MONTEVIDEO, URUGUAY, December 5 /CNW/ - Production
Uruguay Mineral Exploration Inc ("UME") (TSX VENTURE:UME) (LSE:UGY)
confirms that it has produced 26,317 ounces of gold for the second quarter
ended November 30 2007. The company confirms its production target of 95,000
ounces for the 2008 financial year.
Update on Exploration Program
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 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.
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.
Uruguay Mineral Exploration Inc. is quoted in Canada (TSXV) and London
(AIM) and RBC Capital Markets is its Nominated Adviser and Broker.
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