Uruguay Mineral Exploration
by Business Wire
During October and November UME was granted 6 exploration permits including permits for Papagayo, Lavadero, and Nueva Helvecia. Permits for additional areas in the Zapucay district and at Presidente Terra are expected to be granted in December 2007.
Three reverse circulation drilling programs are currently being performed in the Zapucay District, Papagayo and Nueva Helvecia projects. The two diamond drill rigs are focused on down dip extensions to the San Gregorio and Arenal deposits. In November, Patagonia Drilling was appointed to the role of contract manager of UME’s exploration drill fleet.
Access to a contract drill rig for Lascano has been delayed for three months. As priority for UME owned diamond drilling is being given to near mine gold targets, drilling at Lascano is now expected to commence in March 2008 and will take approximately 6 months to complete.
A full update of exploration activities will be included with the quarterly report that will be published on January 9 2008.
Qualified Person’s Statement
The information presented in this press release has been 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 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 c
apital 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.
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.