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Uruguay Min. Explor. (UGY)

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Monday 12 February, 2007

Uruguay Min. Explor.

Uruguay Mineral Exploration Grants Stock Options

Uruguay Mineral Exploration Inc
                  

                        URUGUAY MINERAL EXPLORATION INC.

                Uruguay Mineral Exploration grants Stock Options

Uruguay Mineral Exploration Inc. (the 'Company') announces that on 9 February
2007 it has granted an aggregate of 115,000 stock options exercisable at a price
of CDN $ 3.90 per ordinary share on or before 8 February 2012 to employees and a
long term consultant. An amount equivalent to 105,000 options vest in three
equal parts on 8 February 2008, 8 February 2009 and 8 February 2010, while the
balance, equivalent to 10,000 options, vest in two equal parts on 8 February
2008 and 8 February 2009.

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.

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For further information, please contact

Uruguay Mineral Exploration Inc
Tony Shearer, Chairman 44 20 7221-9983; tonyshearer@btinternet.com
David Fowler, CEO 598 2 6016354 urumin@adinet.com.uy

Shared Value Ltd
Emily Bruning +44 20 7321 5027; ebruning@sharedvalue.net

Collins Stewart Europe Limited
Chris Rollason +44 20 7523 8308; crollason@collins-stewart.com
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