SOURCE: Uruguay Mineral Exploration Inc.

September 16, 2005 07:07 ET

Uruguay Mineral Exploration Inc. Grants Employee Stock Options

CALGARY, AB -- (MARKET WIRE) -- September 16, 2005 -- Uruguay Mineral Exploration Inc. ("UME") (TSX-V: UME) (AIM: UGY) announces that it has granted an aggregate of 763,000 stock options exercisable at a price of CDN$4.50 per ordinary share on or before September 15, 2010. These options were granted on September 16, 2005 and vest in three equal parts on the 30 September 2006, 30 September 2007 and 30 September 2008.

Directors were granted the following stock options:

Chris Clark              140,000 options
Tony Shearer              50,000 options
Michael Schwabe           50,000 options
John Morris               50,000 options
The remaining options were issued to qualifying employees and consultants.

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

Editors Note: Uruguay Mineral Exploration Inc. 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