Uruguay Mineral Exploration Inc.: Stock Options Granted

    MONTEVIDEO, URUGUAY, October 12 /CNW/ - Uruguay Mineral Exploration Inc.
("UME") (TSX VENTURE:UME) (LSE:UGY) announces that it has granted an aggregate
of 104,000 stock options exercisable at a price of CDN$ 3.15 per Common Share
on or before October 9, 2012.

    Roger Davey, Non-Executive Director of UME was granted 50,000 stock
options, while the balance, equivalent to 54,000 stock options, was granted to
UME employees.

    All of these options were granted on October 10, 2007 and vest in three
equal parts on October 9, 2008, October 9, 2009 and October 9, 2010.


    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.

For further information:

For further information: Uruguay Mineral Exploration Inc Tony Shearer,
Chairman: +44 20 7602-1570 tonyshearer@btinternet.com or David Fowler, CEO:
598 2 6016354 urumin@ume.com.uy or Investor/Media Relations Shared Value Ltd
Emily Bruning, +44 (0) 20 7321 5027 ebruning@sharedvalue.net or RBC Capital
Markets Andrew Smith: +44 (0) 20 7029 7882 andrew.smith@rbccm.com

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