- -------- --------
PT-08-007 606617 6276799 285 60 125
-------- -------- -------- -------- --------
PT-08-008 605995 6276709 285 60 125
-------- -------- -------- -------- --------
PT-08-009 606228 6277110 285 60 146
-------- -------- -------- -------- --------
PT-08-010 606252 6277210 285 60 130
-------- -------- -------- -------- --------
PT-08-011 606252 6277313 285 60 125
-------- -------- -------- -------- --------
PT-08-012 607932 6279973 285 60 135
-------- -------- -------- -------- --------
PT-08-013 607781 6279804 285 60 126
-------- -------- -------- -------- --------
PT-08-014 607354 6278988 285 60 130
-------- -------- -------- -------- --------
PT-08-015 607651 6279219 285 60 140
-------- -------- -------- -------- --------
PT-08-016 607580 6279239 285 60 120
-------- -------- -------- -------- --------
PT-08-017 606637 6277789 285 60 119
-------- -------- -------- -------- --------
PT-08-018 607197 6278877 285 60 125
-------- -------- -------- -------- --------
PT-08-019DDH 606339 6276258 285 60 188.1
-------- -------- -------- -------- --------
PT-08-020 607110 6278745 285 60 150
-------- -------- -------- -------- --------
PT-08-021 607045 6278291 285 60 130
-------- -------- -------- -------- --------
PT-08-022DDH 606618 6276802 285 60 101.1
-------- -------- -------- -------- --------
PT-08-023DDH 606552 6278115 285 60 137.8
-------- -------- -------- -------- --------
PT-08-024 605570 6278471 105 60 125
-------- -------- -------- -------- --------
PT-08-025DDH 606823 6277679 285 60 125.1
-------- -------- -------- -------- --------
PT-08-026 607070 6277147 285 60 108
-------- -------- -------- -------- --------
PT-08-027 608522 6281987 285 60 125
-------- -------- -------- -------- --------
PT-08-028DDH 608118 6282509 105 60 173.1
-------- -------- -------- -------- --------
PT-08-029 608621 6282166 285 60 135
-------- -------- -------- -------- --------
PT-08-030DDH 608849 6283118 285 60 199.8
-------- -------- -------- -------- --------
PT-08-031 608674 6282357 285 60 150
-------- -------- -------- -------- --------
PT-08-032 608774 6282442 285 60 135
-------- -------- -------- -------- --------
PT-08-033 608668 6282149 285 60 60
-------- -------- -------- -------- --------
PT-08-034 608645 6282160 285 60 159
-------- -------- -------- -------- --------
PT-08-035 608550 6282190 105 70 150
-------- -------- -------- -------- --------
PT-08-036 608646 6282263 285 65 203
-------- -------- -------- -------- --------
PT-08-037 608694 6282249 285 65 219
-------- -------- -------- -------- --------
PT-08-038 608826 6283017 285 60 159
-------- -------- -------- -------- --------
PT-08-039 608596 6282069 285 65 200
-------- -------- -------- -------- --------
PT-08-040 608902 6283205 285 60 150
-------- -------- -------- -------- --------
PT-08-041 608997 6283568 285 60 150
-------- -------- -------- -------- --------
Results of this first pass drill program will be used in conjunction with a
recently acquired ground magnetic survey to better define target areas
which may contain thicker and higher-grade mineralized zones. A second
round of drilling is expected to take place before the end of the year to
test the central tenement as well as the targets defined above.
More information on UME's exploration activities at Presidente Terra, Nueva
Australia and Arenal Deep can be found on the Exploration section of our
website at www.uruguayminerals.com
Qualified Person's Statement
The technical information presented in this press release has been reviewed
and verified by Mr. John Sadek, Vice President Operations and a Mining
Engineer, and Mr. George Schroer Vice President Exploration and a Certified
Professional Geologist. Mr. Sadek and Mr. Schroer are the Qualified Persons
for the purposes of the AIM Guidance Note on Mining, Oil and Gas Companies
dated March 2006. Mr. Sadek has a Bachelor of Engineering (Mining) from the
University of Sydney and is a member of the AusIMM and SME. He has over 20
years of international experience in mining. Mr. Schroer has a Masters of
Science in Geology from Colorado State University and is a member of SEG
and AIPG. He has over 20 years of international experience in exploration.
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 UME, 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. UME
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.
ENDS
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
About Uruguay Mineral Exploration Inc.
Uruguay Mineral Exploration Inc. (UME) is a gold production and exploration
company that identifies and develops mineral opportunities in South
America. UME is a fully integrated mining company, possessing the skills
necessary to explore and develop its discoveries. UME operates San
Gregorio, the only producing gold mine in Uruguay, and is the leading
mineral exploration company in Uruguay with an exploration portfolio of
gold, diamonds and base metal prospects, including copper, nickel, lead,
and zinc.
Uruguay Mineral Exploration Inc. is quoted in Canada (TSXV) and London
(AIM) and RBC Capital Markets is its Nominated Adviser and Broker. More
information can be found at www.uruguayminerals.com
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 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