Uruguay Mineral Exploration Inc.: Exercise of Options - Directors' Dealing

    LONDON, January 31 /CNW/ - Uruguay Mineral Exploration Inc. (the
"Company") (TSX:UME)(LSE:UGY) announces that on 29 January 2007 it has been
notified of the exercise of options granted to Tony Shearer over 200,000 new
common shares in the Company at an exercise price of CN$ 0.40 per share (the
"Options") to raise CN$ 80,000 for the Company.

    Following this transfer, Mr Shearer has an interest in 881,667 common
shares representing 1.8% of the Company's issued share capital.

    Application has been made for the new common shares issued on the
exercise of the Options to be admitted to trading on AIM, which is expected to
occur by 5 February 2007. Following the issue of these new ordinary shares
there will be 48,518,935 common shares in issue.

    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 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.

    Uruguay Mineral Exploration Inc. is quoted in Canada (TSXV) and London
(AIM) and Collins Stewart Europe Limited is its Nominated Adviser and Broker.

For further information:

For further information: Uruguay Mineral Exploration Inc Tony Shearer,
Chairman +44 20 7221-9983 tonyshearer@btinternet.com or David Fowler, CEO +598
2 6016354 urumin@adinet.com.uy or Shared Value Ltd Emily Bruning, +44 20 7321
5027 ebruning@sharedvalue.net or Collins Stewart Europe Limited Chris
Rollason, +44 20 7523 8308 crollason@collins-stewart.com

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