Gold Production for the Quarter ended August 31, 2009
Uruguay Mineral Exploration Inc
Uruguay Mineral Exploration Inc (“UME or the “Company”) (TSX
VENTURE:UME) (LSE:UGY), a gold production and exploration company,
announced today that it has produced 13,173 ounces of gold for the
quarter ended August 31, 2009. Ore processed for the quarter was 384,194
tonnes at a gold grade of 1.15 g/t with recovery averaging 92.9%.
Production was 3.5% below our budget of 13,655 ounces due to minor
changes in the extraction sequence. UME confirms its stated production
forecast for the 2010 fiscal year of at least 60,000 ounces.
The Company’s cash position at the end of the quarter was $US 8.1
million. The remaining 2,500 ounces of hedging were delivered into
during the quarter and the Company now has no hedging as at August 31,
2009.
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 the
Company, 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.
The Company 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Editors’ note: Uruguay Mineral Exploration Inc. is a gold producer and
exploration company focused on identifying and developing mineral
opportunities in Latin America. 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 Matrix Corporate Capital LLP is its Nominated Adviser and
Broker.
Uruguay Mineral Exploration Inc
Tony Shearer, ChairmanTony Shearer, Chairman
+44
(0)20 7602 1570+44
(0)20 7602 1570
tonyshearer@btinternet.com
oror
David
Fowler, CEODavid
Fowler, CEO
+ 598 2 6016354+ 598 2 6016354
urumin@ume.com.uy
oror
Matrix
Corporate Capital LLP
Louis CastroLouis Castro
+44 20 3206 7209+44 20 3206 7209
oror
Tim
GrahamTim
Graham
+44 20 3206 7206+44 20 3206 7206
Investor Relations in North America
Susan
Borinelli, Breakstone GroupSusan
Borinelli, Breakstone Group
+1 646-330-5907+1 646-330-5907
sborinelli@breakstone-group.com
