Uruguay Mineral Exploration: Result of Annual General Meeting and Board Changes

MONTEVIDEO, Uruguay--(BUSINESS WIRE)--Uruguay Mineral Exploration Inc. (“UME” or the “Company”)(TSX VENTURE: UME) (LSE: UGY.L), a gold production and exploration company, announced today that at the AGM held on October 10, 2008, all resolutions were passed. Further to the announcement on August 13, 2008 regarding the proposed Board changes, the meeting included resolutions to approve the appointment of Ignacio Salazar, John Sadek and George Schroer to the board of Directors. Also at the meeting, Mr John Morris, a non executive director, stepped down from the Board. Therefore, the Board of Directors of the Company is now comprised of the following directors: Tony Shearer (Chairman), David Fowler (CEO), Ignacio Salazar (CFO), Bill Lindqvist (Non Executive Director), Roger Davey (Non Executive Director), Julio Porteiro (Non Executive Director), George Schroer (Exploration Director) and John Sadek (Operations Director).

UME Chairman, Tony Shearer, commented, “I am delighted to welcome Ignacio, John and George to the Board. They are valuable members of our management team and we look forward to their contribution to the Board as we continue UME’s development as a leading mid-tier gold company in South America. We also wish to thank John Morris for his dedication and support to the Board of the Company for the last six years.”

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

Uruguay Mineral Exploration Inc
Tony Shearer, +44 (0)20 7602 1570
Chairman
tonyshearer@btinternet.com
or
David Fowler, + 598 2 6016354
CEO
urumin@ume.com.uy
or
Investor Relations
Breakstone Group
Susan Borinelli, +1 646-330-5907
sborinelli@breakstone-group.com
or
RBC Capital Markets
Andrew Smith, +44 (0) 20 7029 7882
andrew.smith@rbccm.com
or
Sarah Wharry, +44 (0)20 7653 4667
sarah.wharry@rbccm.com