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Uruguay Mineral (UGY)

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Thursday 15 June, 2006

Uruguay Mineral

Issue of Equity



FOR:  URUGUAY MINERAL EXPLORATION INC.

TSX VENTURE SYMBOL:  UME
AIM SYMBOL:  UGY

June 15, 2006

Uruguay Mineral Exploration Inc.: Employee Stock Options

LONDON, UNITED KINGDOM--(CCNMatthews - June 15, 2006) - Uruguay Mineral Exploration Inc. ("UME")(TSX
VENTURE:UME)(AIM:UGY) announces that it has granted an aggregate of 421,000 stock options exercisable at a
price of CDN$5.29 per share on or before May 15, 2011 to Chris Clark, a Director of the company. These stock
options are granted pursuant to a Compromise Agreement for the retirement of Chris Clark.

A further 190,000 stock options exercisable on or before June 12, 2011 at a price of CDN$4.77 per share were
issued to other senior managers. These options vest in three equal parts on the 12 June 2007, 12 June 2008 and
12 June 2009 anniversary.

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 Limited is the
Nominated Adviser and broker.

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FOR FURTHER INFORMATION PLEASE CONTACT:

Uruguay Mineral Exploration Inc.
Tony Shearer
Chairman
44 20 7460 8935
tony@tonyshearer.com

OR

Uruguay Mineral Exploration Inc.
David Fowler
CEO
598 2 6016354
urumin@adinet.com.uy

OR

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

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or adequacy of
this news release.

Uruguay Mineral Exploration Inc.